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Brunei
Saturday, August 13, 2022
23.4 C
Brunei
Saturday, August 13, 2022
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    Mitigating non-compliance risks with strong Syariah framework

    James Kon

    A strong Syariah governance framework is instrumental for any Islamic financial institutions to effectively regulate, manage and mitigate Syariah non-compliance risks.

    As such, the implementation of a framework that is comprehensive and extensive will strengthen the public’s confidence in the integrity of Islamic financial institutions.

    This was said by Assistant Managing Director of Monetary Operations/Development and International at Brunei Darussalam Central Bank (BDCB) Mardini bin Haji Eddie in his welcoming remark on behalf of BDCD Managing Director Hajah Rokiah binti Haji Badar as Chairperson of Brunei Institute of Leadership and Islamic Finance’s (BILIF) Board of Directors at the opening of Syariah Advisory Conference 2022 (SAC 2022) at the Musyawarah Hall of the International Convention Centre, in Berakas yesterday.

    The event was organised under the Brunei Mid-Year Conference and Exhibition (Brunei MYCE 2022) by the Ministry of Primary Resources and Tourism (MPRT) through Brunei Tourism Board.

    He shared that BDCB is part of a working group under the Revised Syariah Governance Framework led by standard setting bodies Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Islamic Financial Supervisory Board (IFSB).

    BDCB also engages Islamic financial institutions to ensure regulations remain relevant and practical.

    He also noted, “BILIF will continue to offer programmes to produce expertise that will be able to contribute to the implementation of a sound Syariah governance framework.”

    The event was also organised with Bahrain Institute of Banking and Finance (BIBF), and Cambridge International Financial Advisory.

    The event acted as a platform for Syariah experts, regulators, practitioners, scholars and advisors to exchange views, experiences, and best practices on the implementation of a Syariah governance framework in the finance industry while presenting Brunei Darussalam as an Islamic finance hub.

    Assistant Managing Director of Monetary Operations/Development and International at Brunei Darussalam Central Bank Mardini bin Haji Eddie delivers his welcoming remarks. PHOTO: JAMES KON

     

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