London, September 10, 2012 – The International Shariah Research Academy for Islamic Finance (ISRA) in collaboration with the Institute of Islamic Banking and Insurance (IIBI) jointly organized an International thematic workshop at the SNR Denton London office, which had kindly hosted the event. The workshop was attended by nearly 100 including speakers and participants from various countries – among others UK, Italy, UAE, Malta, Malaysia, Libya, Gambia, USA, and Indonesia – to extensively deliberate on the issue of “Legal Compliance versus Moral Responsibility in Islamic Finance”.

Details of the programme for this one-day workshop are as follows:

Welcome Address
IIBI- Mr Iqbal Asaria, Associate, Afkar Consulting
SNR Denton- Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton

Opening Address
Mr Alberto Brugnoni, Founder and Chairman, ASSAIF

Programme Overview
Dr Mohamad Akram Laldin, Executive Director, ISRA

Session 1: Moral Failures in Banking and Finance

Discussion

• What are the causes of moral failures in banking and what can we learn from Islamic Finance?
• Is Islamic finance in danger of suffering the same immoral practices and financial crisis as witnessed in conventional finance?
• What is the value proposition of Islamic finance?
• How is ethics defined in Islamic finance, beyond legality?
• Issues and recommendations for a Code of Moral Conduct

Chairperson
Mr Fazl Syed, Chair, Business & Economics Committee, Muslim Council of Britain

Panel Speakers

1. Dr Muhammad Syafii Antonio, chairman and Rector, Tazkia University College of Islamic Economics
2. Mr Iqbal Asaria, Associate, Afkar Consulting Ltd
3. Mr Joseph DiVanna, Managing Director, Maris Strategies
4. Prof Dr Habib Ahmed, Sharjah Chair for Islamic Law and Finance, Durham University

Tea/Coffee Break

Session 2 : Product Development and Shari’ah Governance Discussion

• What are the key Shari’ah aspects that financial institutions should consider when developing Islamic financial products?
• What are the international approaches to Shari’ah governance?
• What is the role of Shariah governance affect legal practice?
• Issues and recommendations for Product Development and Shari’ah Governance

Chairperson
Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton

Panel Speakers

1. Mr Asim Khan, Managing Director, Dar Al-Istithmar
2. Dr Marjan Muhammad, Researcher ISRA
3. Mufti Abdul Kadir Barkatulla, Shari’ah Scholar
4. Mr Michael J T McMillen, Partners, Curtis, Mallet-Prevost, Colt & Mosle LLP

Lunch/Prayer Break

Session 3 : Best Practice for Shari’ah Audit Discussion

• What are the Shari’ah audit standards promoted by AAOIFI?
• What are the international approaches to Shari’ah audit?
• Should conventional auditors assist with or undertake, Shari’ah audit?
• How can Shari’ah audit be improved to ensure the welfare objectives of Sharia’ah are satisfied?
• Issues and recommendations for Shari’ah Audit

Chairperson
Mr Warren Edwardes, CEO, Delphi Risk Management

Panel Speakers

1. Mr Khairul Nizam, Deputy Secretary General AAOIFI
2. Dr Asyraf Wajdi Dusuki, Head of Research Affairs, ISRA
3. Mr Mohammed Amin, Former Head of Islamic Finance ,PwC
4. Dr Adnan Aziz, CEO, Islamic GDP

Tea/Coffee Break

Session 4 : The Way Forward :Developing a Moral Framework for Financial Transactions Discussion

• Code of Moral Conduct
• Product Development
• Shari’ah Governance
• Shari’ah Audit

Chairperson
Mr Alberto Brugnoni, founder and Chairman , ASSAIF

Panel Speakers

1. Dr Mohamad Akram Laldin, Executive Director, ISRA
2. Mr Neil D. Miller, Global Head of Islamic Finnace, KPMG
3. Mr Michael J T McMillen, Partners, Curtis, Mallet-Prevost, Colt & Mosle LLP
4. Mr Khairul Nizam, Deputy Secretary General. AAOIFI
5. Wrap-up/Recommendations
6. Mr Iqbal Asaria. Associate, Afkar Consulting

Closing Address
Dr Mohamad Akram Laldin. Executive Diractor, ISRA

Final Remarks
Mr Richard de Belder, Senior Partner and Head of Islamic Finance, SNR Denton