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CISGOV - The Certified Islamic Specialist in Governance and Compliance

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Governance in the banking system is not only necessary; it rather constitutes a platform and a method that must be adhered to so as to clear responsibilities as much as possible and create a sense of trust and tranquility for others, especially those who deal with the bank. This would serve as a means to allow the stakeholders previously referred to, each according to their role and importance, the opportunity to thwart any tendency towards malpractice.

The Paris-based Organization for Economic Cooperation and Development has focused on the principles and standards of governance and issued a set of principles and standards, adopted by the World Bank and International Monetary Fund in 1999, that enhance institutional commitment to the application of governance requirements. Similarly, the Basel Committee adopted the standards of the Organization for Economic Cooperation and Development and issued a document on “Strengthening corporate governance in banking organizations,” which included a set of principles, aiming at curbing the activities and relationships likely to reduce the efficiency of governance.

These standards urge the management of financial institutions on transparency and fairness in dealings and transactions and call on avoiding taking people’s rights or consuming their wealth unlawfully. The same message has been advocated by international institutions interested in corporate governance. The Islamic Financial Services Board IFSB in Malaysia has issued a separate standard for corporate governance of Islamic financial institutions that takes into account the international standards and adds to them new aspects commensurate with the special nature of the work of Islamic financial institutions and their commitment to implement the provisions of Islamic law and inform stakeholders of such policy.

To ensure adherence to the principles of governance and all its requirements the function of compliance has been developed within banks. Equally, a new department, independent from the risk management department, has been established recently with a core mission to monitor the bank’s compliance with the various laws governing its work and activities, such as the banking law, the trade law and the law of joint stock companies. In addition, the new department monitors the bank’s abiding by the instructions of the central bank and any other matters that may contribute to improving its classification and bolstering the confidence of all parties in it. This work must be of the utmost importance given the risks the bank may be exposed to in case of non-compliance.

Objectives:
  • Define the concepts of governance and compliance in relation to Islamic applications
  • Define the various standards of governance and its importance in Islamic banks
  • Understand governance within the provisions of Islamic law
  • Understand the relationship between corporate governance and risk management
  • Determine the aims of monitoring compliance in Islamic banks and financial institutions
  • Follow-up the risks of non-compliance in Islamic banking operations
  • Define the principles of compliance control in Islamic banks and financial institutions
  • Equip the participants with the necessary skills on how to do the job of compliance in Islamic banks.

Contents of the program:
  • Corporate governance in Islamic banks
  • The Situation of governance in Islamic banks
  • Elements of the environment supportive of corporate governance in Islamic banks and financial institutions
  • International and Islamic standards of governance
  • Compliance in Islamic banks:
  • Compliance in Islamic banking operations
 
Price
AED 9,181
US$ 2,500
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Duration: 4 Days

Intakes: Every Month

Language: Arabic

Training Partner
General Council for Islamic Banks And Financial Institution
 

Who will Benefit:
The program can cater for officials and employees in the following departments:
  • Compliance
  • Shariah Supervision
  • Risk
  • Finance and Investment
  • Internal Audit
  • Legal Affairs
  • Other related departments
 

 
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