ENHANCING SHARIAH COMPLIANCE OF ISLAMIC FINANCIAL INSTITUTIONS THROUGH SHARIAH GOVERNANCE
|
|
- Clare Allison
- 5 years ago
- Views:
Transcription
1 ENHANCING SHARIAH COMPLIANCE OF ISLAMIC FINANCIAL INSTITUTIONS THROUGH SHARIAH GOVERNANCE Prof. Dr. Rusni Hassan IIUM Institute of Islamic Banking and Finance International Islamic University Malaysia ISLAMIC FINANCE INTELLECTUAL DiSCOURSE 2018 Organised by: IRICIEF KUIS Bangi, Selangor (20-21 February 2018)
2 2 The Outline Islamic Finance: A Recap Regulatory Approach on Shariah Compliance Shariah Governance of IFIs Shariah Governance Framework: The Malaysian Model SGF & Shariah Compliance Conslusion & The Way Forward
3 3 Islamic Finance: A Recap Shariah principles are the foundation for the practice of Islamic finance through the observance of the tenets, conditions and principles espoused by Shariah
4 4 Shariah Framework of IBF The Shariah Features Practice and operations of Islamic Banking & Finance based on principles of Shari`ah, fiqh and ijtihad Islamic Banking & Finance products that reflect islamicity of its terms & conditions Distinguished features from conventional practice in terms of products, legal requirement, tax, accounting etc
5 Sharuiah Framework of IBF The Underlying Shariah Principles 5 Islamic Finance is to adopt Shariah principles Islamic Finance is to reflect Shariah components or aspects in all its activities Akhlaqiyyah (Morality) Iqtidadiyyah (Belief) Islamic Finance is commercial transactions based on prescribed principles of Fiqh al- Muamalat Muamalah (Dealings) Amaliyyah (Dealings Islamic Finance is to uphold the objectives of Shariah (Maqasid al-syariah) Ibadah (Worship)
6 6 Shariah Framework of IBF The Operating Challenges Debt-based, Collateral Based & Risk Averse Dual Banking System Leveraging on Conventional Banking/Financial Business Model Fiat Monetary System Conventional Banking/ Financial System Framework Fractional Reserve Banking
7 7 Shariah Framework of IBF Balancing with Conventional Framework Application of Shariah compliant contracts eg: Murabahah, Musharakah, Ijarah etc What IBF have to do Offer Shariah compliant products & services which satisfy form & legal technicalities Finance & invest in Shariah compliant business portfolio Apply/use majority of conventional banking rules & products which are consistent with Shariah
8 8 Shariah Framework of IBF The Effect of Conventional Framework Fitting-in Conventional banking/finance features has resulted the following: THUS Expose IFIs to Shariah Non-Compliance Risk & THE NEED for Shariah Compliance and Governance Framework
9 9 Regulatory Approach on Shariah Compliance The growth and development of Islamic finance industry are supported through good governance and its comprehensive legal frameworks
10 10 Regulatory Approach on IBF The Legal Guidance on Shariah Compliance In addition of the Shariah framework, the legal & regulatory requirements also mandated IBF to comply with Shariah principles
11 Regulatory Approach on IBF Ensuring End-to-End Shariah Compliance 4 Sec 6 IFSA : The principal regulatory objectives of this Act are to promote financial stability and compliance with Shariah Sec 28(1) IFSA: An institution shall at all times ensure that its aims and operations, business, affairs and activities are in compliance with Shariah
12 Regulatory Approach on IBF Roles of Key Functionaries on Shariah Compliance 12 Oversight role in ensuring Shariah compliance & due regards to SC s decision BOD Oversight role to assist BOD & senior management for prudent management of TO by ensuring/safeguarding interest of takaful participants Actuary SC Oversight & advisory role on Shariah matters to ensure Shariah compliance Enhanced statutory reporting obligations (Audit & Shariah Audit) Auditors CEO Ensure business operations meet Shariah requirements & Reporting obligations to BNM & SC
13 Regulatory Approach on IBF Procedure for Shariah Compliant Events 13 Where the IFI is aware that any of its business, affair or activity is not incompliance with Shariah or the advice of SC or the ruling of the SAC, the IFI shall (a) notified to BNM & SC (b) cease the activities (c) Rectify within 30 days
14 Regulatory Approach on IBF Penalty of Non-Compliance 14 IFIs shall at all times ensure Shariah compliance Contravention of Shariah Compliance requirements will subject to imprisonment not exceeding 8 yrs or fine not exceeding RM25 million or both
15 15 Shariah Governance of the IFIs Dynamic and good shariah governance is the very essence in the development of Islamic banking and finance sector. Good shariah governance guarantees the Islamic financial growth. The ultimate purpose of Shariah governance is to ensure shariah compliance to its operations and products
16 Shariah Governance for IFIs The Models Centralized Laissez Faire Government regulates Shari ah advisory on a central level Internal assurance on Shari ah compliance through Shariah advisor Countries: Malaysia, Brunei, Indonesia, Iran, Sudan No government intervention in the provision of Shari ah advisory Self-regulated Countries: UK, Singapore, Qatar, Turkey, Jordan, Thailand, Japan, Hong Kong, Germany, France
17 Shariah Governance for IFIs Understanding Shariah Governance Shariah Governance system is a set of institutional and organisational arrangements through which Islamic financial institutions ensure that there is an effective independent oversight of Shariah compliance over the issuance of relevant Shariah pronouncements, dissemination of information and an internal Shariah compliance review. Key Features of Shariah Governance IFSB-10 Guiding Principles on Shariah Governance Systems for Institutions Offering Islamic Financial Services
18 TRULY SYARIAH COMPLIANT INSTRUMENTS & PRACTICES 18 Shariah Governance for IFIs Aims & Objectives of Shariah Governance SG aims to ensure Shariah compliance in actuality i.e. Shariah legitimacy of products and/or Shariah compliant operations of IFIs SG is essential to gain confidence and trust of stakeholders i.e. perception of the outsiders and reputation/ public confidence PROCESS CONCEPT STRUCTURE OPERATION PURPOSE FUNCTIONS SHARIAH ADVISORY SHARIAH SUPERVISION SHARIAH REVIEW/AUDIT Shariah Compliance aspects are to be observed throughout the process in developing/constructing the products/framework and to be supported by proper Shariah governance functions
19 Shariah Governance for IFIs Key Components of Shariah Governance 19 Who is/are responsible on SG? BODs Shariah Committees Management Employees Qualification & Competency Fit and proper criteria Continuous development & enhancement Robustness of the structure Rigorous & efficient process Effective communication Reporting & Disclosure
20 20 Shariah Governance for IFIs Principles of Shariah Governance Professionalism Shariah Compliant Functions Sound and Robust Shariah Governance Structure Oversight, Accountability & Responsibility Confidentiality & Consistency Independence Competency
21 21 Shariah Governance Framework: The Malaysian Model BNM places great importance in ensuring that the overall Islamic financial system operates in accordance with Shariah principles. This is to be achieved through the two-tier Shariah governance infrastructure comprising two vital components, which are a centralised Shariah advisory body at the BNM and an internal Shariah Committee formed in each respective IFI.
