Islamic Finance : The New Regulatory & Reporting Development

Sasana Kijang, Bank Negara Malaysia

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Synopsis

The Islamic Financial Services Act (IFSA) 2013 provides a comprehensive legal framework that is fully consistent with Shariah in all aspects of regulation and supervision. IFSA requires the financial statements of Islamic financial institutions to be reported in accordance with the Malaysian Financial Reporting Standards (MFRS). Among other, accountants need to understand the specific requirements on the application of the MFRS and the information to be disclosed in the financial statements including those arising from the Shariah contracts applied in Islamic banking transactions.

The main objectives of the conference are to provide useful insights of the latest development in the regulatory framework and reporting standard for Islamic finance. The conference will address issues that link both Islamic finance and accounting issues and which require the specialized and technical skillsets possessed exclusively by accountants, such as the harmonization of international accounting standards for Islamic finance, taxation for sukuk, shariah audits and shariah governance.

It will garner the creation of an ample, high-quality and ready supply Islamic Finance-competent accountants to support this high-growth sector.

Objective

  1. Discover latest development, regulatory framework, innovation and new frontiers in Islamic finance services industry;
  2. Leverage on the Islamic financial systems in Malaysia to boost economic development, accelerate the use of Islamic finance globally and maximize economic yields;
  3. Appraise the financial reporting standards for Islamic financial institutions and discuss the responsibility of an integrated report from the standpoint of an Islamic Bank;
  4. Learn the legal implications on CEOs and CFOs working in the Islamic Financial environment; and
  5. Deliberate the governance of the Shariah supervisory board practices and Shariah risk management, review and audit functions.

Invited Speakers

  • Datuk Dr. Mohd Daud Bakar
    Chairman, Shariah Advisory Council
    Bank Negara Malaysia
  • Roslan Abdul Razak
    Principal Consultant & Trainer
    Wafiq Advisors
  • Ahmad Nasri Abdul Wahab
    Partner, Audit
    KPMG Malaysia
  • Dato' Abdul Rauf Rashid
    Country Managing Partner
    E & Y, Msia
  • Jalalullail Othman
    Partner
    Shook, Lin & Bok
  • Prof Dr. Engku Rabiah Adawiah Engku Ali
    Professor in Islamic Banking & Finance
    International Islamic University Malaysia
  • Dr. Mohamad Akram Laldin
    Executive Director
    International Shari'ah Research Academy for Islamic Finance (ISRA)
  • Dato' Mohammad Faiz Mohammad Azmi
    Executive Chairman
    PWC
  • Prof. Mohamed Ismail Mohamed Shariff
    Adjunct Professor
    International Centre for Education in Islamic Finance (INCEIF)
  • Assoc. Prof. Dr. Syed Musa Alhabshi
    Dean
    IIUM Institute of Islamic Banking and Finance (IIiBF)
  • Associate Prof. Dr Noraini Mohd Ariffin
    Head, Department of Accounting
    International Islamic University Malaysia
  • Megat Hizaini Hassan
    Partner
    Lee Hishammuddin Allen & Gledhill
  • Mohd Nazri Chik
    General Manager/ Head of Shariah Division
    Bank Islam Malaysia Berhad
  • Dr. Aznan Hasan
    Shariah Scholar
    Malaysia and ISRA member

Topics

  • Session 1
  • Governance of the Practices of Shariah Supervisory Board: Issues and Challenge
  • Speaker:
  • Datuk Dr. Mohd Daud Bakar
    Chairman, Shariah Advisory Council
    Bank Negara Malaysia
  • Panelists:
  • Dato' Mohammad Faiz Mohammad Azmi
    Executive Chairman
    PWC
  • Roslan Abdul Razak
    Principal Consultant & Trainer
    Wafiq Advisors
  • Session 2
  • Financial Reporting for Islamic Financial Institutions: Critical Appraisal
  • Speaker:
  • Ahmad Nasri Abdul Wahab
    Partner, Audit
    KPMG Malaysia
  • Session 3
  • Responsibility of an Integrated Report: Islamic Bank Perspective
  • Speaker:
  • Assoc. Prof. Dr. Syed Musa Alhabshi
    Dean
    IIUM Institute of Islamic Banking and Finance (IIiBF)
  • Panelists:
  • Dato' Abdul Rauf Rashid
    Country Managing Partner
    E & Y, Msia
  • Associate Prof. Dr Noraini Mohd Ariffin
    Head, Department of Accounting
    International Islamic University Malaysia
  • Session 4
  • Legal Cases for Islamic Finance - Implications on CEOs and CFOs
  • Speaker:
  • Prof. Mohamed Ismail Mohamed Shariff
    Adjunct Professor
    International Centre for Education in Islamic Finance (INCEIF)
  • Panelists:
  • Dr. Mohamad Akram Laldin
    Executive Director
    International Shari'ah Research Academy for Islamic Finance (ISRA)
  • Megat Hizaini Hassan
    Partner
    Lee Hishammuddin Allen & Gledhill
  • Jalalullail Othman
    Partner
    Shook, Lin & Bok
  • Session 5
  • Shariah Risk Management, Review and Audit Functions
  • Speaker:
  • Prof Dr. Engku Rabiah Adawiah Engku Ali
    Professor in Islamic Banking & Finance
    International Islamic University Malaysia
  • Panelists:
  • Dr. Aznan Hasan
    Shariah Scholar
    Malaysia and ISRA member
  • Mohd Nazri Chik
    General Manager/ Head of Shariah Division
    Bank Islam Malaysia Berhad
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