continuing professional education programmes for accounting and finance professionals

A series of workshops for Accounting and Finance Professionals

offering a comprehensive introduction to Islamic Finance, presented
by the Malaysian Institute of Accountants (MIA) in collaboration with
the International Centre for Education in Islamic Finance (INCEIF),
the global university in Islamic Finance.

presented by In partnership with

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A key priority that Malaysia has accorded in the
development of Islamic finance is the investment
in the development of talent and expertise.

This is a vital part of the advancement of Islamic

finance in terms of strengthening its intellectual
underpinnings of its development.

Tan Sri Dr Zeti Akhtar Aziz

Bank Negara Malaysia Governor
introduction
The Islamic banking and financial services industry has experienced significant development. From being utilised only in
a handful of Muslim-majority countries, the industry has expanded into a viable and vibrant component of the global
financial system. In fact, Islamic finance is under the forethought, as Wall Street and the rest of the world witnessed one
of the biggest crises ever to hit the financial landscape in recent times. Conventional banks and insurance companies
from the US and Iceland to Singapore and Thailand are bracing themselves for fallouts from the turmoil.
However, countries with a robust Islamic financial services industry are weathering the storm well. Islamic finance is, in
fact, on the cusp of serious expansion. It is growing faster than any other subset of the world banking industry at 15–20
percent a year, with assets estimated at USD one trillion. However, Islamic finance currently makes up less than one
percent of world assets, suggesting a huge room for growth.
With its huge potential, the development of talent and expertise in Islamic finance and banking is necessary to drive
innovation and to raise the performance of this industry to greater heights. Realising this, Bank Negara Malaysia
established the International Centre for Education in Islamic Finance (INCEIF)—the only university dedicated to Islamic
finance—in 2006, representing Malaysia’s commitment to sustain and support the future growth of this industry.
Malaysian Institute of Accountants (MIA) recognising the increasing adoption of Islamic finance across the globe,
believes that Malaysian accountants must take developments in Islamic finance seriously as it is becoming an important
component within the financial services industry. In light of this, MIA has entered into a strategic partnership with
INCEIF to increase the awareness of Islamic finance amongst the accounting fraternity.
This series of five continuing professional education (CPE) programmes for accounting and finance professionals is
presented here as the first phase in this strategic partnership.

the mia-inceif cpe programmes

on Islamic Finance
Venue
INCEIF. Annexe Block, Menara Tun Razak, Jalan Raja Laut, Kuala Lumpur
Delivery Methodology
• Lectures, case studies, and simulations
Who Will Benefit
• Financial controllers, accountants and finance managers who are directly involved in
Islamic finance
• Senior managers, managers and credit officers who are directly involved in Islamic
finance
• Lawyers and legal officers
• Academicians
• Trainers who are involved in the Islamic banking training programmes
• Other interested parties
Executive Certificate
An Executive Certificate in Fundamentals of Islamic Finance will be awarded to
participants who have completed a minimum of three (3) workshops within a one-
year period.
To qualify for this certification, it is compulsory for candidates to complete
Module 1: Shariah Aspects of Business and Finance.
This certificate is endorsed jointly by INCEIF and MIA.
Certificate of Attendance
A Certificate of Attendance will be awarded to participants who have completed
one (1) or two (2) workshops only.

