SINGAPORE: INCEIF Assoc Prof Dr. Ahcene Lahsasna today addressed over 50 participants at the ALB (Asian Legal Business) In-house Legal Summit with a presentation on `Techniques and principles of managing and mitigating risks of non-compliance: The Islamic Finance perspective’.
During his one-hour presentation, Dr Ahcene covered:
- The fundamental concepts of Shariah law and Shariah non-compliance risks
- Shariah compliance in the IFSA Act 2013 and the classification of Shariah non-compliance risk
- The major elements of Shariah non-compliance risks, and its causes in Islamic finance operations
- Tools and techniques to identify incongruence in Shariah compliance
- Understanding Shariah requirements for mitigating non-compliance risk in Islamic finance
- Lines of defenses against Shariah non-compliance (risk mitigation, risk identification and risk rectification)
- Legal documentations in Islamic finance
- Shariah non-compliance reporting.
Following his presentation, members of the audience posed questions, including the challenges in introduction of Islamic finance law and products in multiple jurisdictions.
Assoc Prof Dr Ahcene during his presentation at the ALB In-House Legal Summit
Dr Ahcene is a registered Shariah Adviser at Bank Negara Malaysia and Securities Commission Malaysia. He serves as Shariah Board member of Maybank Islamic, Etiqa Takaful and RGA Re-Takaful.
The annual ALB SE Asia Legal Summit, held in several financial cities in Asia including Shanghai, Hong Kong and Tokyo, is a unique platform for the frank exchange of views, sharing of best practices and formulation of strategies to deal with current and future opportunities. The summit is organised by Asia’s most respected legal industry publication, Asian Legal Business Magazine. The event is tailored to bring together leading senior-level corporate counsel, business leaders and private practice lawyers from Asia in particular and the rest of the world.