Deloitte said the event aimed at addressing multiple challenges facing Islamic finance.
In a changing industry practice and regulation, development and retention of talent is impacting on innovations and pattern of growth.
Additionally, Islamic financial services are realising that their risk management functions may not be as effective as they should be thus impacting shareholder value.
"Risk management in Islamic finance is one of the major concerns faced by all industry practitioners, as the numerous types of risks faced by Islamic banks - Sharia compliance, liquidity, credit, operational and regulatory risks - all have a significant impact on the business sustainability and going concern," said
"As such, the board's risk oversight role is critical in providing clarity in the direction of strong risk mitigating controls."
The first workshop entitled: "Strengthening Risk Governance in Islamic Finance," addressed the challenges that need to be faced to strengthen risk governance in the sector.
The programme enabled better understanding and appreciation for the necessity of a well-equipped risk and corporate governance function.
Another objective of the programme was to discuss and provide practical insights to successfully structure and manage an effective risk governance strategy, and to strengthen risk management strategies and methods to comply with regulatory and self-regulatory requirements.
"The Islamic finance industry lacks risk management standards, risk assessment and risk mitigation tools needed for it to compete on a level playing field with traditional banks," said IRTI director general Professor
"This workshop addressed these issues and provided participants with best practices learned from leading Islamic banks."
The second workshop, entitled: "
"We had very interactive discussions in both workshops; participants expressed their opinions in a highly professional way and made constructive criticism to representatives of regulatory and standard setters' bodies," IFKC director Dr
"Our main objective was to create a friendly dialogue environment between the regulators, standard setters and practitioners to agree on issues of differences and difficulties in the practice."
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