22 22 SGF in Malaysia The Centralised Approach Two layer of Shariah Advisory Board to ensure Shariah Compliance and harmonisation of Shariah decision Shariah Advisory Council at the Central level (BNM) established under Sec 51 of CBMA 2009 Highest authority to decide Shariah matters in Islamic Finance in Malaysia Shariah Committee at the respective IFIs Appointed by Board of Director Upon recommendation/approval of BNM
23 SGF in Malaysia The Shariah Advisory Council Establishment of Shariah Advisory Council Sec 51 (1) of CBMA The Bank may establish a Shariah Advisory Council on Islamic Finance which shall be the authority for the ascertainment of Islamic law for the purposes of Islamic financial business. To ascertain the Islamic law on any financial matter & issue a ruling upon reference made to it BNM shall consult SAC on any matter relating to Islamic financial business for the purpose of carrying out its functions or conducting its business or affairs in accordance with Shariah Any ruling made by SAC shall be binding on IFI, Court and/or arbitrator
24 SGF in Malaysia Reference or Consultation to SAC BNM Sec 55 (1) CBMA 2009 BNM shall consult the SAC on any matter relating to Islamic financial business for the purpose of carrying out its functions or conducting its business or affairs in accordance with Shariah IFIs Sec 55 (2) CBMA 2009 Any IFI may refer to SAC in respect of its Islamic financial business for the purpose of seeking advice or to get a decision/ruling on Shariah matters
25 SGF in Malaysia SAC in Judicial Proceeding Reference to SAC Effect of SAC Decision In judicial proceedings (in court or arbitration), where any question relating to Shariah matter arises Court or arbitrator shall (a) take into consideration of rulings of SAC (b) refer such question to SAC Any ruling made by SAC shall be binding on IFI, Court and/or arbitrator Mohd Alias bin Ibrahim v RHB Bank Berhad & Anor [2011] 3 MLJ For questions concerning a Shariah matter, the civil court is bound to take into consideration any published rulings of the SAC or refer such questions to the SAC for its ruling and any such ruling made shall be binding on the court. 2. Sec 51 of CBMA 2009 refers to SAC s role to make an ascertainment, and not determination, of Islamic laws relating to IBF 3. The issue of whether the facility is Shariah compliant or not is to be decided by the court. 4. The rulings as passed by the SAC constitute a form of expert opinion in the matter of Islamic finance. 5. SAC as the amicus curiae Note: See also Tan Sri Khalid Ibrahim s case
26 SGF in Malaysia Shariah Committee Establishment of Shariah Committee (Sec 30 IFSA) A licensed person shall establish a Shariah committee for purposes of advising the licensed person in ensuring its business, affairs and activities comply with Shariah. Accountable & responsible for Shariah decisions Ensure Shariah compliant operations of IFIs BoD shall give due regards to SC decision
27 SGF in Malaysia Shariah Governance Framework 2011 Shariah Governance at the IFIs is regulated under the Shariah Governance Framework of IFIs issued by BNM Objectives: 1. Sets out the guidelines on the IFI s Shariah governance structures, processes and arrangements to ensure that all its operations and business activities are in accordance with Shariah 2. Provides a comprehensive guidance to the board, Shariah Committee and management of the IFI in discharging its duties in matters relating to Shariah 3. Outlines the functions relating to Shariah review, Shariah audit, Shariah risk management and Shariah research Applicability: The SGF is applicable to all IFIs under supervision of BNM: Licensed Islamic banks Takaful company Financial institutions offering Islamic finance services Development financial institutions which carries Islamic Banking Scheme (DFI banks)
28 28 SGF in Malaysia Shariah Governance Structure The Shariah governance structure shall be robust & supportive to the IFIs internal infrastructure to ensure effective overall Shariah compliant process
29 29 SGF in Malaysia Accountability of Key Functionaries Functions Governance Authorities in Normal Financial Institutions Additional Elements in IFIs Governance Board of Directors Shariah Committee Risk Management & Internal Control Compliance Internal & External Auditors Risk Management Unit or Department Regulatory & Financial Compliance Officers, Unit or Department Shariah Auditors Shariah Risk Management Officers Shariah Review Functions or Unit Explanation on Functions Provide independent view and decisions on Shariah related matters Report directly to BOD Conduct audit on Shariah related matters Conducted by internal Shariah trained personnel Report to Shariah Committee Identify all possible Shariah non-compliance risk Provide mitigating measures Continuos assessment on Shariah compliance Take prompt rectification measures Report to Shariah Committee & Management
30 SGF in Malaysia Independence of Shariah Committee 30 SGF Principles Independence of Shariah Committee BOD to recognise & ensure SC s independence SC shall have access to all information SC report directly to BOD BOD must ensure SC s decisions are implemented
31 31 SGF in Malaysia Continuous Knowledge Enhancement BOD & Management shall have sufficient Islamic Finance knowledge Ensure competency of SC through Fit & Proper Criteria Establish adequate continuous education programme Rusni Hassan All rights reserved.