Shariah Aspects
of Business and Finance
ed
reviste !
da
Shariah aspects of business and finance comprise
three major parts namely Islamic Jurisprudence, Audit &
Compliance and Theory of Islamic contract.
Besides highlighting the requirements of Shariah in
commercial transactions, this workshop will also cover
categories of Shariah principles governing commercial
transactions.
Participants will be exposed to the application and
mechanism of the most widely used Shariah principles
such as mudarabah, murabahah, bai bithaman ajil /
bai muajal, musharakah, salam, istisna, ijarah, bai al-
inah, tawarruq, hiwalah, kafalah, wakalah, wadiah,
ijarah and rahn.
Objectives
• To provide an overview of Shariah compliance review framework for Islamic financial
institution.
• To provide platform for discussion on issues relating to Shariah based on different Islamic
schools of thought.
• To review what are the issues and challenges of the implementation of Shariah compliance
and governance in Islamic financial institutions.
Outline
• Introduction to Shariah (Islamic Law)
» Introduction to Islamic terminologies
» Primary sources of Shariah
» Secondary sources of Shariah
» Rules and objective of Shariah
• Islamic Commercial Law
» Islamic legal maxims
» Islamic law of property and ownership
• Islamic Law of Contract
» Theory / formation of contract
» Performance, breach and remedies
speakers
• Assoc. Prof. Dr. Mahmood bin Mohamed Sanusi
Professor of Law and Islamic Law
module 1 module 2
Islamic Banking
Practices
26 August 2009, Wednesday ed 27 August 2009, Thursday
reviste !
da
This workshop will expose participants to the various
aspects of Islamic Banking practices that include the
regulatory and legal requirements for an Islamic bank to
operate, products development and risks management.
Objectives
• To examine the structure of Islamic financial markets, instruments, and institutions.
• To provides the participants with an understanding of the various financial instruments
offered by Islamic banking companies, the risks associated with Islamic banking products,
and the legal aspects of Islamic banking products.
• To provide participants with the knowledge on how financial transactions are accounted for
and reported by Islamic financial institutions including mudaraba, murabaha, ijara, salam,
istisna, bba, zakat takaful and sukuk. A user view of accounting is emphasized as opposed
to a preparer view to be in line with the objective of the paper.
• To also provide a review of practices and issues in shariah review and auditing in Islamic
Financial Institutions.
• To provide participants all aspects of managing an Islamic financial institution. Including
organizational development, customer relationship management, strategic management,
financial management, channel distribution management, and ethical issues in management
in accordance with Shari'ah.
• To provide participants with all aspects of risk to which Islamic financial institutions are
exposed to, and focuses on identifying, measuring and mitigating risks within a banking
paradigm.
Outline
• Regulatory and Legal Requirements
» Islamic Banking Act 1983, Shariah Supervisory Board, Taxation and Legal aspects of
Islamic banking business, Malaysian Islamic Financial Centre (MIFC) Initiatives
» Islamic banking – Balance Sheet and Income Statement, Key Indicators
» Islamic banking – History and current trends and lessons from Sub-prime Crises and Credit
Crunch
• Deposit Products
» Transaction deposits
» Investment deposits
• Islamic financial instruments
» Retail financing
» Enterprise financing
• Islamic bank risk management
» Concept of risk in Islam, type of risk faced by Islamic banks
» Capital Management under Basel II and Islamic Financial Services Board (IFSB)
speakers
• Prof. Dr. Saiful Azhar Rosly
Professor of Islamic Economics & Banking
Head of Islamic Banking Department
 module 3 module 4
Islamic Capital Islamic Wealth
Market Planning
29 September 2009, Tuesday 15 October 2009, Thursday

This workshop critically examines the nature and theory This workshop covers the concepts of wealth, its
of Islamic capital markets and the structure of capital generation, enhancement and distribution from both
market instruments. conventional and Islamic perspectives as part of the
Topics include the historical development of Islamic processes of wealth planning. It will also cover the
capital markets and its role in economic development, details of wealth allocation processes; wealth generation
and Islamic capital mobilization via several Shariah and enhancement through investments in securities and
compliant products in the equity and debt markets. real estate; in wealth protection through insurance and
takaful; in planning for the future through estate, tax and
Objectives
retirement planning and in estate distribution through
• To examine the structure of Islamic capital markets, instruments, and institutions. wills and law of inheritance.
• To provides the participants with an understanding of the various financial instruments The legal framework and issues will also be brought
offered by players of the Islamic capital market, the risks associated with Islamic capital up as useful tools for would be wealth planners and
market products, and the legal aspects of such products.
consultants.
• To provide participants with the knowledge on how financial transactions are accounted
for and reported by players in the Islamic capital market. A user view of accounting is
Objectives
emphasized as opposed to a preparer view to be in line with the objective of the paper.
• To also provide a review of practices and issues in shariah review and auditing in Islamic • To examine the details of wealth allocation processes.
capital market. • To provide participants with an understanding of the wealth generation and enhancement
through investments in securities and real estate.
Outline • To provide participants with an understanding of the wealth protection through insurance and
Takaful.
• Regulatory and Legal Requirements
» Securities Commission’s Islamic Capital Market Master Plan • To provide participants with an understanding in the planning for the future through estate,
» Role of Shariah Advisory Council tax and retirement plan.
» Trends in Capital Market • To expose participants to various financial instruments offered by players of the industry, the
risks associated with them and the legal aspects of such products.
• Capital Mobilisation via the Sukuk Market
» Islamic asset securitization • To provide participants with the knowledge on how these financial transactions are accounted
» Sovereign and corporate Sukuk for and reported. A user view of accounting is emphasized as opposed to a preparer view to
» Recent AAOIFI statement on Sukuk be in line with the objective of the paper.
• To also provide a review of practices and issues in shariah review and auditing in Islamic
• Capital Mobilisation via Islamic Equities
wealth planning.
» Shariah stock screening models
» Expected rate of return
» Role of CAPM in Islamic equity investment Outline

