ISLAMIC FINANCE ROADSHOW :Understanding Islamic Finance and

Application of MFRS

Programme9.00 a.m. Islamic Finance - The Basics

• Philosophy – Islam and underlying philosophy behind Islamic Finance

• Concept of Riba, Gharar, Maisir, Haram

9.40 a.m. Accounting Framework in Malaysia• MFRS – Technical releases, discussion papers

and Statement of Principle-i• BNM GP’s – for Islamic Bank and Takaful –

in brief

10.20 a.m. Coffee Break

10.40 a.m. Mudharabah • Basic concept and its application• Accounting for Mudharabah – financing and

depositMusharakah • Basic concept and its application• Accounting for Musharakah

11.50 a.m. Ijarah • Basic concept and its application• Accounting for Ijarah

12.30 p.m. Lunch

2.00 p.m. Murabahah & Commodity Murabahah• Basic concept and its application• Accounting for Commodity Murabahah

2.40 p.m. SukukThe basics – what is sukuk and comparison with bonds• Structures – Ijarah and Musyarakah (with

case studies)• Accounting – brief from issuer and investor’s

point of viewTakaful• The basics and comparison with insurance• Basic accounting requirements

4.00 p.m. Coffee Break

4.20 p.m. Shariah & Present Regulatory Requirement• The basics• Common pitfall• Shariah audit requirement?

4.55 p.m. Summary & Conclusion• Issues in IF• Conclusion on accounting – IF can use MFRS

unless shariah prohibits.

5.30 p.m. End of Programme

The past decade has witnessed a profound change in the global financial landscape. Despite repercussions from the global financial crisis, Islamic Finance (IF) has remained consistent in its growth, forcing the world to realize the tremendous potential that can be drawn from its economic value.

Malaysia being at the forefront of this emerging market has developed government policies to promote and allow access to the untapped capital and create new economic opportunities. Bank Negara Malaysia (BNM) plans for Islamic finance to account for 40% of total financing by 2020 from the current 22%; and the SC’s Capital Market Masterplan 2 (CMP2) noted that in addition to growing primary capital market products, the SC will also identify potential opportunities in middle and back-office functions related to the Islamic capital market.

In view of the above developments there is an increasing demand for accountants who are well versed with IF products and transactions. Modern Shariah-compliant products have come to cover the full spectrum of banking, capital markets, asset management and insurance (takaful) business. This road show is a timely event to create awareness of the services accountants can provide in the IF sector. The IF sector has expanded rapidly and is now an important component of the global economy. More importantly, it has created an urgent demand for accountants to fill the existing gap in the market.

•10 May 2013, Mutiara Johor Bahru •15 May 2013, The Pacific Sutera Kota Kinabalu •16 May 2013, Grand Margherita Hotel Kuching

•4 June 2013, Traders Hotel Penang •6 June 2013, Prince Hotel & Residence Kuala Lumpur

Who should attendProfessional Accountants in practice and in commerce and industry, financial services, public sector, education, internal audit and the not-for-profit sector business.

Key figures involved in Islamic Finance, regulators, educational institutions and senior representatives from businesses across the financial spectrum including banks, takaful companies, accounting firms and other major centres of Islamic finance.

Muhammad Arzim Naim is a chartered accountant and practicing accountant of the Malaysia Institute of Accountants (MIA), fellow member of the Association of Chartered Certified Accountants (ACCA) and a practicing member of the Association of Chartered Islamic Finance Professionals (ACIFP). He is currently a PhD candidate in Islamic Finance at the International Centre for Education in Islamic Finance (INCEIF).

He has spent most of his professional career in auditing and assurances, including being an accountant in a listed company before joining academia. He is currently an accounting and auditing lecturer for the National University of Malaysia and his area of research includes accounting for Islamic financial instruments, accounting for zakat and Shariah audit. He is also heading his own accounting firm, ARZIM ASSOCIATES (NF1015) Chartered Accountants, Chartered Islamic Finance Professionals providing consultancy and training in the area of Islamic banking and finance. He is currently a Shariah Committee member for Kenanga Investment Bank Berhad and a panel trainer for MIA and Securities Commissions.

Azril has more than 12 years of experience in providing assurance and business advisory services to a wide range of clients. Prior to ECS, he was a Senior Manager with PricewaterhouseCoopers (‘PwC”) and specialises in Banking and Financial Services. He have led a number of banking and financial institutions audit during his 9 years of experience in PwC.

He was in charged of the PwC’s Global Islamic Finance Team, supporting the PwC Global Islamic Banking Leadership. He led several advisory assignments involving Islamic products review and structuring and reporting accountants work.

He was a regular trainer representing PwC for internal and public courses, especially in the area of Islamic Finance and Financial Reporting Standards (‘FRS). Azril is also currently a director of S.L.Ng & Associate and an advisor to Khairuddin Hasyudeen & Razi, a medium size bumiputera license audit firm.

Speakers

Muhammad Arzim NaimAzril Azmi

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ISLAMIC FINANCE ROADSHOW DATE, VENUE AND CONTACT* 10 May 2013, FridayMutiara Johor BahruContact: Ms. Hasanah / Ms. HanemTel: 07-227 0369 | Fax: 07-222 0391Email: miajbu@mia.org.my

04 June 2013, TuesdayTraders Hotel, PenangContact: Ms. Sylvia Anthony / Ms. Few Say LingTel: 04-261 3320 | Fax: 04-261 3321Email: miapng@mia.org.my

06 June 2013, ThursdayPrince Hotel & Residence, Kuala LumpurContact: Ms. Surinder / Ms. NadiahTel: 03-2279 9245 / 9222 | Fax: 03-2273 1016Email:paib@mia.org.my

* Please tick ( ) your preferred date and venue.

15 May 2013, WednesdayThe Pacific Sutera, Kota KinabaluContact: Ms. Shirley / Ms. IndaTel: 088-261 291 | Fax: 088-261 290Email: miakku@mia.org.my

16 May 2013, ThursdayGrand Margherita Hotel, KuchingContact: Ms. Eleanor / Mr. ChristoperTel: 082-418 427 | Fax: 082-417 427Email: miakch@mia.org.my

NOTE: Registration Fee includes lunch and two coffee breaks.

CANCELLATION / TRANSFERUpon registering, participants are considered successfully enrolled in the event. Should participants decide to cancel /transfer their enrollment, a cancellation / transfer fee will be levied. DISCLAIMERMalaysian Institute of Accountants (MIA) reserve the right to change the speaker(s), date(s) and to cancel the programme should circumstances beyond its control arises. MIA also reserve the right 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.

** Enjoy 5% discount off total fee for registration of 3 pax and above from the same organisation.