32 SGF in Malaysia Professional Ethics, Judgment & Consistency of Decision 32 Establish a structured Shariah decision making process SC not to undermine their decisions & SAC s References to SAC in case of dispute (internal dispute/ arbitration/court
33 33 SGF & Shariah Compliance Shariah principles are the foundation for the practice of Islamic finance through the observance of the tenets, conditions and principles espoused by Shariah. Comprehensive compliance with Shariah principles would bring confidence to the general public and the financial markets on the credibility of Islamic finance operations.
34 SGF & Shariah Compliance Rigorous Shariah Compliance Process 34 Shariah Review & Audit Shariah Risk Management Control Shariah Research & Secretariate Regular exercise of Shariah Review Independent Shariah audit exercise conducted by trained Shariah auditors Identify possible Shariah risk Measures for mitigation & control Formulate Shariah compliance risk management policy & guidelines Qualified Shariah officers to perform in-depth Shariah research Establishing Shariah secretariate SGF requires rigorous Shariah Compliance process to ensure end-to-end Shariah compliance Operations of IFIs This enhanced process ensures no SNCs occurrence, protect the sanctity of Islamic Finance and achieving the objectives of Shariah (maqasid al-shariah)
35 SGF & Shariah Compliance Shariah Compliance Towards Financial Stability SG ensure end-to end Shariah compliant aspects which is the essence of IF SG ensure consistent market practices in view of differences of views of scholars SG supports Corporate Governance principles SG enhance accountability of stakeholders SG ensure the public expectations are met
36 36 SGF & Shariah Compliance The Regulations on Reporting of SNCs SGF Principle 1.1 An IFI carrying out Islamic financial business shall ensure that the aims and operations of its business are in compliance with Shariah principles at all times. An end-to-end Shariah compliant control mechanism shall be established in all aspects of its business operations to ensure that all activities are Shariah compliant. IFSA Section 28 IFIs shall ensure that its overall operations are Shariah compliance Any SNC shall be reported immediately to Shariah Committee and to BNM within 14 days Rectification must be made within 30 days Guidelines on Reporting of Islamic Banks Section Shariah Committee must disclose overall Shariah compliance aspects of IFIs including SNC, remedial action for such SNC & uses of SNC income ORION The IFIs must report the actual SNC event to BNM upon confirmation by the SCs The IFIs must submit to the rectification plan as approved by the Board and the SC within 30 days. SGF requirements on Shariah compliance is fully supported by other regulations & guidelines and thus ensure industry s commitment towards Shariah compliance & no tolerance towards SNCs
37 37 SGF & Shariah Compliance Some Issues & Challenges Corporate Governance vis-a-vis Shariah Governance Conflict of laws vs harmonization of laws Optimal Shariah Governance practice Human resource issues Shariah Governance & Maqasid al-syariah Cross border practices of Shariah Governance
38 38 Conclusion and The Way Forward The Islamic financial system is in its evolutionary phase.. provided that the basic supportive infrastructure is established, the inherent features of the Islamic financial industry can themselves contribute to strengthening the global financial architecture.
39 Conclusion & The Way Forward Shariah Governance for Development & Progress of Islamic Finance Introduction and infrastructure development Growth and market expansion by entering into global market Enhanced regulatory requirements and financial stability Development of IF markets, players, products & instruments Pilot projects DIB; IDB; First Takaful; BIMB Broader & deeper market on IF Global expansion especially sukuk market Strengthening of the regulations on IF Governance & financial stability
40 Conclusion THE WAY FORWARD 40
41 41 Wasaalamualaikum warahmatullahi wabarakatuh & THANK YOU
Regulatory Framework of Shariah Governance. Zulkifli Hasan, PhD
+ Regulatory Framework of Shariah Governance Zulkifli Hasan, PhD + Contents n Regulatory framework of Shariah Governance n IBA1983 n CBA 1958 Amendment 2003 n IFSA 2013 n SGF and BNM s Directives n AAOIFI
More informationDr. Aznan Hasan, International Islamic University Malaysia
Dr. Aznan Hasan, International Islamic University Malaysia azan98@hotmail.com haznan@iiu.edu.my POINTS OF DISCUSSION Background of the issue IFSB Guiding Principles Some Points to ponders One tier or two
More informationFederationofMalysia EDICTOFGOVERNMENT±
FederationofMalysia EDICTOFGOVERNMENT± Inordertopromotepubliceducationandpublicsafety,equal justiceforal,abeterinformedcitizenry,theruleoflaw, worldtradeandworldpeace,thislegaldocumentishereby madeavailableonanoncommercialbasis,asitistherightof
More informationSHARIAH GOVERNANCE IN ISLAMIC FINANCE: THE EFFECTS OF THE ISLAMIC FINANCIAL SERVICES ACT 2013
SHARIAH GOVERNANCE IN ISLAMIC FINANCE: THE EFFECTS OF THE ISLAMIC FINANCIAL SERVICES ACT 2013 Surianom Miskam Department of Business Management Faculty of Management and Muamalah Kolej Universiti Islam
More information4th ICIB Ministry of Planning Development & Reform Conference Secretariat: Mr. Ikram Ullah Khan Mr. Ehtesham Rashid
ICIB 4 th International Conference on Islamic Business 2016 Quaid-e-Azam Auditorium, IIUI Faisal Masjid Campus, Islamabad, Pakistan 20-22 February, 2016 Organized By: riphah international university riphah
More informationTRAINING PROGRAMME REGULATORY AND COMPLIANCE FRAMEWORK IN ISLAMIC FINANCE UNDER IFSA 2013
TRAINING PROGRAMME REGULATORY AND COMPLIANCE FRAMEWORK IN ISLAMIC FINANCE UNDER IFSA 2013 Dates and Time: 12-13 October 2015 (Monday-Tuesday) 9:00am - 5:30pm Venue: International Institute of Advanced
More informationTHE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY
الا كاديمية العالمية للبحوث الشرعية ISRA International Shari ah Research Academy for Islamic Finance THE ROLE OF CENTRAL BANK OF MALAYSIA IN DEVELOPING MALAYSIA'S ISLAMIC FINANCIAL INDUSTRY Prof. Dr. Mohamad
More informationللصناعة المالية اإلسالمية
