Sharia’a audit for Islamic financial institutions

Instruction Language

English

Country

United Arab Emirates

English Abstract

The rapidly growing Islamic banking and finance industry is ultimately an endeavour based on an adherence to Sharia’a principles and guidelines.

A pillar of its Sharia’a governance framework is the Sharia’a audit and compliance process which serves a vital role in providing public assurance about the governance of Sharia’a products and services.

A sound Sharia’a audit system is thus an imperative and essential component for any Islamic Financial Institution (IFI), and should ideally be capable of examining all processes and procedures relating to the products and services and related responsibilities therein

Objectives

- This intensive two day course will seek to equip delegates with the necessary information through practical, interactive and relevant discussion designed to deliver the following key objectives : 1. comprehensive and practical knowledge on Sharia’a compliance review, audit and governance for IFIS. 2. Discuss relevant scope, scale and procedures related to the Sharia’a compliance review process and methodology . 3. Challenges, scope and developments in the current practice of Sharia’a audit and governance.

Field work

1. Internal Sharia’a auditors. 2. Accountants and auditors. 3. Compliance managers. 4. Product development managers. 5. Regulators and supervisors. 6. Sharia’a department managers. 7. Credit and risk managers. 8. Consultants. 9. Academicians.

Features of the course

-1. Understanding the product and associated risk prior to audit. 2. Studying the execution of Sharia’a compliance across retail, corporate, treasury and investment banking products. 3. Understanding standards and codes of various international infrastructure institutions. 4. Exploring challenges, trends and the way forward for alternative models and infrastructure in the success of Sharia’a audit and governance.

Certificate / Course Program

Day 1 : Fundamentals, Framework and Future Direction. -Sharia’a Fundamentals for the Islamic Financial System. -Governance of the Islamic Financial System. -Risk Management in the Islamic Financial System. -Legal Framework of the Islamic Financial System. Day 2 : Auditing and Achieving Sharia’a Compliance. -Sharia’a Audit Methodology. -Sharia’a Audit and Compliance for Retail Products. -Sharia’a Audit and Compliance for Corporate and Treasury Products. -Sharia’a Audit and Compliance for Investment Banking Products. -Moving Forward-Issues, Opportunities and Challenges.