Categories: SpeechesPublished On: 01/12/2020

YBhg Tan Sri Abdul Wahid Omar, Non-Executive Chairman, Bursa Malaysia, Distinguished Guests, Ladies and Gentlemen

  1. Good morning and welcome to the Shariah Audit Conference 2020, a joint initiative by MIA and the Islamic Banking & Finance Institute Malaysia (IBFIM). Thank you all for attending.
  2. Today’s Conference is an important initiative for nation building, as it seeks to develop talent in Shariah auditing to meet the needs of the Islamic finance sector.
  3. This Conference is also aligned with Bank Negara Malaysia’s policy document on strengthening Shariah governance implementation within Islamic Financial Institutions.
  4. As a Shariah audit is considered a new competency area, the number of qualified Shariah auditors is relatively small. MIA as the regulator and developer of the accountancy profession is delighted to work together with IBFIM, as IBFIM aims to produce qualified Shariah auditors with an integrated knowledge of Shariah, accounting, auditing, risk and governance via its certified professional Shariah auditing qualification.
  5. MIA members who are auditors are well qualified to take up professional qualifications in Shariah audit, as both financial and Shariah audits draw upon the similar underlying skillsets and expertise. Shariah auditors are required to be equipped in the following areas – shariah, governance and auditing, accounting and reporting for Islamic finance transactions, shariah risk management and internal controls, shariah audit planning, shariah audit fieldwork and communications.
  6. Therefore, MIA’s collaboration with IBFIM could potentially produce a pool of competent Shariah auditors who will uphold Shariah governance within Islamic Financial Institutions (IFIs) and play an integral role in strengthening the risk management, stability and integrity of the Islamic financial system. This in turn will protect stakeholders and is aligned well with upholding good governance and the public interest, which is MIA’s top priority as the regulator of the accountancy profession.
  7. We are also pleased to note that this Conference adds another dimension of value to MIA’s advocacy for strengthening Islamic finance, supporting our nation building purpose. Earlier this year, we launched the Islamic finance textbook for applying Malaysian Financial Reporting Standards (MFRS) for Islamic finance transactions. This textbook addresses the reporting complexities and challenges faced by IFIs in order to bridge the current knowledge gap and has been very well received. It can also be highly useful for Shariah auditors who must be well-versed in accounting, reporting and auditing of Islamic finance transactions. MIA has also just concluded the second year of the multi-stakeholder Islamic Finance Mini Pupillage Programme, which seeks to train a larger pool of Islamic finance professionals and address the shortage of financial experts in Islamic finance.
  8. Ladies and gentlemen, before I conclude my remarks, I wish to thank IBFIM as our co-organiser and all our distinguished speakers and panellists for making time to be here.
  9. We are honoured to have YBhg Tan Sri Abdul Wahid Omar, Non-Executive Chairman, Bursa Malaysia who is recognised for his championship of corporate governance to deliver the keynote address in just a few moments.
  10. On Day 2, we are privileged to hear from Dr. Bello Lawal Danbatta, Secretary-General, Islamic Financial Services Board (IFSB), who will deliver a special address.
  11. Going forward, MIA will continue to improve our capacity and competency building efforts for Islamic finance. Our collaborative initiatives in the pipeline include upcoming publications on Shariah audit, specifically best practice guides on shariah audit, which we believe will help strengthen the development and regulation of Islamic finance, not only in Malaysia but in the global Islamic finance markets.
  12. Before we end, I would like to take this opportunity to thank all our sponsors and supporters. I wish you a productive conference. Thank you!