Training on Regulatory and Compliance Framework in Islamic Finance Under IFSA 2013

(IAIS Malaysia, 12-13 October 2015)

Abstract

The introduction of the Islamic Financial Services Act (IFSA) in June 2013 undoubtedly altered the Islamic banking and finance landscape of Malaysia. The enactment of IFSA 2013 has nevertheless proven a timely response to current market needs, which have achieved a remarkable level of maturity. As an important new addition to Malaysia's regulatory infrastructure, therefore, an understanding of the act's salient features and the changes it introduces are crucial. Hence, a training session entitled, “Regulatory and Compliance Framework in Islamic Finance under IFSA 2013,” was conducted on 12 - 13 October 2015 by IAIS. It aimed at exposing participants to the current regulatory regime for Islamic finance in Malaysia, with special reference to IFSA 2013. In addition, the programme also sought to equip participants with a proper understanding of both local and international compliance structures for the Islamic financial market, as well as the issues and challenges which have arisen from the current Islamic financial system.