» Shariah Issues in short selling and derivatives • Wealth from Conventional and Islamic Perspectives
• Islamic Equities : Types, Structures and Performance » Concept of wealth; ownership, rights to use and spending
» Islamic Unit Trust » Generation, accumulation, enhancement, purification and distribution of wealth
» Islamic Real Estate Investment Funds » Differences between conventional and Islamic wealth planning
» Islamic Exchange Traded Fund » Investment channels
» Stock screening process
speakers • Insurance and Takaful Schemes
• Prof. Dr. Saiful Azhar Rosly » Role of Takaful in wealth planning
Professor of Islamic Economics & Banking » Factors affecting the need for Takaful
Head of Islamic Banking Department » Takaful Concepts and Models
» Insurance and Takaful Products
• Dr. Mohd-Pisal Zainal » Differences between Insurance and Takaful laws
Lecturer, Islamic Banking Department • Faraid as a foundation for Estate Planning
» Sources of Islamic law on estate distribution
» Eligible Heirs
» Tenets, conditions, impediments and exclusions
» Shares in estate distribution
• Wealth Purification in Islam
» Zakat
» Waqaf
» Voluntary donations (Sadaqah)

speaker

• Prof. Datuk Dr. Syed Othman Alhabshi

Chief Academic Officer & Dean of Faculty
Head of Takaful and Wealth Planning Department
 module 5 Speakers’ Profile

Islamic Economics, Professor Datuk Dr. Syed Othman Alhabshi

Ethics and Governance
2 November 2009, Monday
This workshop provides an understanding of Islamic
economics by considering the implications of the
application of Shariah law for the economic and
financial systems.
The workshop also guides candidates in understanding
the concept, evolution and role of corporate governance
in a market-based economy, especially in the case of
the Islamic financial services industry.
Objectives
• To provide participants an overview of Islamic economy by highlighting the different works
of Muslim scholars in the field.
• To highlight on the importance of Islamic worldview to economics.
• To compare the Islamic economic system with other systems.
• To provide a clear explanation about the concept of money from Islamic point of view and to
examine the nature and scope of Islamic economics and its relationship with conventional
economics.
• To appreciate the importance of self-governance coupled with compliance (Shariah and non-
Shariah), best practices and strategic alignment to long term shareholders and investor
value.
Outline
• Islamic Economics
» Objectives of Shariah and provisioning process
» Worldview of Islam and the role of individual and community in defining rationality
» The role of markets and economic decision making as social constructs
• Ethics and Governance
» Islamic ethics and the role of vicegerency
» Ethical principle and the role of Shariah
» Governance from Islamic perspectives.
» The role of self-governance oversight and regulations on market economies
speaker
Chief Academic Officer & Dean of Faculty ı Head of Takaful and Wealth Planning Department
Prof. Datuk Dr. Syed Othman Alhabshi joined INCEIF as Professor of Islamic Economics & Econometrics and Head of
Takaful Faculty in March 2007. Since July 2008, he has been promoted to the position of Chief Academic Officer
and Dean of Faculty, INCEIF. He holds a B.Ec (Hons) in Statistics from University of Malaya, M.S. (Statistics) from
University of Wisconsin, U.S.A. and Ph.D. in Econometrics from University of Birmingham, U.K.
Since 1969, he has served in various academic capacities in four public universities in the country, namely University
of Malaya, Universiti Kebangsaan Malaysia, International Islamic University Malaysia and Universiti Utara Malaysia.
In October of 1997, he served as the Founding President and CEO of Universiti Tun Abdul Razak until March
2005, after serving Institute of Islamic Understanding Malaysia (IKIM) as the Deputy Director-General from 1992
to 1997.
He is currently a member of the Board of Directors of Etiqa Takaful Berhad; Pak-Kuwait Takaful Pte Ltd Pakistan;
Maybank Islamic Berhad; Asia Unit Trust Berhad; Prima Prai Sdn Bhd.; Epen Bina Sdn Bhd.; Kolej Poly-Tech MARA Sdn
Bhd. He is also a member of the Council for Universiti Kuala Lumpur. He now sits on Shariah Advisory Committee for
Labuan Reinsurance (L) Ltd.; MNRB Retakaful Berhad; MIDF Group of Companies; Amanah Mutual Berhad (formerly
known as Maybank Unit Trust Berhad) and Singapore Unit Trusts Ltd.
He has also been appointed as a member of the Board of Trustees for Yayasan Bank Rakyat, Yayasan Wakaf
Malaysia and Dewan Amal Islam Hadhari. He is also a Certified Shariah Individual by the Securities Commission of
Malaysia. He has written more than 200 papers on various topics related to Islam, Economics, Banking and Takaful
and has written and edited a total of 12 books.
Professor Dr. Syed Abdul Hamid AlJunid
Professor of Applied Finance ı Head of Economics & Governance Department
The former President & Chief Executive Officer of Universiti Tun Abdul Razak, Malaysia, Professor Dr. Syed Abdul
Hamid AlJunid now heads the Islamic Financial Markets Department of INCEIF. A holder of a Ph.D. from University
of Wisconsin (Madison), USA and Masters of Arts from State University of New York, USA, Dr. AlJunid is also a
fellow member to the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA).
His areas of interest include ethics and governance, philosophy of social science and economics, theory of
knowledge as well as value and value-based leadership. In whatever spare time he has, he dabbles in writing
and presenting as well as editing intellectually on related issues. His writings and presentations include ethics
and corporate governance, role of religion and spiritual capital in business and economic development as well as
value and value transformation.
Professor Dr. Saiful Azhar Rosly
Professor of Islamic Economics & Banking ı Head of Islamic Banking Department
Prof. Dr. Saiful Azhar Rosly is currently on attachment at INCEIF as the Head of INCEIF’s Islamic Financial Market
faculty. He is also Professor of Economics at the International Islamic University Malaysia. Prior to joining INCEIF,
he has served the Malaysian Institute of Economic Research as Director of Research. His area of specialisation
is Islamic financial markets, which include Islamic banking, takaful, unit trusts, capital market and financial
planning. In addition to this, he is also currently an independent director for EON Capital Islamic Bank and the
Federation of Malaysian Unit Trust Management (FMUTM).

