dis shariah services brochure publically published

Research Audit Advisory Training

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WHO ARE WE ?

Dar Imtiyaz Solution - Pro Shariah Advisor 3

Company Background

Dar Imtiyaz Solution (afterward to be referred as “DIS”) is registered with SSM with registration no. SA0355389-U, officially incorporated on 10 October 2015. The company is registered with official address Lot. No 8, Jalan P/A U10/32E Bandar Nusa Rhu, Section U10, 40170 Shah Alam. DIS is a company offering Shariah Consultancy, Shariah Advisory Services, Shariah Training and Shariah Audit for Islamic Financial Institutions and any credit institutions offering Shariah Compliant financial aids. DIS is founded by Ybhg Ust Mohd Fazli Masri, supported with independent experts of panel members of Shariah Advisory and Business Advisory under it’s corporate governance best practices which consisted of relevant senior experts. DIS is promising as a new Shariah firm to lead Shariah business mainly in cooperative sectors and semi government organizations, Halal corporate sectors besides existing Islamic Financial Institutions in term of Shariah advisory and Shariah audit. DIS is energized to grow the mentioned sectors specially in term of Shariah governance framework and Shariah compliance / audit framework. Although new, DIS has attracted relevant institutions for collaboration, among DIS’s major clients are Bank Persatuan Malaysia Berhad, Bank Kerjasama Rakyat Malaysia Berhad, Yayasan Dakwah Malaysia and Tekun Nasional.


“DIS” Corporate Governance

Board of Directors

Panel of Business Advisory

President

Vice President

Manager Finance and Corporate Management

Manager Marketing and Event Management

Manager Corporate Module programmer

Consultants

Panel of Shariah Advisory Board

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“DIS” Board of Directors

PUAN SADILA MAMAT (Chairman and President) She is currently the Chairman and President of DIS. She had experience as educational consultant and exposures in managing trainings for educators and many type groups of audience. Her specialty in managing training events was very significant in the past with psychological approach and Islamic counselling and motivation methodology. She is key instrumental to bring the company forward in term of training services as part of core services being offered. She was education entrepreneur developing smart training camp, train the trainers clinic and many more. She is graduated from the International Islamic University Malaysia B.A (Hons), specialized in Fiqh and Usul Fiqh and Islamic Psychology with Diploma of Education from Maktab Perguruan Ilmu Khas. She was senior academician at KDU Smart Educational Institution and Ministry of Education for almost 15 years.

PUAN SHAMZURAILI MAMAT (Executive Director and Vice President) She is currently the Vice President of DIS. She was business entrepreneur that well exposed in the corporate sectors who has undertaken a lot of projects with Shell, Petronas and UEM as well as Halal industry. She was General Manager at two leading corporate organizations for about 25 years. Her corporate experience is key to direct development of this firm to develop and establish corporate enterprise environment. She graduated from UITM in BA (Hons) Electrical Engineering.

MR. MASTURI KASSAN (Non-executive Director) He is corporate professional and Director for a few companies. He was appointed consultant for ECR project under government initiative for year 2008-2014 and other project assignment under Petronas. He was FELDA senior management for service more than 40 years in various management positions. He graduated from Education College in Alor Setar.

MR MOHD RODZI ISMAIL (Non-executive Director) He is a member of Board of Directors for Koperasi Intel Berhad and Director for a few other companies. He was intelligence engineering innovator for more than 25 years in service and engaged in a lot of business advisory for IT system development as techno expert. He graduated from the University of Chicago in Bachelor of Engineering and Master of Sciences from United Kingdom.

MR NAZLI ABDULLAH (Non-executive Director) He is corporate professional holds directorship for a few companies with experience more than 23 years in various business areas mainly in construction and consultation of civil engineering. He involved in advisory business and training development as part of his exposures within the years of his career in nurturing the entrepreneurship potential among youngsters. He graduated from UITM and UTM in Bachelor of Electrical Engineering.