الجلسة الثالثة: تقويم إسهامات المصارف المركزية في المواءمة الشرعية والرقابة والتنظيم للصناعة المالية اإلسالمية المواءمة الشرعية والرقابة والتنظيم للصناعة المالية اإلسالمية: تجربة البنك المركزي الماليزي
More informationOPTIMAL SHARIAH GOVERNANCE IN ISLAMIC FINANCE
OPTIMAL SHARIAH GOVERNANCE IN ISLAMIC FINANCE DR. AZNAN BIN HASAN Assistant Professor Islamic Law Department AHMAD IBRAHIM KULLIYYAH OF LAWS INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA haznan@iiu.edu.my
More informationSHARIAH GOVERNANCE FRAMEWORK: THE ROLES OF SHARIAH REVIEW AND SHARIAH AUDITING
SHARIAH GOVERNANCE FRAMEWORK: THE ROLES OF SHARIAH REVIEW AND SHARIAH AUDITING Nor Fadilah Bahari Department of Accounting and Finance, Faculty of Management and Muamalah International Islamic University
More informationLegal Aspects of Islamic Finance LCA4592 DR. ZULKIFLI HASAN
Legal Aspects of Islamic Finance LCA4592 DR. ZULKIFLI HASAN Contents Salient Features of the IBA The BAFIA and The CBA Shari ah ah Governance framework Related laws Section 3 (5) of the IBA (5) The Central
More informationMohammad bin Ibrahim: Islamic finance and Malaysia s role
Mohammad bin Ibrahim: Islamic finance and Malaysia s role Luncheon address by Mr Mohammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the 21st Conference of Presidents of Law Associations
More informationShariah Governance. Zulkifli Hasan, PhD
+ Shariah Governance Zulkifli Hasan, PhD + CONTENTS n n n n n n n n n Conceptual Framework of Shariah Governance Corporate Governance Shariah Governance Elements of Shariah Governance Why Do We Need Shariah
More informationZurina Shafii Ahmad Zainal Abidin Supiah Salleh
Integrated Internal-External Shariah Audit Model: A Proposal towards the Enhancement of Shariah Assurance Practices in Islamic Financial Institutions Zurina Shafii Ahmad Zainal Abidin Supiah Salleh Agenda
More informationGLOBAL SURVEY ON THE AWARENESS AND IMPORTANCE OF ISLAMIC FINANCIAL POLICY
05 GLOBAL SURVEY ON THE AWARENESS AND IMPORTANCE OF ISLAMIC FINANCIAL POLICY The presence of an appropriate regulatory framework supported by financial policy is vital for an enabling environment that
More informationEmpowering the Shari ah Committee towards Strengthening Shari ah Governance Practices in Islamic Financial Institutions
Review of European Studies; Vol. 8, No. 2; 2016 ISSN 1918-7173 E-ISSN 1918-7181 Published by Canadian Center of Science and Education Empowering the Shari ah Committee towards Strengthening Shari ah Governance
More informationThe Practice of Shariah Review as Undertaken by Islamic Banking Sector in Malaysia
The Practice of Shariah Review as Undertaken by Islamic Banking Sector in Malaysia Mohd Hairul Azrin Haji Besar*, Mohd Edil Abd Sukor**, Nuraishah Abdul Muthalib*** and Alwin Yogaswara Gunawa**** Shariah
More informationSHARIAH GOVERNANCE FOR ISLAMIC DEPOSIT INSURANCE SYSTEMS
30 January 2018 SHARIAH GOVERNANCE FOR ISLAMIC DEPOSIT INSURANCE SYSTEMS Discussion Paper Prepared by the Islamic Deposit Insurance Technical Committee of the Core Principles and Research Council Committee
More informationEMPIRICAL STUDY ON THE UNDERSTANDING OF SHARIAH REVIEW BY ISLAMIC BANKS IN MALAYSIA
EMPIRICAL STUDY ON THE UNDERSTANDING OF SHARIAH REVIEW BY ISLAMIC BANKS IN MALAYSIA Zariah Abu Samah&Rusni Hassan Abstract The key value proposition offered by Islamic banking and finance is an end-to-end
More informationMuhammad bin Ibrahim: The polemics of governing law in Islamic finance recent developments and the way forward
Muhammad bin Ibrahim: The polemics of governing law in Islamic finance recent developments and the way forward Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia,
More informationShariah Audit of Financial Institutions. August 26th - 27th, 2016 Lahore - Pakistan
Shariah Audit of Financial Institutions August 26th - 27th, 2016 Lahore - Pakistan About Training Workshop: AlHuda CIBE, realizing the immense need of training on Shariah Audit in Lahore, Therefore, AlHuda
More informationPROCESS AND PROCEDURES
PROCESS AND PROCEDURES FROM CONVENTIONAL TO ISLAMIC BANKING AMIR ALFATAKH YUSOF ISLAMIC BANKING SPEAKER PROFILE 1. Started in Conventional Banking Sales for OCBC Bank Retail, Business Banking and Corporate
More informationRegulatory Framework on Sharia-based Fintech: Current Issues
Regulatory Framework on Sharia-based Fintech: Current Issues Prof. Dato Dr Azmi Omar President & Chief Executive Officer 4 July 2018 INCEIF 2017 A member of AACSB INCEIF 2018 International Centre for Education
More informationISLAMIC FINANCE PROGRAMMES
ISLAMIC FINANCE PROGRAMMES BANKING ACCOUNTING & FINANCE ISLAMIC FINANCE IT & PROJECT MANAGEMENT INSURANCE LEADERSHIP & MANAGEMENT EXECUTIVE LEADERSHIP ACADEMIC STUDIES ABOUT The BIBF is a semi-government
More informationSHARIAH AUDIT AND REVIEW FOR ISLAMIC FINANCIAL INSTITTUTION
SHARIAH AUDIT AND REVIEW FOR ISLAMIC FINANCIAL INSTITTUTION Introduction Shariah compliance is the backbone of Islamic finance institutions (IFI) in which they operate. Therefore, ensuring Shari ah compliant
More informationCENTRAL SHARIAH BOARD ( CSB ) CHALLENGES, PRACTICALITIES AND CASE STUDIES
CENTRAL SHARIAH BOARD ( CSB ) CHALLENGES, PRACTICALITIES AND CASE STUDIES 11 TH AAOIFI - WORLD BANK CONFERENCE MANAMA 6 TH & 7 TH NOVEMBER 2016 FARRUKH RAZA MANAGING DIRECTOR IFAAS GROUP MEMBER AAOIFI
More informationSome Higher Education Issues in Muslim Countries with Islamic Economics as an Illustrative Case
Journal of Islamic Banking and Finance Oct Dec 2018 1 Some Higher Education Issues in Muslim Countries with Islamic Economics as an Illustrative Case Zubair Hasan The purpose of this paper is (i) to state
More informationISLAMIC AND NON-ISLAMIC FINANCE IN CONTEMPORARY PERSPECTIVE
ISLAMIC AND NON-ISLAMIC FINANCE IN CONTEMPORARY PERSPECTIVE Dr. Mohd Daud Bakar President/CEO International Institute of Islamic Finance (IIIF) Inc. mdaud@iiif-inc.com www.iiif-inc.com Islamic Finance
More informationMIFP MASTERS IN ISLAMIC FINANCE PRACTICE
2 MIFP MASTERS IN ISLAMIC FINANCE PRACTICE make Malaysia as a center for Islamic Finance. Malaysia has achieved those objectives, evidenced for example by it being the largest issuer of Sukuk in the world.
