Summary
For any business, it’s essential to understand the underlying financial rules and regulations to protect your business from financial risk. Islamic financial systems are slightly different from conventional systems in regard to borrowing, lending, and capital management.
They follow the Islamic financial law named Shari’a Law. Financial systems including accounting, banking, investment firms, and insurance companies all need to ensure that their policies and procedures are compliant with Shari’a Law when it comes to making financial changes and decisions.
As the requirements for Shari’a Law within financial institutions are growing, it’s important to understand the changes and developments and how these could affect your business or way of working.
Shari’a Law does have some very strict nuances and the requirement to stick within these guidelines, especially when dealing with companies overseas, is essential to minimise the risks to your business and secure your financial position for the future.
- To understand internal bank management in regard to Islamic Law.
- To develop an understanding of key terminologies associated with Shari’aLaw.
- To create contingency plans to avoid the risks of Shari’a Law financing.
- To discuss the history and potential future of Islamic banking methods.
- To develop a working knowledge of the financial products and tools associated with Islamic banking.
- To learn about Shari’a oversight and supervisory boards.
- To understand the functions and governance methods of Islamic banking.
This course is designed for anyone who wishes to gain a deeper knowledge and understanding of Islamic banking and capital management. It would be most beneficial for:
- Business Owners
- Bank Managers
- Operations Managers
- Chief Financial Officers
- Investors
- Accountants
- Risk Assessors
- Auditors
- Banking Professional Issuing Sukuk
- Sukuk Investors
- Treasurers
This course uses a variety of adult learning methods to aid full understanding and comprehension. Participants will review case studies to understand the differences between conventional and Islamic financing and will be provided with the most modern tools and products in order to ensure correct financial management under Shari’a Law.
Group discussions will be held between participants to understand the risk areas and potential problems that may arise under Shari’a Law and together, they will discuss potential solutions and developments within their own organisation
Course Content & Outline
- Institutionalised Islamic financing.
- Theoretical foundations under Islamic law.
- The history of Shari’a law.
- The objective reasoning for Shari’a law.
- Banking without riba and the challenges it presents.
- Islamic business models.
- The ‘non-banking’ model.
- Retail banking vs. wholesale and investment banks.
- Muslim and non-Muslim attitudes to Islamic banking.
- The challenges with mixing Islamic banking with conventional banking methods.
- Liquidity management problems and solutions.
- Handling deposits.
- Talking about trade financing options.
- Corporate finance across various industries.
- Agriculture and the Shari’a requirements.
- Consumer vs. investor.
- Islamic treasury management.
- Asset management without lending.
- Asset side and liability side funding.
- Accounting difficulties when managing across conventional and Islamic banking methods.
- Economic distinctions.
- Qard - interest-free loans.
- Charity investment and donations.
- Zakat - religious tax implications.
- Capital development and adequacy.
- Identifying and managing risk areas.
- Accurate reporting methods.
- Disclosure and recording of funding problems.
- Utilising central banking support methods.
- Adapt your own policies and procedures to fit Shari’a law.
- How to maintain your compliance.
- Regulating your operation.
- Supervisory board roles and purpose under Shari’a.
- Compliance and Shari’a advisory access.
- Specialist Shari’a auditors and why they are important.
- British laws surrounding Shari’a.
- Challenges with managing Islamic banking in a non-Muslim country.
- Managing your reputation externally.
- What does the future hold for Shari’a law?
- Issues and developments with overseas investments.
- How to manage Islamic banking methods within a non-Muslim organisation.
- Large organisation development across the globe.
- Finding innovative solutions to money loss and recovery.
- How could Shari’a law be a detriment to the business and how to avoid this.
- Training and management of banking and accounting professionals.
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