Online Payment

MIA Islamic Finance Conference 2013 aims to spur growth and development

As Malaysia’s Islamic finance is consolidating its position as a future powerhouse of growth and development, The Malaysian Institute of Accountants organised the first Islamic Finance Conference 2013 with the theme “Towards Global Resilience and Inclusiveness”.

The Conference took an in-depth look at Islamic Finance issues that resonate closely with accounting and finance professionals.

The one-day event which was held in Kuala Lumpur on 18 June, attracted significant numbers of corporate leaders from the Islamic Finance fraternity. In his opening remarks, MIA Vice President, Johan Idris said “the Conference is indeed significant given the rising stature of Islamic finance both globally and domestically”.

Although Islamic finance has been identified as a key driver for the country’s economic growth, some urgent challenges still abound, including enhancing risk management and shariah governance culture, a need for harmonised accounting standards, and a dire talent shortage”, he added.

“As the regulatory body of the accountancy profession in Malaysia, MIA is a firm believer in developing, supporting and monitoring quality and expertise consistent with the global best practices for the profession.

“To achieve this, the Institute is committed in equipping and providing its members with the latest information, knowledge and most up to date developments in relation to Islamic Finance.

“Therefore, this Conference is a timely platform for enhancing the value of future and existing accountants by embedding relevant knowledge on Islamic Finance through continuous professional development,” said Johan

While Malaysia stands out as a leading market in global Islamic finance, the regulators and market players continue to work towards maturing the local environment for shariah finance.

A key development which was discussed at the Conference was the new Islamic Financial Services Act (IFSA) 2012. The Act has been hailed as a landmark omnibus legislation that will transform Islamic finance by statutorily enforcing the management of shariah non-compliance risk.

During the Conference, other issues were also addressed. These include issues that link both Islamic finance and accounting profession and which require the specialized and technical skill sets possessed exclusively by accountants, such as the harmonization of international accounting standards for Islamic finance, taxation for sukuk, shariah audits and shariah governance.

The conference also discussed how the accounting professionals can bridge the talent shortage and fill the key roles in the Islamic finance and banking sector which require expertise and skill sets in key areas such as asset and liquidity management, credit management, shariah audits, compliance, and risk management, to name a few.