More informationOverview of Islamic Banking & Islamic Finance in Morocco. Dr. Ahmed TAHIRI JOUTI
Overview of Islamic Banking & Islamic Finance in Morocco Dr. Ahmed TAHIRI JOUTI Overview of Islamic Banking & Islamic Finance in Morocco This presentation gives a general overview of the Moroccan experience
More informationThe Islamic Finance Qualification (IFQ) expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance.
The Islamic Finance Qualification (IFQ) expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It is a global qualification that covers Islamic finance from both a technical
More informationShariah Audit for Islamic Financial Institutions. (IFI s): Issues and Challenges
Reports on Economics and Finance, Vol. 4, 2018, no. 4, 151-158 HIKARI Ltd, www.m-hikari.com https://doi.org/10.12988/ref.2018.8114 Shariah Audit for Islamic Financial Institutions (IFI s): Issues and Challenges
More informationShariah Audit Certification Contents: Views of Regulators, Shariah Committee, Shariah Reviewers and Undergraduate Students
International Journal of Economics and Finance; Vol. 6, No. 5; 2014 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Shariah Audit Certification Contents: Views of
More informationGROWING DEMAND FOR TALENT IN ISLAMIC FINANCE
Demand for Islamic finance talent is set to grow in tandem with a rapidly expanding industry, especially as Islamic finance evolves to be more competitive and increasingly sophisticated. Efforts to expand
More informationFirst International Conference on Economics and Banking (ICEB-15)
First International Conference on Economics and Banking (ICEB-15) Reference to Shari ah Advisory Council in Islamic finance: Effect of Changes to the Stakeholders Nurauliani Jamlus Rafdi a, 1, Surianom
More informationSHARIAH NON-COMPLIANT RISK MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS
SHARIAH NON-COMPLIANT RISK MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS Introduction Ensuring Shari ah compliant aspect is imperative for Islamic financial institutions (IFIs) to maintain the confidence
More informationThe Internationalization of Islamic Finance and the Role of International Educational Centres in Human Capital Development
The Internationalization of Islamic Finance and the Role of International Educational Centres in Human Capital Development Mohd-Pisal Zainal, Ph.D. Henley Business School Malaysia Monday, April 3, 2017
More informationSHARIAH GOVERNANCE & SHARIAH COMPLIANCE CULTURE FOR ISLAMIC FINANCIAL INSTITUTIONS
SHARIAH GOVERNANCE & SHARIAH COMPLIANCE CULTURE FOR ISLAMIC FINANCIAL INSTITUTIONS 26 th February 2018, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Shariah governance has
More informationDISTANCE LEARNING PROGRAM, IRTI ISLAMIC DEVELOPMENT BANK, JEDDAH
DISTANCE LEARNING PROGRAM, IRTI ISLAMIC DEVELOPMENT BANK, JEDDAH O ye who believe!, If a wicked person comes to you with any news, ascertain the truth, lest ye harm people unwittingly and afterwards become
More informationMr. Tahir Khurshid Head Of Audit & Inspection Group Bank Alfalah Limited
1 Mr. Tahir Khurshid Head Of Audit & Inspection Group Bank Alfalah Limited Audit & Risk Review Function in Banks - Rising Expectations & Challenges Islamic Banking and Shariah audit 3 rd Pakistan Internal
More informationPOLICY CONSIDERATIONS IN DEVELOPING A DUAL FINANCIAL SYSTEM IN MALAYSIA ISLAMIC FINANCE INTELLECTUAL DISCOURSE 20 TH OCTOBER 2016 NOVOTEL MELAKA
POLICY CONSIDERATIONS IN DEVELOPING A DUAL FINANCIAL SYSTEM IN MALAYSIA ISLAMIC FINANCE INTELLECTUAL DISCOURSE 20 TH OCTOBER 2016 NOVOTEL MELAKA Rustam Mohd Idris Islamic Banking & Takaful Department Disclaimer
More informationSHARIAH AUDIT & SHARIAH NON-COMPLIANCE REPORTING FOR ISLAMIC FINANCIAL INSTITUTIONS
SHARIAH AUDIT & SHARIAH NON-COMPLIANCE REPORTING FOR ISLAMIC FINANCIAL INSTITUTIONS 19 th July 2017, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Shariah audit has long been
More informationRECOVERY & DISPUTE RESOLUTION FOR ISLAMIC FINANCE FACILITIES
RECOVERY & DISPUTE RESOLUTION FOR ISLAMIC FINANCE FACILITIES 6 th - 7 th December 2017, Intercontinental, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points The Islamic finance industry faces the same fundamental
More informationSHARIAH GOVERNANCE FRAMEWORK OF ISLAMIC BANKS IN BANGLADESH: PRACTICES, PROBLEMS AND RECOMMENDATIONS
Asian Economic and Financial Review ISSN(e): 2222-6737 ISSN(p): 2305-2147 DOI: 10.18488/journal.aefr.2019.91.118.132 Vol. 9, No. 1, 118-132 URL: www.aessweb.com SHARIAH GOVERNANCE FRAMEWORK OF ISLAMIC
More informationDiploma in Islamic Finance
Diploma in Islamic Finance A different prespective on global business by Institute of Cost & Management Accountants of Pakistan Catch the opportunity and take the lead. Introduction ICMA Pakistan has developed
More informationTechnical Committee of Experts on Islamic Banking and Finance. Third Session of OIC Statistical Commission April 2013 Ankara - Turkey
Technical Committee of Experts on Islamic Banking and Finance Third Session of OIC Statistical Commission 10-12 April 2013 Ankara - Turkey BACKGROUND Owing to the increasing importance of the role of statistics
More informationPRACTICAL IMPLEMENTATION OF SHARIAH AUDIT
PRACTICAL IMPLEMENTATION OF SHARIAH AUDIT SIDC CPE - accredited: 10 CPE Points The development of Islamic finance in Malaysia has been supported by firmly established financial institutional structures
More informationProgram Brochure. Master Diploma. Islamic Finance. Develope Your Skills to Design Islamic Financial Services.