“DIS” Panel of Shariah Advisory Board

PROF. DR. MUHAMMAD RAHIMI OSMAN Member of Shariah Advisory Board He is currently the Dean of the Academy of Contemporary Islamic Studies at Universiti Teknologi MARA (UiTM), Shah Alam and Director of the Zakat Research Institute of Malaysia (IKaZ). He currently serves as a member of the Curriculum Review Committee for Muamalat, Takaful, Islamic Banking and Finance of the Ministry of Higher Education, Malaysia. He is also a member of the Senate University as well as a member of the Dean Council of Islamic Studies, Higher Learning Institutions of Malaysia and several other committees inside and outside of the university. He has written books and presented papers at national and international seminars related to Islamic economics, Islamic banking and finance. His articles have been published in local and international journals. Dr. Muhammad Rahimi holds a Bachelor of Shariah (Hons) from University of Malaya. He obtained his Master in Islamic Economics from the University of Yarmouk, Jordan and a Doctor of Philosophy (PhD) in Islamic Banking from International Islamic University Malaysia. He has been appointed as a member of the Shariah Advisory Body of Takaful Malaysia since 12 January 2010.

DIS Panel of Shariah Advisory consisted of four (4) Shariah experts comprises of three (3) independent external prominent Shariah scholars and experts and one (1) in house Shariah expert representative. The appointed members of Shariah Advisory panel is responsible and accountable to endorse relevant items being presented and disclosed to them to confirm and ensure Shariah compliance based on applicable terms of references .

USTAZ MOHD FAZLI MASRI Chairman of Shariah Advisory Board. Currently he is appointed with Shariah advisory role at a few organizations, such as Shariah Consultancy firm, Islamic cooperative organization and Islamic Financial Institution inclusive as the Shariah Advisor of Edbiz Consulting Limited London, GLG group Dubai and a member of Shariah Committee of Munich Re Retakaful (Malaysia) Berhad and Bank Persatuan Malaysia Berhad. He is a member (membership 1301-02-112) of ASAS / (“Association of Shariah Advisors in Islamic Finance”) upholds Shariah professional practices experience about thirteen years in Islamic Banking and Finance industry. He is IBFIM / (“Islamic Banking and Finance Institute Malaysia”) accredited Shariah trainer for its accredited certification and fundamental Islamic Finance programs. He is also a certified practitioner of Neuro-Linguistic Programming (MTS-NS-100-106) and Neuro-Semantics (MTS-NS-200-106) by the NSNS (The International Society of Neuro-Semantics). In Islamic Finance, he did practice holistically almost in all area inclusively Islamic capital Market, Corporate banking, Asset Management, Retail banking, Takaful and Retakaful. He held position as one of the top management member as Head Shariah in a few enormous Islamic Finance corporate companies such as AmFamily Takaful (an Islamic Insurance business arm under Ambankgroup), Bank Kerjasama Rakyat Malaysia Berhad (the largest Islamic Bank in term of asset in Malaysia), HLISB (Global Islamic Banking), Affin Islamic Bank Berhad, Kuwait Finance House Malaysia Berhad and RHB ISLAMIC Bank Berhad. He graduated from the International Islamic University Malaysia with B.A Hons IRKH specialized in Fiqh and Usul Fiqh ( Shariah ) with minor in Islamic Public Administration.


PROFESSOR DR. JONI TAMKIN BORHAN Member of Shariah Advisory Board He is currently serving as Senate Member and Head of Department of Shariah and Economics, Academy of Islamic Studies, University of Malaya. He is also a Registered Shariah Individual under Securities Commission for Islamic Unit Trust Schemes. Prof. Dr. Joni Tamkin obtained a B.Sh (Shariah) from University of Malaya in 1990. He also received a Masters Degree in Islamic Economics from University of Malaya in 1994 and a Ph.D in Islamic Banking from Edinburgh, Scotland in 1997. Prof. Dr. Joni Tamkin was a member of the National Shariah Advisory Council on Islamic Banking and Takaful (NSAC) (1999 – 2004), Fellow at the Religious Department at Victoria University of Wellington (2002), Fellow at the University of Leiden, Holland (June – September 2004), Visiting Professor of Edinburgh University (January – October 2010) and also a member of Shariah Committee of MAA Takaful (2006 – current). Prof. Dr. Joni Tamkin was appointed as Professor in 2007 and served as Deputy Director of Undergraduate Degree, Academy of Islamic Studies, and University of Malaya from September 2006 until August 2007. He has published and written numerous books, articles and journals. He also participates as speaker for various workshops and conferences in various fields mostly in Islamic Banking.

