This 3-day Workshop is tailored for the Bangko Sentral ng Pilipinas, industry players and other key stakeholders of the Islamic finance sector in Philippines. It will discuss the overview of Islamic finance and cover the following IFSB Standards:
- Introduction to Islamic Finance
- IFSB-1: Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (IIFS)
- IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS
- IFSB-16: Revised Guidance on Key Elements In The Supervisory Review Process of IIFS
As a background, IFSB-1: Guiding Principles of Risk Management provides a set of guidelines of best practices for establishing and implementing effective risk management in IIFS. In particular, the Standard sets out 15 principles for managing the risks inherent in Sharī`ah-compliant financial businesses.
IFSB-10: Guiding Principles on Sharī`ah Governance Systems, for its part, includes the components of a sound Sharī`ah governance system especially with regards to the competence, independence, confidentiality and consistency of the Sharī`ah boards.
In addition, IFSB-16: Revised Guidance on Key Elements in the Supervisory Review Process offers guidance on key elements in the supervisory review process for authorities supervising IIFS taking into consideration the specificities of the IIFS, while complementing the existing international standards on the supervisory review process, in particular those of the Basel Committee on Banking Supervision (BCBS).
Overall, this Workshop aims to:
- Enhance the participants’ understanding of the respective Standards and Guiding Principles of the IFSB, thereby facilitating the implementation of these standards in their respective jurisdictions;
- Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
- Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.
This Workshop is by INVITATION only. For queries, please contact the IFSB Secretariat, Mr. Hamizi Hamzah at firstname.lastname@example.org.