• Prof. Dr. Syed Abdul Hamid AlJunid

Assoc. Prof. Dr. Mahmood bin Mohamed Sanusi
Professor of Applied Finance
Head of Economics & Governance Department Professor of Law and Islamic Law
Prof. Dr. Mahmood Mohamed Sanusi was attached to the International Islamic University Malaysia since 1984,
prior to his current position at INCEIF. He has lectured on Islamic Banking and Finance, Transactions in Islamic
Law, Islamic Family Law, Islamic Constitution Law, Islamic Criminal Law, Islamic Jurisprudence. He has published
his works in such reputable academic journals as: International Journal of Financial Services, Arab Law Quarterly,
Journal of Money Laundering Control (Cambridge University), IIUM Law Journal, Journal of Regional Islamic
Council of Southeast Asia and the Pacific, and also a chapter in ‘Innovation, Regulation, and Legal Perspective an
Islamic Finance Book’ by Edward Elgar Publication. He has also presented papers on Islamic Banking and Finance
at seminars and conferences, and has also conducted courses on Islamic Banking and Finance in Malaysia,
Singapore and Brunei and South Africa.

Dr. Mohd-Pisal Zainal

Lecturer, Islamic Banking Department
While pursuing his Ph.D. in Economics at the Southern Illinois University Carbondale, USA, Dr.Mohd-Pisal Zainal
was a full-time researcher with Project 12-Ways SIUC at the same university. Project 12-Ways SIUC is part of the
Behaviour Analysis and Therapy Program of the Rehabilitation Institute of the university.
His teaching experience included serving as an adjunct lecturer, International Institute of Public Policy and
Management, University of Malaya, Malaysia and Graduate Tutor at Department of Health Care Professionals,
Southern Illinois University Carbondale, USA.
Dr. Mohd-Pisal has participated and presented papers in professional meetings and at international
conferences which include Midwest Economic Association Annual Conference in Chicago, USA; Missouri
Economic Association Annual Conference in Kansas City, USA and Hawaii International Conference on
Business in Honolulu, Hawaii, USA.
 REGISTRATION FORM online registration: www.mia.org.my a d m i n i s t r at i v e d e ta i l s

