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Shariah Leaders Education Programme

The Shariah Leaders Education programme is one of the initiatives of Bank Negara Malaysia (BNM) in an effort to strengthen and position Malaysia as a global hub for Islamic Finance. The programme aims to hone the skills of Shariah Committee members in both banking and takaful operations and products; to enhance their ability to carry out their roles and responsibilities.

The programme will also provide global perspectives on the development of Islamic Finance that will strengthen local Islamic Financial Institutions in the face of global competition. The programme which is mandatory for Shariah committee members of Islamic Financial Institutions in Malaysia commenced in March 2015.

Programme Objectives

The key programme objectives of the whole suite of Shariah Leaders Education programme includes:

  • To emphasise and reinforce a clearer understanding of the roles and responsibilities of the Shariah Committee members at Islamic Financial Institutions especially with regard to ensuring end-to-end Shariah compliance in line with the Islamic Financial Services Act 2013 (IFSA).
  • To provide a better understanding of the key issues facing Islamic Financial Institutions and to assist Shariah Committee members to discharge their responsibilities more effectively.
  • To broaden perspectives of Shariah Committee members on the need for Islamic Financial Institutions to strengthen their ability to meet the needs of the consumers (to sustain commercial viability of Islamic Financial Institutions) as well as the significant roles undertaken by the Shariah Committee members in facilitating this development.
  • To better equip Shariah Committee members with appropriate tools and strategies that can be applied to build a dynamic and sustainable business model.
  • To enhance awareness of the different operational dynamics of Islamic Financial Institutions which involve the oversight role of the Shariah Committee members.

Modules

Module 1:
Banking & Finance Operations

This programme will provide an overview of the role that is played by financial institutions in the life of customers. It will also explore the different aspects and areas of banking operations including what drives profits. Additionally, the programme will also discuss the basic risk management framework in finance, the fundamentals of asset management and new product development processes as well as the additional challenges posed by Islamic Finance.

Module 2:
Integrating Shariah Compliance in Governance

This programme will consider the Shariah governance requirements in the IFSA 2013 and SGF 2010. It will also explore the roles and responsibilities of Shariah committee members in ensuring Shariah compliance and its relationship with the board. The programme will look at case studies on what makes for a successful Islamic Financial Institution versus governance failures in Islamic Institutions.

Module 3:
Global Perspectives in Islamic Finance

This programme will explore the development of Islamic Finance from understanding that is derived from the religious texts to actual case studies in the last century. It will also consider how to apply Shariah in the face of global financial challenges.

Module 4:
Finance Fundamentals

This programme will discuss the accounting standards bodies’ stand on Islamic products as well as the financial reporting requirements under MFRS and IFRS. It will also consider the key differences between IFRS and AAOIFI. It will also focus on some key Shariah considerations in preparing financial statements.

Takaful Module

This programme will equip the SC members with a deeper understanding of the key areas of Takaful operations and actuarial functions. The main focus will be on the different models adopted by a Takaful company. This programme will also cover some aspects of the operations of a Retakaful company.

There are currently no scheduled sessions for this programme. For enquiries or to register your interest, talk to us.

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