Development in Islamic Finance

New regulatory and reporting development for Islamic finance.

Malaysian Institute of Accountants (MIA) and IBFIM organised the Islamic Finance Conference 2015 with its theme Islamic Finance: The New Regulatory and Reporting Development for professionals in the financial services industry as well as accountants, auditors and senior managers in various corporations including government link corporation (GLCs).

Designed specifically to provide a continuous learning atmosphere for professional learning and development, the conference discussed pertinent issues surrounding the new regulatory and reporting standards for Islamic finance that is in compliance with the Islamic Financial Services Act 2013 (IFSA 2013).

Delivered by the most prominent speakers from Islamic finance fraternity, IBFIM announced that it has now completed realigning its current training modules including the online learning, which complement the Islamic finance learning modules it launched earlier last year. “Malaysia as the centre for Islamic finance hub has seen a strong growth due to the government’s strong initiatives among others the various recommendations in the Bank Negara Malaysia’s Financial Sector Blueprint and Securities Commission’s Capital Market Masterplan 2 “, said Dato’ Dr. Adnan Alias, Chief Executive Officer of IBFIM.

Datuk Johan Idris, President of MIA, said with the exponential growth in the Islamic finance sector, we must continuously enhance our knowledge and skills especially in the area of regulatory and legal framework. The Islamic Finance Conference 2015 is timely as it will address the impact on the IFSA 2013 in the Islamic financial institutions in Malaysia.

Prof Dato’ Mohamed Ismail, a reputable lawyer and acknowledged as one of the pioneers in Islamic banking, commented on the greater responsibilities placed on the board of directors and senior officers of Islamic banks to ensure the operations of the banks are in compliance with IFSA 2013. He shared his views on how the last 10 years have provided evidence to demonstrate the resilience of Islamic banks during financial crisis and volatile times.

Attended by more than 100 participants comprising accountants, auditors and senior managers from various local corporations, the conference concluded with a better understanding on the financial reporting issues for Islamic finance.