WORKSHOP ON ISLAMIC RISK MANAGEMENT

JOINTLY ORGANISED BY

Hawkamah, the Institute for Corporate Governance
Level 14, the Gate, P.O. Box: 7477 Dubai, UAE
Tel: +9713622551 Fax: +97143622552 Website: http://www.hawkamah.org
AND

Amanie Islamic Finance Learning Centre
No, 44, Level 41, Emirates Towers,
Sheikh Zayed Road,
Dubai, United Arab Emirates

Phone: +971 4 319 7688
Mobile: + 971 5 092 27652
Fax: +971 4 330 3365

DATE:
26TH MARCH 2009
VENUE:
Lecture Room 2 Level 1, the Gate, P.O. Box: 7477 Dubai, UAE
THEME:
“Towards Better Understanding of Islamic Risk Management”


Course Objective

The objective of this workshop is to provide participants with a comprehensive understanding of the Islamic risk management. The workshop will allow participants to examine the unique risks involved in Islamic finance particularly in the aspect of Shariah compliant risk management tools, scope of risk and overviews of Islamic prudential standards of International Financial Services Board, rating of risk for Islamic financial institutions (IFIS) and Islamic financial products from rating agency perspective. The workshop content will be drawn heavily from the key issues of the day, in particular those which raise supervisory and management effectiveness questions.

Benefits for Attending

The workshop offers comprehensive module on Islamic risk management which has been designed by experienced and renowned experts peculiarly in providing Shari’ah advisory services and structuring of Islamic financial products both local and international market. The workshop will enable participants to understand the unique risk facing Islamic banks and the risk management techniques involved in Islamic finance industry.

Who Should Attend?

Risk Managers
Central Bankers
Banking Regulators
Bankers
Legal Advisors
Shariah Scholars
Internal Shariah Reviewers or officers
Asset and Fund Managers
Accountants & Auditors
Tentative Program
0830hrs Opening Remarks by Mr. Nickolai Nadal, Director of Hawkamah

0900hrs Scope of Risk for Islamic Financial Institution (IFIS) and Overviews of Islamic Prudential Standards of IFSB: Dr. Syed Musa Al Habshi

- Risk Management Framework, Capital Adequacy & Shariah Governance, Types of Risk exposures of IIFS
- Impact of Profit Sharing Investment Accounts (PSIA) on capital adequacy requirement
- Role of Shari'ah Review on governance of Shari'ah compliant activities

1030hrs Tea Break

1100hrs Application of Risk Management Tools and Standards for IFIS: Dr. Syed Musa Al Habshi
- Application & Impact of Risk Management Tools
- Importance and need for Risk management tools for Islamic financial transactions
- Issues on Shari'ah acceptance of risk management tools Potential Impact of risk management tools on IIFS

1230hrs Lunch

1400hrs Shariah Compliant Risk Management Tools – The Role of Islamic forwards, option and swaps: Dr Mohd Daud Bakar
1515hrs Tea Break

1545hrs Risk Management and Corporate Governance in Islamic Financial Institutions: Mr. Zulkifli Hasan

1615hrs Panel Discussion on Islamic Risk Management:
Amanie: Dr. Mohd. Daud Bakar
DIFC: Mr. Nik Norishky Thani
Hawkamah: Mr. Nickolai Nadal

1700hrs End of Workshop
Fees
Normal fees are USD1, 000 and 20% discount will be given to group registration of 3 or more and Hawkamah members.
About the Speakers
Dr. Mohd Daud Bakar
Dr. Mohd Daud Bakar is currently the Managing Director of Amanie Islamic Finance Learning Centre (DIFC Incorporated) Dubai. He received his first degree in Shari’ah from University of Kuwait (1988), PhD from University of St. Andrews, United Kingdom (1993) and external Bachelor of Jurisprudence at University of Malaya (2002). He has published more than 30 articles in various academic journals and presented more than 200 papers in various conferences both local and abroad. He is now Chairman of the Shari’ah Advisory Council at the Central Bank of Malaysia, member of the Shari’ah Advisory Council at the Securities Commission of Malaysia, (Malaysia), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (Bahrain), Dow Jones Islamic Market Index (New York), Unicorn Investment Bank (Bahrain), Financial Guidance (USA), BNP Paribas (Bahrain), Bank of London and Middle East (London), Islamic Bank of Asia (Singapore), Noor Islamic Bank (Dubai), Morgan Stanley (Dubai), Dubai Bank (Dubai) and in other financial institutions both local and abroad. He has been involved in advising Islamic funds and Islamic Sukuk both local and globally. In 2005 he has been awarded the Islamic Banker Award of 2005 by the Association of Islamic Banking Institutions Malaysia