“DIS” Panel of Shariah Advisory

ASST. PROFESSOR DR. MOHD ZAKHIRI Member of Shariah Advisory Board He is currently an Assistant Professor at the School of Law, College of Law, Government & International Studies, University Utara Malaysia, a Research Fellow of Institute of Governance & Innovation Studies and specialization coordinator for Bachelor of Philosophy, Law and Business at the same University. He underwent his legal pupilage and worked extensively as an advocate and solicitor at Messrs. Idris Zaidel & Partners specialising in Islamic Banking & Finance. He was an in-house counsel for Felda Group of Companies managing the day to day legal affairs of the company including corporate, industrial relations and company secretarial matters. He was also admitted as a Syarie Lawyer of the Federal Territory of Kuala Lumpur. He holds a Ph.D in Islamic Finance from the Global University in Islamic Finance (INCEIF). Earlier, he graduated from International Islamic University reading LL.B (Hons), LL.B (Shari’ah)(Hons), Master of Comparative Laws and Charted Islamic Finance Professional (CIFP) from INCEIF.He was a Shariah Advisor at Agro Bank and recently was appointed as a Chairman of Shariah Advisory Board at Mizuho Bank, a foreign bank in Malaysia.

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“DIS” Panel of Business Advisory

MR WAN ZAMRI WAN ZAIN (Expert advisor for Islamic Finance Sectors related) Encik Wan Zamri Wan Zain is an accomplished and seasoned financial services professional with 30 years experience in banking, insurance, and Takaful in Malaysia. He has served with two multinational companies namely HSBC Bank and AIA in multiple countries in Asia Pacific. In addition, he was most recently the Chief Executive Officer of AmMetLife Takaful Bhd. He has deep experience in strategic management, channel and sales management, and wealth management. His leadership management in the setting up of two Takaful operators in Malaysia over a period of 7 years is testament to his success in the financial services sector in Malaysia. He graduated from Southern Illinois University, Carbondale, USA.

DIS Panel of Business Advisory consisted of three (3) business experts comprises of three (3) independent external senior experts. The appointed members of Business Advisory panel are responsible and accountable to endorse relevant items being presented and disclosed to them individually to advice insourcing and outsourcing business, confirm and ensure business ethically compliance, business risk mitigated based on applicable terms of references .

MR MOHD KHAIRUDDIN A. MULOK (Expert Accounting Advisor) He is Ketua Penolong Pengarah at Jabatan Akuantan Negara. He is an entitled person as ‘Chartered Accountant’ upon his admission to the Malaysian Institute of Accountants, in accordance with Sections 22 & 23 of the Accountants Act 1967 as holder to Licensed Accountants MALAYSIA CA 28534.

PUAN AZEMAH HASSAN (Product Expert and Specialist) She is an experienced Product Specialist and Trainer with managing skills in leading direct reports as well as cross-functional teams, managing a product line from cradle to grave, justifying new product development investments, determining and documenting new product requirements, developing sales forecasts and product pricing, and launching new products to the marketplace. Over 20 years of progressive banking exposure including of management experience including service with AmIslamic Bank and Hong Leong Islamic Bank as Product Specialist and Head of Deposit. Proven ability to manage key account relationships and large-scale projects whilst maintaining high team moral and energy. She graduated from Coventry University BA (Hons) Business Admin, Accounting.

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OUR SERVICES

Policy Shariah Governance Framework

Research Shariah Advisory Consultation

Shariah Compliance

Shariah Review Shariah

Audit

Competency Shariah Training Market

awareness

What is “DIS” Shariah expertise?


Conversion / Transformation

Build up framework for transforming conventional entity to Shariah compliant entity

Product engineering Shariah Research and Consultancy on Shariah compliant product innovation

Shariah defences

Create and design guidelines for synchronization mechanism of Shariah Review, Shariah Risk, Shariah Audit, Shariah checklist and/or perform its undertaking

Shariah Learning Module development and train the trainers (mentoring program)

What is “DIS” specified scope of expertise?


Endorsement period

•Getting final approval from our Shariah panel of expert and your institution Shariah Committee

Assessment period

•Testing the subject matter based on SWOT analysis

Development period

•Working on subject matter

Consultancy period

•Gathering input from stakeholders

What is “DIS” undertaking framework?