Program Brochure Master Diploma Islamic Finance Develope Your Skills to Design Islamic Financial Services www.aims.education MDIF Program Overview Master Diploma in Islamic Finance (MDIF) is an advanced
More informationProblems and Prospects of Islamic Capital Market In Bangladesh
ISSN: 2308-5096(P) ISSN 2311-620X (O) [International Journal of Ethics in Social Sciences Vol. 4, No. 2, December 2016] Problems and Prospects of Islamic Capital Market In Bangladesh Mohammad Aman Uddin
More informationLEGAL, DOCUMENTATION AND SHARIAH RISK IN ISLAMIC BANKING AND FINANCE
LEGAL, DOCUMENTATION AND SHARIAH RISK IN ISLAMIC BANKING AND FINANCE 13 th April 2017, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Operational risk in conventional banking
More informationExploring the Dynamism of Islamic Finance in the GCC Region
Workshop 7 Exploring the Dynamism of Islamic Finance in the GCC Region Workshop Directors: Prof. Mehmet Asutay Director, Durham Centre in Islamic Economics and Finance Durham University United Kingdom
More informationw w w.a ims.edu cation 1
1 Master Diploma in Islamic Finance Program Structure: MDIF is a two part program, and courses are divided into two semesters. Certified Islamic Finance Expert (CIFE) is awarded on completion of Semester-I
More informationIslamic Finance: Malaysia s Journey. Malaysia International Islamic Financial Centre (MIFC) Promotions Unit
Islamic Finance: Malaysia s Journey Malaysia International Islamic Financial Centre (MIFC) Promotions Unit Islamic finance..gaining traction in traditional & emerging economies Increasing number of Islamic
More informationSharī ah Audit and Supervision in Sharī ah Governance Framework: Exploratory Study of Islamic Banks in Pakistan 1
Business & Economic Review: Vol. 9, No.1 2017 pp. 103-118 DOI: dx.doi.org/10.22547/ber/9.1.6 103 Sharī ah Audit and Supervision in Sharī ah Governance Framework: Exploratory Study of Islamic Banks in Pakistan
More informationISLAMIC BANKING & FINANCE INSTITUTE MALAYSIA
ISLAMIC BANKING & FINANCE INSTITUTE MALAYSIA The information contained in this training calendar is correct at the time of publishing. IBFIM reserves the right to make alterations to the information contained
More informationNon-Muslim Perception on Islamic Banking Products and Services in Malaysia
World Journal of Islamic History and Civilization, 7 (1): 07-11, 2017 ISSN 2225-0883 IDOSI Publications, 2017 DOI: 10.5829/idosi.wjihc.2017.07.11 Non-Muslim Perception on Islamic Banking Products and Services
More informationAnalysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan
Journal of Islamic Banking and Finance July Sept 2017 1 Analysis of Minor Proposals outside the Mainstream Islamic Finance in Pakistan Salman Ahmed Shaikh This paper is a humble attempt to discuss the
More informationThe Role of Internal Auditing in Ensuring Governance in Islamic Financial Institutions (IFIS) 1
Innovation and Knowledge Management: A Global Competitive Advantage 2158 The Role of Internal Auditing in Ensuring Governance in Islamic Financial Institutions (IFIS) 1 Yazkhiruni Yahya, Kuala Lumpur,Malaysia
More informationFAQ. Who are the Islamic POs?
