Shariah Risk & Governance Framework for Islamic Financial Institutions

One of the most important requirements for Islamic financial institutions (IFIs) is to carry out their activities in accordance with the principles of Shariah. In this regard, it is essential to have a comprehensive, robust and well-functioning Shariah control, risk and governance system to ensure that all products, services and activities approved and provided by the IFIs are widely recognised as being Shariah compliant, not only at the point of approval or ratification, but also in terms of ongoing operations.

Correspondingly, a sound Shariah risk and governance system must be in place to examine the institution’s performance on a regular basis and identify incidences of incorrect or incomplete transactional flows, with the aim of rectifying and improving performance in a continual and sustainable manner and to avoid Shariah non-compliance. This is very much in line with the fundamental needs of a financial institution to follow necessary Shariah, governance, and ethical standards, just as it must adhere to the financial and regulatory standards of its jurisdiction. 

REDmoney online training presents a new course exclusively designed to provide comprehensive and practical knowledge on Shariah risk and governance for Islamic banking and finance. It will also highlight the relevant scope, procedures and potential issues in developing an effective Shariah risk and governance programme. The course is fully updated and includes vital material on the implications of IFSA 2013 on Shariah risk management and governance functions.

Key Learning Outcomes

• Assessing the execution of Shariah risk and governance compliance across banking products and businesses
  
• Understanding standards and the legal framework and how they fit with Shariah risk and governance
• Exploring challenges, trends and the way forward for models and infrastructure in the success of Shariah compliance, risk management and governance
  

Who Will Benefit

• Internal Shariah auditors
  
• Shariah department managers and key staff
  
• Accountants & auditors
  
• Compliance managers
  
• Product development managers
  
• Regulators and supervisors
  
• Credit & risk management professionals
  
• Consultants