Service Delivery

Satisfactory

Review*

Quality Enhancement

Finalization

*Note: We guarantee to review our production based on your expectation

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SHARIAH TRAINING


Shariah Training Module available: (In-House Group learning)

Guidelines on Shariah Governance Framework

Guidelines on Shariah Review/Audit for Islamic Finance

Guidelines on Shariah Contracts and its application

Guidelines on implementation of specific Shariah Standard

Fundamental to Islamic Banking

Fundamental to Takaful and Wealth Management

Guidelines to Shariah compliant investment

Guidelines on Shariah Research Methodology

Guidelines on Specific Special Product Structuring

1 day

2 days

2 days

1 day

1 day

1 day

1/2 day

1 day

*Note on published rate: We train your staff at your venue (in-house). We only charge you negotiable module fee separately with fixed professional training fee RM6,000 per day / RM 3,500 half day / RM11,000 for two days). Exclusively for Specific special Product Structuring training, DIS in house fee is subject to range within RM12,000 to RM25000 per course. Trainees will be undergoing post-training test, and those scoring below average will repeat the module on group mentoring basis for two hours on different day for FOC.

1 day

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SHARIAH ADVISORY

•Setup and establish requirements

Ground Discussion

•To understand applicable operational landscape

Identify Infra

•Embark financial engineering and architecture with Fiqh adaption (Takyif Fiqh)

Designing Solution

•Fix relevant options

Testing phase

Fieldwork Process of Shariah Advisory


•To ensure threats are mitigated and set Shariah Parameter

Problem Solving

•Responding to any feedback

Feedback phase

•Finalizing and closing

Finalization

•Following up e-post

Following up

The key reference of Shariah for Takyif process will be made to the following : 1) The treasury of Shariah and Fiqh references. 2) Resolution of Shariah Committee ; (compulsory) 3) Resolution of Shariah Committee SAC, BNM / Securities Commission; (optional) 4) AAOIFI Shariah Standard; (optional) 5) Resolution of OIC Fiqh Academy (optional)


Ground Discussion and Plan

•To understand applicable operational landscape and gap finding.

Identify Infra and Gap Analysis

•Drafting the document

Formulize Guidelines / Policies


Validation phase

Fieldwork Process of Shariah Drafting



Problem Solving

•Responding to any feedback

Feedback phase


Finalization

•Following up e-post

Following up


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SHARIAH AUDIT / REVIEW


Ground Discussion and Plan

•To understand applicable operational landscape and gap finding.

Identify Infra and Gap Analysis

•Set parameter and suit overarching practice

Affix web based techno tool


Testing phase

Fieldwork Process of Shariah Review Tool Development



Problem Solving

•Train the trainers and responding to any feedback

Users Training


Finalization

•Following up ex-post

Following up and monitoring


•To ensure satisfaction of SOP on Shariah requirements

SOP review

•To ensure product structure, features and terms satisfy Shariah principles.

Products review

•To ensure accuracy of implementation based on akad requirements.

Financing implementation

•To ensure placement of funds in Shariah compliant instruments

Investments

Fieldwork Process of Shariah Review / Audit


•To ensure application of Ta’widh and post judgement default rate best practices

Compensation practices

•To ensure accuracy of ibra’ / demand secured amount upon default practices.

Recovery practices

•To ensure accuracy of liquidation of security and validity of charges.

Liquidation practices

•To ensure proper monitoring and channelling of tainted fund to relevant CSR. (Mode Quarterly audit program only)

Managing SNC fund

Shariah audit exemption : 1) Financial statement / report / accounting treatment are exempted from Shariah audit. Upon request (if any) the herein accounting related

mentioned scope of audit shall be conducted on separate audit program in accordance to the acceptable financial accounting standard. 2) However financial report might be required as disclosure / support evidence of operational Shariah compliance audit investigations. The key reference of Shariah for review process will be made to the following : 1) Resolution of Shariah Committee ; (compulsory) 2) Resolution of Shariah Committee SAC, BNM / Securities Commission; (optional) 3) AAOIFI Shariah Standard; (optional) 4) Resolution of OIC Fiqh Academy (optional)


Shariah Audit Mode

Option 1 Annual Audit

•12 weeks audit field

•(single visit)

•Single audit report

•Total duration of audit – 12 weeks

Option 2

Semi Annually

•6 weeks audit field for every semi annual

•(2 visits)

•2 audit reports with consolidated report

•Total duration of audit– 24 weeks

Option 3

Quarterly

•4 weeks audit field for every 1st, 2nd and 3rd quarter

•(3 visits)

•3 audit reports with consolidated report

•Total duration of audit – 36 weeks

M1

(2 weeks)

Review SOP, guidelines etc.