The world s first end-to-end Shariah investing platform F What is Bursa Malaysia-i? Bursa Malaysia-i is a fully integrated Islamic securities exchange platform with a comprehensive range of exchangerelated
More informationSHARIAH REQUIREMENTS AND ARRANGEMENTS FOR ISLAMIC FINANCIAL PRODUCTS & FEATURES
SHARIAH REQUIREMENTS AND ARRANGEMENTS FOR ISLAMIC FINANCIAL PRODUCTS & FEATURES Ijarah Istisnah Waad 27 th March 2017, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Bank Negara
More informationTHE TRANSFORMATION OF ISLAMIC LAW IN GLOBAL FINANCIAL MARKETS JONATHAN G. ERCANBRACK
THE TRANSFORMATION OF ISLAMIC LAW IN GLOBAL FINANCIAL MARKETS JONATHAN G. ERCANBRACK lgg CAMBRIDGE UNIVERSITY PRESS Acknowledgements x Table ofcases and legislation List of abbreviations xviii Arabic-Englishglossary
More informationTechnical Release i -1. Accounting for Zakat on Business
LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD Technical Release i -1 Accounting for Zakat on Business Malaysian Accounting Standards Board 2006 1 Accounting for Zakat on Business
More informationGOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN CHAPTER I PRELIMINARY
GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad the 2 nd November, 2018. S.R.O. 1318 (I)/2018.- In exercise of the powers conferred by sub-section (1) of section
More informationHARMONISATION OF SHARIAH AND COMMON LAW IN THE IMPLEMENTATION OF ISLAMIC BANKING IN MALAYSIA ZULKIFLI HASAN
HARMONISATION OF SHARIAH AND COMMON LAW IN THE IMPLEMENTATION OF ISLAMIC BANKING IN MALAYSIA ZULKIFLI HASAN The growth and development of Islamic banking industry is undeniably adhering much by having
More informationMutual Funds in India - Potential for Islamic Versions
Journal of Islamic Banking and Finance April June 2018 1 Purpose Mutual Funds in India - Potential for Islamic Versions Mustafa Hussain Khan * & Syed Ahmed Salman This research investigates the prospects
More informationShari ah Rulings in Islamic Finance and the Challenge of Shar ah Talents in Nigeria. Ibrahim Muhammad Ahmad
Shari ah Rulings in Islamic Finance and the Challenge of Shar ah Talents in Nigeria By Ibrahim Muhammad Ahmad 1. INTRODUCTION Shari ah scholars are the key stakeholders in facilitating the development
More informationSHARIAH NON COMPLIANCE RISK PDF
SHARIAH NON COMPLIANCE RISK PDF ==> Download: SHARIAH NON COMPLIANCE RISK PDF SHARIAH NON COMPLIANCE RISK PDF - Are you searching for Shariah Non Compliance Risk Books? Now, you will be happy that at this
More informationProduct Branding and Market Development Global Growth Opportunities. Daud Vicary Abdullah
Product Branding and Market Development Global Growth Opportunities Daud Vicary Abdullah 1 Agenda Facts and Figures Spreading the Word About Islamic Finance Opportunities Challenges to Development 2 What
More informationDIVERSIFICATION OF ISLAMIC FINANCIAL INSTRUMENTS
DIVERSIFICATION OF ISLAMIC FINANCIAL INSTRUMENTS PREPARED FOR THE 9 TH MEETING OF THE COMCEC FINANCIAL COOPERATION WORKING GROUP Dr. Irum Saba Assistant Professor/Program Director Institute of Business
More informationIslamic banking worldwide what is in it - for All of Us
2 nd International Conference & Exhibition on Islamic Banking and Finance Islamic worldwide what is in it - for All of Us By: Muhammad Ikram Thowfeek THRUST OF THE PRESENTATION: Introduction Market demand,
More informationRecent Developments front. Asia and the Middle East IMAM WAHYUDI FENNY ROSMANITA NIKEN IWANI SURYA PUTRI
Recent Developments front Asia and the Middle East IMAM WAHYUDI FENNY ROSMANITA MUHAMMAD BUDI PRASETYO NIKEN IWANI SURYA PUTRI WILEY Contents Preface Acknowledgments flbout the Authors List of Acronyms
More informationThe CIMA qualifications in Islamic Finance. A different perspective on global business
The CIMA qualifications in Islamic Finance A different perspective on global business I was always interested in moving into Islamic finance by my personal preference and the career opportunity available
More informationCERTIFICATE IN ISLAMIC BANKING AND FINANCE
CERTIFICATE IN ISLAMIC BANKING AND FINANCE INTRODUCTION Islamic Finance refers to the provision of financial services in accordance with the Shari ah Islamic law, principles and rules. Shari ah does not
More informationContracts and Transactions under Islamic Law
Contracts and Transactions under Islamic Law Understand key issues in Finance, Trade and Investment Contracts Understanding Islamic contracts: structuring and legal issues 17-19 August, 2015, 9:00am 5:00pm
More informationWAQF & WAQF-BASED FINANCIAL PRODUCTS
WAQF & WAQF-BASED FINANCIAL PRODUCTS Structure, Innovation, Management & Practice 27 th September 2017, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Waqf is a financial charitable institution established
More informationIslamic Finance: Challenges and the Way Forward
Islamic Finance: VISION To become a leading institution for higher education in Banking and Finance in the region MISSION To develop and offer internationally recognized programmes, capacity building,
More informationThe world s first end-to-end Shariah investing platform. Live Responsibly Invest Responsibly Invest Shariah
The world s first end-to-end Shariah investing platform Live Responsibly Invest Responsibly Invest Shariah Shariah Investing on Bursa Malaysia-i is the world s first integrated end-toend Islamic securities
More informationCall for Papers WORLD ISLAMIC FINANCE FORUM (WIFF) Innovation, Fintech and Regulation. Expanding Islamic Finance Footprint: CEIF
Call for Papers Expanding Islamic Footprint: Innovation, Fintech and Regulation 19-20 March 2018 In collaboration with LUMS and IN After experiencing stunning double digit growth figures for more than
More informationPROSPECTS OF ACCOUNTING GRADUATES IN ISLAMIC FINANCE
PROSPECTS OF ACCOUNTING GRADUATES IN ISLAMIC FINANCE Norhanizah Johari Noraini Shamsuddin Department of Accounting Faculty of Management & Muamalah, Kolej Universiti Islam Antarabangsa Selangor, 43600
More informationAIDE MEMOIRE. for. ADFIMI UDBL Joint Workshop on Essentials of Islamic Banking. Serena Hotel, Kampala, Uganda
