Islamic Finance Compliance

A specialized program designed to address the unique compliance challenges within the Saudi Islamic finance environment. It covers the requirements of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Shariah governance requirements, and mechanisms for verifying adherence to Islamic product controls in accordance with the latest Saudi regulations.

Duration: 3 days

Training Hours: 18 training hours

Target Audience: Employees of Islamic banks and finance companies, compliance officers in Islamic financial institutions, members of Shariah supervisory boards, Shariah and financial consultants

Attendance Mode: In-person / Online (Live)

Detailed Objectives:

• Understand the legislative and regulatory framework for Islamic finance in the Kingdom: SAMA, Capital Market Authority (CMA), and AAOIFI

• Identify Shariah compliance requirements for major Islamic financial products: Murabaha, Ijarah, Sukuk, and Mudarabah

• Build an effective Shariah governance structure, including the role of the Shariah Supervisory Board and internal control mechanisms

• Address AML/CFT compliance challenges within the Islamic finance environment in line with international FATF guidance

• Understand Shariah disclosure and transparency requirements and how to prepare compliance reports for regulatory authorities

Key Topics:

• Regulatory framework for Islamic finance in the Kingdom: SAMA, Capital Market Authority (CMA), AAOIFI, and IFSB

• Compliance of major Islamic financial products: Murabaha, Ijarah, Sukuk, Tawarruq, and Istisna’a

• Shariah governance and supervision: Structure of the Shariah Supervisory Board, independence, and review processes

• AML/CFT challenges in Islamic finance: Complex financing structures and methods for assessing associated risks

• Shariah disclosure and transparency: Annual Shariah compliance reports and AAOIFI disclosure standards