23rd June 2014, The Islamic Finance Council UK (IFC) is held its 3rd Dubai Shariah Scholar Continuous Professional Development (CPD) Programme at the offices of Simmons & Simmons, in DIFC.

The IFC UK Shariah Scholars CPD sessions have been successfully running since October 2008 in UK, Malaysia, Dubai and Bahrain.
The 3rd Dubai session covered topics of corporate governance, shariah assurance and monetary creation which sparked an engaging debate challenging the basic premise of the banking system.

The Shariah Scholar CPD programme sessions are designed specifically for a limited tutorial size group of scholars and those involved in the shariah assurance process. The programme is subsidised by the IFC and is to enhance participants understanding of conventional finance from practitioners and sector experts. The aim is to empower Shariah Scholars to develop and maintain a minimum standard of CPD within the Islamic finance industry, as well as increase finance knowledge amongst Islamic jurists.

The IFC would like to thank all those who participated and presented and Simmons & Simmons for their supporting in hosting the event.

 

 

DETAILED LEARNING AGENDA

Corporate Governance & Advanced Assurance

Corporate Governance

• Understanding the role of Corporate Governance in relation to Board Leadership,

remuneration, accountability and relations with shareholders

• Corporate governance changes post financial crisis

• Consideration for Islamic Corporate Governance

Advanced Assurance

• The Role of the Audit committee

• In depth understanding of assurance methodologies (ie controls vs substantive)

• Discussion of ‘Enhancing Shariah Assurance’

• Roundtable discussion in understanding key issues in Shariah Assurance ie review and

approvals of products, use of standard Shariah opinions, external Sharia auditing and

disclosure and transparency

 

Money Creation and its impact on Islamic Financial Institutions

Understanding Money Creation

• Understanding the history of money creation

• Understanding the impact of money creation and injection into society by Central

Banks and Commercial Banks

• Understanding quantitative easing and why do we need it?

Impact on Islamic banks of money creation

• What impact does the above have on Islamic Banks

• Islamic perspectives on fiat money and the creation of currency – should we all be using

gold & silver backed notes?

• How does this impact Product Development, Risk Profile of products in IFIs

Special Session: Money creation & impact on Islamic Banks – open floor discussion

• Where are we headed – How does this impact directional focus?

• How do Islamic Banks impact change?

 

Tutors: Zahir Rashid & Omar Sheikh (UKIFC), Ben Dyson (Positive Money) and Yusuf Jha (ADIB).