AIDE MEMOIRE for ADFIMI UDBL Joint Workshop on Essentials of Islamic Banking Serena Hotel, Kampala, Uganda 18 19 April 2017 Background: Uganda has recently passed legislation in order to develop Islamic
More information23 September, 2017, Manila - Philippine
23 September, 2017, Manila - Philippine Registered with FAA as Training Provider ALHUDA CENTER OF ISLAMIC BANKING AND ECONOMICS AlHuda Center of Islamic Banking and Economics (CIBE) is a pioneer organization
More informationSetting Standards for Shariah Application in the Islamic Financial Industry
Setting Standards for Shariah Application in the Islamic Financial Industry M. Fahim Khan Executive Summary The global growth of Islamic banking is taking advantage of the diversity and flexibility in
More informationRECOVERY, RESTRUCTURING & RESCHEDULING OF ISLAMIC FINANCE FACILITIES
RECOVERY, RESTRUCTURING & RESCHEDULING OF ISLAMIC FINANCE FACILITIES The Islamic finance industry faces the same fundamental challenges and risks as that of conventional finance, including whether or not
More informationDr. Mohamad Akram Laldin Executive Director International Shari`ah Research Academy for Islamic Finance Kuala Lumpur Malaysia
Dr. Mohamad Akram Laldin Executive Director International Shari`ah Research Academy for Islamic Finance Kuala Lumpur Malaysia Presentation Outline DEFINITION MODELS OF SHARI AH ADVISORY SERVICES MALAYSIAN
More informationLegal, Documentation & Shariah Issues in Islamic Banking and Capital Markets
ISLAMIC FINANCE LAW SCHOOL Legal, Documentation & Shariah Issues in Islamic Banking and Capital Markets Benefit from the knowledge & experience of your expert panel of speakers: Dr Rusni Hasan, Asst. Professor,
More informationINTERIM REPORT OIC-STATCOM TECHNICAL COMMITTEE OF EXPERTS (TCE) ON ISLAMIC BANKING AND FINANCE STATISTICS
INTERIM REPORT OIC-STATCOM TECHNICAL COMMITTEE OF EXPERTS (TCE) ON ISLAMIC BANKING AND FINANCE STATISTICS COUNTRY MEMBERS: Afghanistan, Azerbaijan, Bangladesh, Comoros, Egypt, Gambia, Iran, Jordan, Kazakhstan,
More informationExamining Theories of Growth & Development & Policy Response Based On Them From Islamic Perspective
Examining Theories of Growth & Development & Policy Response Based On Them From Islamic Perspective S a lma n Ahmed S h a i kh Poverty and inequality around the world has been rising over the last three
More informationPresentation Coverage
www.irti.org Presentation Coverage 1 IRTI Products and Services 2 Islamic Finance Sustainable Development 3 Benefits of Islamic Financial Institutions 4 Benefits of Sukuk Source: IRTI database Islamic
More informationSHARIAH REQUIREMENTS AND ARRANGEMENT FOR ISLAMIC FINANCIAL PRODUCTS & FEATURES
SHARIAH REQUIREMENTS AND ARRANGEMENT FOR ISLAMIC FINANCIAL PRODUCTS & FEATURES Hibah, Wadiah, Qard & Rahn Wakalah & Kafalah 31 st July 2017, InterContinental Hotel, KUALA LUMPUR SIDC CPE - accredited:
More informationTREASURY MANAGEMENT FOR ISLAMIC BANKS: Documentation, Assurance, Risk & Strategic Management
TREASURY MANAGEMENT FOR ISLAMIC BANKS: Documentation, Assurance, Risk & Strategic Management 18 th July 2018, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points In the aftermath of the 2008 global financial
More informationTHE PRACTICE OF TAKĀFUL BENEFIT (NOMINATION) IN THE CONTEXT OF IFSA 2013: A CRITICAL APPRAISAL
THE PRACTICE OF TAKĀFUL BENEFIT (NOMINATION) IN THE CONTEXT OF IFSA 2013: A CRITICAL APPRAISAL Saba Radwan Jamal Elatrash * Younes Soualhi ** I. INTRODUCTION Nomination, in the context of takāful (Islamic
More informationISLAMIC FINANCE AND BANKING MODES OF FINANCE
page 1 / 5 page 2 / 5 islamic finance and banking pdf Islamic banking or Islamic finance (Arabic:??????????????) or sharia-compliant finance is banking or financing activity that complies with sharia (Islamic
More informationChallenges in Islamic Finance
Challenges in Islamic Finance Dr. Ahmet Sekreter Business and Management Department, Ishik University, Erbil, Iraq Email: ahmet.sekreter@ishik.edu.iq Abstract Doi:10.23918/icabep2018p29 The growth of Islamic
More informationKEY PILLAR OF GOVERNANCE FOR ISLAMIC FINANCE
Jointly Organised by 2014 SHARIAH AUDIT CONFERENCE KEY PILLAR OF GOVERNANCE FOR ISLAMIC FINANCE 20 & 21 MAY 2014 HOTEL ISTANA, KUALA LUMPUR Sponsored by Supporting Bodies IIA Malaysia Member 16 CPD Points
More informationForeword Hoping the accordance and success from Allah
Foreword Islamic Finance Industry (IFI), since its takeoff, has been rejoicing an ever growing admiration by the specialists, researchers and educational institutions for enhancing its tools to escort
More informationTHE PROJECT ON DEVELOPING ISLAMIC FINANCE INDUSTRY DATABASE FOR OIC MEMBER COUNTRIES
Workshop on Islamic Finance in the National Accounts THE PROJECT ON DEVELOPING ISLAMIC FINANCE INDUSTRY DATABASE FOR OIC MEMBER COUNTRIES Mrs. Zehra Zümrüt SELÇUK 25 October 2017 Beirut, Lebanon OUTLINE
More informationUNDERSTANDING THE SHARI AH PRINCIPLES OF INVESTMENT & WEALTH GENERATIONS
UNDERSTANDING THE SHARI AH PRINCIPLES OF INVESTMENT & WEALTH GENERATIONS Organized by: Federation of Investment Managers Malaysia Date: 9 May 2012 Venue: Bukit Kiara Equestrian and Country Resort Arbayah
More informationor Blog :
Full name : ZULKIFLI BIN HASAN Postal Address (UK) : 10 Clarence Street Bowburn, DH6 5BB United Kingdom Home (UK) : +44 (0) 1913772571 Mobile (UK) : +44 (0) 7761457686 E-mail : z.b.hasan@durham.ac.uk or
More informationShariah-Compliant Investments: Risks and Returns
Shariah-Compliant Investments: Risks and Returns BADLISYAH ABDUL GHANI CEO, Group Islamic Banking, CIMB Group CEO, CIMB Islamic Bank Bhd 2nd Islamic Wealth Management and Financial Planning Conference
More informationBANK OF UGANDA THE WORKSHOP ON THE FUNDAMENTALS OF ISLAMIC BANKING OPERATIONS ORGANIZED BY TROPICAL BANK LIMITED. Speech
BANK OF UGANDA THE WORKSHOP ON THE FUNDAMENTALS OF ISLAMIC BANKING OPERATIONS ORGANIZED BY TROPICAL BANK LIMITED Speech By PROF. EMMANUEL TUMUSIIME-MUTEBILE GOVERNOR, BANK OF UGANDA NOVEMBER 28, 2016 -
More information