Finance and Banking

Managing Internal Sharia Audit in Islamic Financial Institutions

A working programme in internal sharia audit for managers who have to deliver with existing resources.

  • 5training days
  • 4modules
  • 8sessions
  • 32topics
View packages and pricesCourse outline
Managing Internal Sharia Audit in Islamic Financial Institutions
5days

About the programme

Course Overview

In finance the difference between a healthy position on internal sharia audit and a dangerous one is often a single assumption. Models supporting the financial and banking practice capability fail quietly, and usually at the worst moment. It is written for people who have to make this aspect of financial and banking practice work with the resources they already have. The programme builds the judgement to know which parts of internal sharia audit to standardise and which to leave flexible. Most organisations already have a policy on this strand of financial and banking practice; far fewer can show it working. The programme uses small-group work so that each participant's treatment of this aspect of financial and banking practice is examined, not just described. The most reliable predictor of sound internal sharia audit is whether anyone reviews it when nothing has gone wrong. It establishes a shared vocabulary for this area of financial and banking practice so that teams can disagree productively about it. Work concludes with a self-assessment of this aspect of financial and banking practice that participants can repeat annually.

Expected Learning Outcomes

  • Design a training and briefing approach that sustains competence in internal sharia audit.

  • Establish escalation routes for internal sharia audit that work outside normal hours.

  • Apply the relevant accounting and disclosure treatment to internal sharia audit.

  • Review the contractual and legal exposure created by internal sharia audit.

  • Price internal sharia audit to reflect the risk actually being taken.

  • Document decisions about internal sharia audit in a form that remains useful after the people change.

  • Assess the concentration risk building up inside internal sharia audit.

Who Should Attend

  • Regulatory reporting analysts covering internal sharia audit.

  • Credit and underwriting officers assessing internal sharia audit.

  • Department heads accountable for the results of internal sharia audit.

  • Technical staff being prepared for supervisory responsibility over internal sharia audit.

  • Treasury and asset-liability staff managing internal sharia audit.

  • Finance managers reporting on internal sharia audit.

Course Modules

Open any module to see its sessions and topics.

01

Internal sharia audit: stress testing and scenario analysis

2 sessions · 8 points

Session 1Escalation and decision rights in internal sharia audit

  • Plan the sequence in which improvements to internal sharia audit will be introduced.
  • State the risk appetite for internal sharia audit as a number, not an adjective.
  • Design the exception process for internal sharia audit and require a documented rationale.
  • Agree the indicators that will show whether internal sharia audit is improving.

Session 2The assumption inside the model for internal sharia audit that nobody revisits

  • Translate the appetite for internal sharia audit into limits someone monitors daily.
  • Confirm reporting on internal sharia audit reaches the committee that can act on it.
  • Test internal sharia audit against a scenario the organisation would rather not model.
  • Check the accounting treatment applied to internal sharia audit against current standards.
02

Internal sharia audit: capital, liquidity and balance sheet effect

2 sessions · 8 points

Session 1What to measure in internal sharia audit and what to ignore

  • Check that records of internal sharia audit answer the questions likely to be asked.
  • Draft the minimum viable control framework for internal sharia audit.
  • Establish the boundary of internal sharia audit and record what sits outside it.
  • Set early warning indicators for internal sharia audit with defined action thresholds.

Session 2What internal sharia audit does to capital and liquidity under stress

  • Confirm that those complying with internal sharia audit understand why it exists.
  • Confirm regulatory reporting on internal sharia audit is complete, timely and reconciled.
  • Agree the smallest change to internal sharia audit that would be visibly useful.
  • Test the procedure for internal sharia audit against a realistic scenario.
03

Internal sharia audit: pricing, profitability and risk-adjusted return

2 sessions · 8 points

Session 1Concentration building quietly inside internal sharia audit

  • Confirm client due diligence standards applied to internal sharia audit are current.
  • Identify the key controls over internal sharia audit and who tests them.
  • List the assumptions in any model supporting internal sharia audit and when each was last challenged.
  • Identify where judgement in internal sharia audit is legitimate and where it is not.

Session 2Keeping internal sharia audit alive after the initial push

  • Check the legal and contractual exposure created by internal sharia audit.
  • Confirm segregation of duties across initiation, approval and settlement of internal sharia audit.
  • Set out the decisions in internal sharia audit that require sign-off and by whom.
  • Agree who signs off internal sharia audit and record that they did.
04

Internal sharia audit: audit evidence and examiner readiness

2 sessions · 8 points

Session 1Setting a limit on internal sharia audit that will actually be respected

  • Rank the weaknesses in internal sharia audit by consequence rather than by ease of fixing.
  • Build the internal briefing that explains internal sharia audit to those affected.
  • Map the handovers in internal sharia audit between functions and secure them.
  • Document the remediation plan for each known weakness in internal sharia audit.

Session 2Handling a breach of policy on internal sharia audit properly

  • Set out how exceptions to internal sharia audit are requested and approved.
  • Write down the assumptions underpinning the approach to internal sharia audit.
  • Review the pricing of internal sharia audit against the risk being assumed.
  • Benchmark the organisation's internal sharia audit against comparable operations.

Choose the package that suits you

Silver Package

At least 3 people

USD1,250
  • Workshop or Program Participation
  • Airport Transfers
  • Customized Badge
  • Expert Mentorship (Private Sessions)
  • Supervision & Secretarial Services
  • Accredited Certificate of Participation
  • Complete Training Kit
  • Coffee Break
  • Closing Ceremony

Gold Package

At least 3 people

USD1,850
  • 5-night stay in a 5-star hotel
  • Workshop or Program Participation
  • Airport Transfers
  • Customized Badge
  • Expert Mentorship (Private Sessions)
  • Supervision & Secretarial Services
  • Accredited Certificate of Participation
  • Complete Training Kit
  • Coffee Break
  • Closing Ceremony

Complete your registration

We will contact you within one business day to confirm.

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