Bank Negara Malaysia recently released detailed Shariah guidelines, requirements and optional practices and arrangements for various Islamic financial contracts, products and features. Following on from this, banks and financial institutions will be required to submit action plans based around these requirements and practices. As such, a great deal of important information gathering and analysis will have to take place in a relatively short period of time.
REDmoney Seminars is pleased to offer an insightful, concise and incisive update on the Shariah standards and requirements, optional practices and arrangements for Tawarruq, Waad and Rahn. Industry experts will cover the most important elements of each, and will identify key areas for attention and action.
KEY LEARNING OUTCOMES
Identify and understand the announcement and implementation timetable for regulatory and Shariah standards and requirements
Assess and evaluate recent Shariah requirements and optional practices for Tawarruq-based structures and products
Examine and evaluate recent Shariah requirements and arrangements for Waad-based structures and products
Discuss the structure of treasury and retail uses for Waad based products
Examine and evaluate recent Shariah requirements and arrangements for Rahn
Ensure Shariah compliance throughout product development and facilitation for Tawarruq, Waad and Rahn and various combinations
Agenda
9:00
Welcome
9:15 – 10:30
Providing a Reminder on the Concept of Tawarruq and Examining Domestic & Shariah Resolutions on Tawarruq
Reminding ourselves of the structure, workings and uses of Tawarruq
Assessing the influence and ramifications of pronouncements made by each of the following organisations:
Shariah Advisory Council of Bank Negara Malaysia
Shariah Advisory Council of Securities Commission Malaysia
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
OIC Fiqh Academy
Associate Professor Dr Rusni Hassan — Deputy Dean IIUM Institute of Banking & Finance and member, Shariah Advisory Council, Bank Negara Malaysia
10:30 – 11:00
Coffee
11:00 – 13:00
Shariah Requirements, Optional Practices and Arrangement for Tawarruq (part 1)
Identifying opportunities for banks to incorporate Tawarruq structures and features
Examining and evaluating recent Shariah requirements for Tawarruq
Discussing the arrangement of Tawarruq structures and identifying key Shariah issues
Assessing the incorporation of Tawarruq with other contracts
Evaluating Shariah issues associated with dissolution and completion of Tawarruq
Ensuring Shariah compliance throughout product development and facilitation
Mohd Johan Lee — Managing Partner, J Lee & Associates
13:00 – 14:00
Luncheon
14:00 – 14:35
Shariah Requirements, Optional Practices and Arrangement for Tawarruq (Part 2)
14:35 – 15:55
Shariah Requirements, Optional Practices and Arrangement for Wa’d
Unilateral and Bilateral Wa’d and Shariah requirements for both
Discussing the arrangement of Wa’d structures in various Islamic Banking’s product and salient features
Assessing the incorporation of Wa’d with other contracts and addressing some key Shariah issues
Dissolution and completion of Wa’d; evaluating Shariah issues and its implication
Ensuring Shariah compliance throughout product development
Mohd Faris Ghazali — Deputy Manager, Shariah Risk Management, Bank Islam Malaysia
15:55 – 16:15
Coffee Break
16:15 – 17:15
Shariah Requirements, Optional Practices and Arrangement for Rahn
Identifying opportunities for banks to incorporate Rahn structures and features
Examining and evaluating recent Shariah requirements for Rahn
Discussing the arrangement of Rahn structures and identifying key Shariah issues
Assessing the incorporation of Rahn with other contracts
Evaluating Shariah issues associated with dissolution and completion of Rahn
Ensuring Shariah compliance throughout product development and facilitation
Mohd Faris Ghazali — Deputy Manager, Shariah Risk Management, Bank Islam Malaysia
