Islamic finance is experiencing challenges on multiple fronts. In a changing industry practice and regulation, development and retention of talent is impacting on innovations and pattern of growth. Additionally, Islamic financial services (IIFS) are realizing that their risk management functions may not be as effective as they should be thus impacting shareholder value.
Due to such major issues currently affecting Islamic finance practices, the Deloitte Islamic Finance Knowledge Center (IFKC) in the
"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 – Shari'ah compliance, liquidity, credit, operational and regulatory risks – all have a significant impact on the business sustainability and going concern" said
"The Islamic Finance industry has been in operations for more than 40 years. Yet the industry lacks risk management standards, risk assessment and risk mitigation tools needed for it to compete on a level playing field with traditional banks. This workshop addressed these issues and provided participants with best practices learned from leading Islamic banks," said Professor
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. 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," said Dr.
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