Dr. Syed Musa Alhabshi
As principal consultant of Amanie Business Solution, Dr Syed has been involved in Islamic financial product design and development, Professional module design and development of Islamic finance courses and programs as well as spearheading research for the Islamic Financial Services Industry. He actively conducted training in the area of Accounting, Risk and Governance for Islamic Financial Institutions, Islamic Finance and Banking in public seminars and in house training programs for various financial institutions, international audit firms, supervisory agencies and rating institutions in London, United Arab Emirates, Mauritius, Brunei, Malaysia, Singapore and Indonesia.
In setting the direction for the industry he had been appointed as a technical consultant with Centennial Group International where he was involved in developing Islamic Financial Services Board (IFSB) Prudential Standards. He had also served as a member of Accounting, Auditing and Governance Standards Board of Accounting Auditing Organization for Islamic Financial Institutions (AAOIFI). In Malaysia he is currently a member of Malaysian Accounting Standards Board (MASB) Working Committee of Islamic Financial Reporting Standards.
As an academic Dr. Syed Musa Alhabshi was an Associate Professor and Dean of Faculty of Business Administration, Tun Abdul Razak University (UNITAR) till February 2007. In postgraduate education he designed and developed doctoral and masters degree curriculum as well as graduate programs in both UNITAR and International Islamic University, Malaysia (IIUM). His teaching experience spans from undergraduate, professional to postgraduate programs in the areas of accounting and finance with special focus in Islamic finance and accounting. He supervised doctoral students in Islamic Finance and has presented papers in both local and International Conferences as well as published papers in academic journals and related academic literature which includes areas on Performance and Efficiency of Islamic Financial Institutions and Foreign Investments, Accounting, Auditing, Governance, Risk Management, Performance Measurement and Zakat particularly for Islamic Financial Institutions. In addition his previous employment as audit assistant in Coopers & Lybrand as well as a police inspector in Singapore provides early exposures to the demands of commercial and social environment.
His early education was from Singapore where he obtained a Diploma in Business Studies from Ngee Ann Polytechnic and later pursued and obtained first class honors degree in Bachelor of Business Administration (1989) from International Islamic University (IIUM), as well as conferred Bank Islam Malaysia Overall Best Student Award. He then proceeded to obtain Doctor of Business Administration (1994) (Accounting and Finance) from Strathclyde University, UK.

Nick Nadal

Nick Nadal is the Director at Hawkamah Institute of Corporate Governance, in charge of developing programmes for family owned enterprises, non listed companies, banks and financial institutions, capital markets, media and academia on corporate governance. Prior to joining Hawkamah, he was the Program Officer for Middle East and North Africa programmes at the Centre for International Private Enterprise, a non-profit affiliate of the U.S. Chamber of Commerce, building linkages with and supporting regional business associations, developing and conducting training programmes on association governance and developing programmes to advance entrepreneurship, economic journalism and corporate governance in the region.


Nik Norishky Thani
Nik Norishky Thani is Executive Director of Islamic Finance, at the Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. He has over a decade’s experience in advising and structuring Islamic financial instruments, in particular Islamic Sukuk. Prior to DIFC, he was the Head of Islamic Capital Markets for MIMB Investment Bank Malaysia and Bank Islam Malaysia Berhad. He was previously attached with Aseambankers Malaysia Berhad and Commerce International Merchant Bankers (CIMB), Malaysia.
Nik Norishky Thani was a Fulbright scholar at Georgetown University, Washington DC where he focused on Islamic law and finance for his Master of Law (LLM) and graduated top of his class with Distinction and Dean's List. Subsequently, he was a fellow at the Center for International Environmental Law, a Geneva-based international body that promotes sustainable economic development. He also underwent the Program of Instruction for Lawyers at Harvard Law School in Boston, Massachusetts. Nik Norishky Thani is a past winner of the Petronas scholarship, and holds a law degree (LLB) from the University of Cardiff, United Kingdom.
Zulkifli Hasan
He has worked extensively in Islamic finance industry as an advocate and solicitor, in-house counsel for Bank Muamalat Malaysia Berhad and member of Rules and Regulations Working Committee for Association of Islamic Banking Institutions Malaysia. As an academician, he has developed excellent research skills as senior lecturer at Faculty of Shari’ah and Law and hold various academic positions such as legislation editor for the Malaysian Journal of Shari’ah and Law, Shari’ah panel for the Institute of Fatwa Management and Research for Islamic Science University of Malaysia, ad-hoc reviewer for the International Journal of Business and Finance Research, the Institute of Business and Finance Research, USA as well as a member of the Advisory Editorial Board of the Shari’ah Law Reports. He has published numerous articles in various academic journals and presented many papers in various conferences both local and abroad. He obtained his first degree in Bachelor of Laws from International Islamic University (2001) and received his second degree in Bachelor of Shari’ah (2002) as well as Master of Comparative Laws (2004) from the same university. Currently, he is doing his Ph.D at University of Durham, United Kingdom.