Certified Shari'ah Non-Compliance Risk Professional: study modules
Three short modules on understanding, controlling and escalating Shari'ah non-compliance risk
Introductory · 3 hours · 9 lessons · Language: English and Arabic · ID: IFS-COU-0033
Shari'ah non-compliance risk is the risk that an Islamic financial institution fails to follow the Shari'ah principles and rules it has promised to follow. These three short modules explain, in plain language, what the risk is, where it arises and what it costs; how it is assessed and controlled with preventive and detective controls; and how breaches are escalated and resolved, how decisions can go wrong, and where the board gets assurance that the risk is under control.
Each module has a reading with a worked example, slides, study notes and a short practice quiz. The modules prepare you for the Certified Shari'ah Non-Compliance Risk Professional exam.
This is independent ifSPACE material written in its own words; it is not affiliated with AAOIFI and is not a fatwa.
What you will learn
- Define Shari'ah non-compliance risk, place it within operational risk and name its main sources and consequences
- Assess the risk and match it with suitable preventive and detective controls
- Follow the escalation steps for breaches, spot common decision-making biases and read the main sources of assurance
Syllabus
1.Understanding Shari'ah non-compliance risk
- What the risk is, where it arises and what it costs20 min
- Module 1 presentation15 min
- Module 1 practice quiz10 min
2.Assessing and controlling the risk
- Risk assessment, preventive controls and detective controls20 min
- Module 2 presentation15 min
- Module 2 practice quiz10 min
3.Escalation, decisions and assurance
- Resolving breaches, sound decisions and independent assurance20 min
- Module 3 presentation15 min
- Module 3 practice quiz10 min