One of the main differences between Islamic financial institutions and non-Islamic financial institutions is the requirement for the former to comply with the principles of Syariah in all its practices and dealings. Any violation of this requirement will lead to, not only, potential reprimand by the authority, but more severe than that, trust deficit from its stakeholders, especially the public. Hence, a proper framework to govern the compliance to principles of Syariah is of paramount importance to the practices of Islamic financial institutions.
This programme will expose participants to the various aspects of Syariah governance framework, including but not limited to, its importance; its differences and relations with corporate governance; regulations and guidelines that are available in various countries such as Malaysia, Indonesia, UAE, Kuwait, Oman, Nigeria, etc. It will also shed light on the IFSB Syariah Governance Framework and AAOIFI Standard on Syariah Governance Framework.
Besides that, it will also discuss in detail, the main organs of good Syariah Governance Framework, Internal control functions, the difference between Syariah review and Syariah Audit and how to design and implement good Syariah review and Syariah Audit Plan.
At the end of the workshop, the participant shall gain an understanding of the various issues relevant to Syariah Governance Framework, amongst others include:
- Understand key aspects of a good Syariah Governance Framework and its practices in various jurisdictions;
- Discuss the applicable models of Syariah Governance Framework in various jurisdictions;
- Explaining the roles and responsibilities of main organs of Syariah Governance Framework, namely the Board of Directors, the Syariah Committee and the Senior Management;
- Strengthen accountability of the boardroom and committee for Syariah governance initiatives;
- Gain knowledge on the Syariah code of corporate governance: Identifying issues and repercussions for poor transparency and lack of disclosure;
- Ensure that all officers and personnel have sufficient Syariah qualifications before discharging their responsibilities; and
- Build a more effective Syariah compliance culture.
Who Should Attend
- Directors & Board Members;
- Syariah Advisors;
- Company secretaries;
- Senior managers and executives of governance/compliance/Syariah governance;
- Audit committee and internal auditors;
- Corporate lawyers and in-house counsel;
- Compliance and audit staff; and
- Regulatory authorities.
Stakeholder*: BND 1,400
Non-Stakeholder: BND 1,200