Certified Islamic Specialist in Corporate Governance and Compliance (CISGC)
Issued by the Islamic Financial Institutions Board (CIBAFI)
Corporate governance in the banking system is not only necessary, but it also forms a framework and a style that must be adhered to to the extent possible to relieve responsibilities and create peace of mind for others, especially those who deal with the bank, in order to give an opportunity to stakeholders, each according to his role and importance, to stop any process of deviation towards wrong practices.
The Organization for Economic Co-operation and Development (headquartered in Paris) has taken an interest in the principles and standards of corporate governance, and has issued a set of principles and standards that enhance the commitment of institutions to comply with the requirements of governance, which have been adopted by the World Bank and the International Monetary Fund in 1999. The Basel Committee also adopted the standards of the Organization for Cooperation and issued a document on “Strengthening Governance in Banking Organizations” that included a set of principles, aimed at reducing activities and relationships that reduce the efficiency of governance.
The Accounting and Auditing Council for Islamic Financial Institutions (AAOFI) in the Kingdom of Bahrain was the first to issue many Sharia standards, all of which fall within the scope of presentation and disclosure and urge the management of financial institutions to be transparent and fair in dealing and not to unlawfully consume people’s money, which is what international institutions call for. Interested in corporate governance.
The Islamic Financial Services Council in Malaysia also issued an independent standard for the governance of Islamic financial institutions that takes into account the issued international standards and adds to them in a way that is commensurate with the specificity of the work of Islamic financial institutions and their commitment to applying the provisions of Islamic Sharia and disclosing that to stakeholders. To ensure adherence to the principles of governance and all its requirements, a compliance function was created in banks, and a department independent of risk management was recently established. Its primary mission is to monitor the bank’s compliance with the various laws to which the bank is subject in the performance of its business, such as the Banking Law, the Trade Law, and the Joint Stock Companies Law, in addition to monitoring the bank’s compliance with the instructions of the Central Bank. And other matters that lead to improving its rating and increasing the confidence of all parties in it. This is a very important task that must be mastered because of the woes that the bank may be exposed to due to non-compliance.
The goal of obtaining the Certified Islamic Specialist in Corporate Governance and Compliance (CISGC):
- Providing participants with a comprehensive understanding of the requirements of corporate governance and compliance for Islamic financial institutions
- Preparing participants to work in the field of corporate governance and compliance in Islamic financial institutions
- The ability to understand the principles of management and compliance
- The ability to manage compliance risks
- The ability to prepare compliance procedures
- The ability to work in jobs in the field of corporate governance and compliance in Islamic financial institutions
IBTS is the licensed partner in Iraq for training, distributing scientific curriculum, conducting international registration and testing, and delivering the Certified Islamic Specialist in Corporate Governance and Compliance (CISGC)
