Training Programme: Regulatory and Compliance Framework in Islamic Finance Under IFSA 2013
Date: 12 & 13 October 2015 (Monday & Tuesday)
Venue: IAIS Malaysia, Jalan Elmu, Off Jalan Universiti, Kuala Lumpur, Malaysia.
Organiser: International Institute of Advanced Islamic Studies (IAIS) Malaysia.
[updated 09 September 2015]
The introduction of Islamic Financial Services Act (IFSA) 2013 in June 2013 has indeed affected the Islamic banking and finance landscape in Malaysia. The enactment of IFSA 2013 as its new backbone for Islamic banking and finance is very timely to respond to the current market needs that have achieved a remarkable level of maturity. As a new inclusion in Malaysian regulatory infrastructures for Islamic banking and finance industry, the understanding of its salient features and the changes it introduces is very crucial. Hence, the training, entitled “Regulatory and Compliance Framework in Islamic Finance under IFSA 2013” was conducted on 12-13 October 2015 by IAIS, aimed at exposing the participants to the current regulatory regime for Islamic finance in Malaysia with special reference to IFSA 2013. In addition, the programme targeted to equip the participants with a proper understanding of both local and international compliance structures for Islamic financial market and issues and challenges that have arisen from the current Islamic financial system.
The participants were of different sectors, namely Islamic banking and financial institutions, Takaful operators, universities and higher education institution, research institutes and also regulators. The topics covered for the training was extensive, inter alia:
• Historical development of Islamic banking and finance
• Overview of international Islamic finance regulatory framework
• Overview of the historical and regulatory aspects of Islamic banking and finance in Malaysia
• Relevant acts governing Islamic financial institutions in Malaysia
• Selected issues and challenges faced by the Islamic financial system at global market
• Analysis of international cases involving Islamic financial contracts
• Judiciary and dispute settlement mechanisms
• Salient features of IFSA 2013
• Shariah Compliance required by IFSA 2013
• Analysis of recent Malaysian cases involving Islamic banking and financial disputes
The programme received an excellent response from the participants. The positive feedback from the participants indicates a need for IAIS Malaysia to offer additional training programmes in the future. The training programme ended with a photo session and the distribution of certificates of attendance. [written by Apnizan Abdullah]