mia-inceif Islamic finance workshop

COURSE FEE
Yes! Please enrol me/we for the following workshop(s): MIA Member | RM 950
q
Shariah Aspects of Business and Finance, 26 August 2009 (Wednesday) te
ra ake!
MIA Member Firm’s Staff/Sponsored Staff 1 | RM 1,100
q
Islamic Banking Practices, 27 August 2009 (Thursday)
ec
l
ia int Non-MIA member | RM 1,250
sp irst 0*
q
Islamic Capital Market, 29 September 2009 (Tuesday) f m 90 e
r r ul
q
Islamic Wealth Planning, 15 October 2009 (Thursday) f o ly od *Register for at least 3 modules and enjoy RM50 discount
on r m
q
Islamic Economics, Ethics and Governance, 2 November 2009 (Monday) p e for each module registered for!
Fee is made payable to MIA-mpdc.
1. FULL NAME AS PER I/C (Dato’ / Datin / Dr / Mr / Mrs / Ms): Fee includes course materials, two tea breaks and lunch per day.
Admittance will only be permitted upon receipt of full payment.
Registration made by fax must be followed immediately by
payment.
DESIGNATION: 1
Sponsoring member is required to indicate his name, designation
and membership number in the registration form. The sponsored
staff must report directly to him in his firm or company, but for the
MEMBERSHIP NO.1 : VEGETARIAN MEAL q Yes latter, not in a subsidiary or related company. In the absence of
written information on sponsoring, no refunds will be applicable
2. FULL NAME AS PER I/C (Dato’ / Datin / Dr / Mr / Mrs / Ms): after confirmation of acceptance of registration.
Terms and conditions apply.

Based on the merit

of each applicant
DESIGNATION:

registration / enquiry
MEMBERSHIP NO.1 : VEGETARIAN MEAL q Yes call : Rozline
Tel : 03.2279 9361
3. FULL NAME AS PER I/C (Dato’ / Datin / Dr / Mr / Mrs / Ms):
Fax : 03.2273 5167
Email : mpdc@mia.org.my
Add : Malaysian Institute of Accountants
Dewan Akauntan
DESIGNATION:
No. 2, Jalan Tun Sambanthan 3
Brickfields, 50470 Kuala Lumpur
MEMBERSHIP NO.1 : VEGETARIAN MEAL q Yes
training venue
ORGANISATION: INCEIF. Annexe Block, Menara Tun Razak
Jalan Raja Laut, 50350 Kuala Lumpur
TIME
INDUSTRY: CONTACT PERSON: 9.00am to 5.00pm
CLOSING DATE
ADDRESS: One week before the programme.
CPE HOURS
You will be presented with a Certificate of Attendance upon
successful completion of the programme. As for MIA members,
CPE hours will be credited into the Membership System within
E-MAIL:
2 weeks of the programme date. To qualify for the CPE credit
hours and Certificate of Attendance, participants are required
TEL: FAX: to attend the event in full.
CANCELLATION
total FEE : RM CHEQUE NO. : Upon registering, participant(s) are considered successfully
enrolled in the event. Should participant(s) decide to cancel their
enrollment; a cancellation fee will be levied. Written cancellations
received:
• One (1) week before the event, a refund (less an
administrative charge of 20%) will be made.
• For no-show on the day of the event, no refund will
SIGNATURE & COMPANY STAMP
be entertained.
You can substitute an alternate participant(s) if you wish to avoid
PAYMENT BY CREDIT CARD q VISA q MASTER (tick whichever applicable) Card Expiry Date: cancellation charges. Any difference in fee charges will be charged
accordingly.
Card No.: | | | | | / | | | | | / | | | | | / | | | | | Cancelled unpaid registrations will also be liable for full payment
of the registration fee.
Cardholder Name : DISCLAIMER
Malaysian Institute of Accountants (MIA) reserves the right to
I authorise payment of RM change the facilitator, date and to cancel the programme should
circumstances beyond its control arises. MIA also reserves the right
Date : Signature : to make alternative arrangements without prior notice should it
be necessary to do so. Upon signing the registration form, you are
deemed to have read and accepted the terms and conditions.
Malaysian Institute of Accountants
Dewan Akauntan
2, Jalan Tun Sambanthan 3
50470 Kuala Lumpur

tel 03.2279 9200

fax 03.2273 5167
web www.mia.org.my