Review Products Review agreements

Collecting audit evidence

M1

(2 weeks) Review on client

Review on transactions

Review investment placement.

Collecting audit evidence

M2

(2 weeks) Drafting finding

Inquiry and feedback

Suggest plan for corrective measures

Finalizing report

M2-M3

(6weeks)

Conform progressive / accomplished corrective measures

Consolidated Shariah audit report

Final rating, Close audit, tabulation to company authority (Shariah Committee)

Shariah Audit Plan and Timeline


Sampling Quantity •1/3 of zoomed probabilities of high SNC risk from total filing on

applicable review and/or random checking of 2/3 from the population (depending on the level of risk).

Sampling Quality

•Cases financing high risk / embellishment products, early settlement, default financing, cases collaterals being liquidated, rescheduling & restructuring cases, overlapping, business conversion and etc.

(Mode: Annual Audit)

Audit field

Audit field

Total duration of audit field : 1 months (4 weeks) Total duration of writing finding : 1/2 months (2 weeks) Total duration of reporting : 1 1/2 months (6 weeks) ***M is month – The duration can be customized according to request.

Final reporting

Consultancy

•Gathering input from stakeholders and request for sampling preparation.

Shariah Audit field

•Assessing the subject matters and disclosures.

Reporting & feedback

(where applicable)

•Identify causes and impact from evidences and feedback of stakeholders thus determine the corrective measures.

Endorsement period (if applicable)

•Finalize report, obtain final approval from DIS’s Shariah panel of expert and Shariah Committee.

Monitor & follow up undertaking of corrective actions

Consolidated report, final rating and audit closing.

Principle Shariah Audit Process


1st stage:

• To perform independent Shariah opinion based on relevant examination and assessment on products manual, relevant operational procedures, products features and products structure implementation of akad for applicable financing mentioned here above, including but not limited to relevant agreements and the last but not least investment and placement.

2nd stage:

•To perform independent Shariah opinion based on relevant examination and assessment on relevant guidelines where applicable, practices of all areas being mentioned in Shariah resolutions / Shariah standard.

3rd stage:

•To perform independent monitoring and follow up on implementations of recommendations / corrective measures to be undertaken by IFI on applicable matters reported previously.

4th / Final stage

• To perform independent Shariah opinion based on relevant examination and assessment on overall findings and recommendations, inclusive IFI accomplishment of undertakings of corrective measures for relevant issues to be consolidated from various report and monitoring stage hence conform proper IFI practice of Shariah compliance in accordance to best governance, and provide final audit rating.

Key Deliverables for Shariah Audit


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MARKET AWARENESS


Care about market Shariah awareness, let’s participate with us:

RM7,500

50 pax

Silver RM15,000

100 pax

Gold RM30,000

200 pax; or

2 series events

Platinum RM45,000

300 pax; or

3 series events

Diamond

You Contribute

•Sponsorship

We organize

•Program

We analyse

•Report

We determine the program prospective audience with your value added advice (i.e. students, government servants, agencies, your prospective clients, etc.) and we coordinate and organize the events related to Islamic Banking and Finance. We will invite your representative to deliver speech and officiate the events while we will undertake the rest of the whole event management and report to you the necessary post event.

Let us know the type of your fund to contribute. You may use tainted fund for purification (without publicity) and other type of fund such as zakat, CSR fund and etc. (with publicity). The advantages of publicity are sponsorship visibility in our advertisement and entitlement for analysis report of market survey on certain aspect of public knowledge on Islamic Finance.

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OUR GENERIC TERMS OF SERVICES

Terms and Conditions of Services


1) DIS lead consultant for a project shall be informed upon request. DIS has the right to determine other consultants to accompany lead consultants on availability basis.

2) IFI has the sole right at it’s discretion to choose optionally the mode of audit either annual, semi annual or quarterly audit. After decision by IFI in the inception of service, the audit mode shall not be changeable thereafter.

3) Depending on the mode of audit field, the professional fee is various which being charged for the twelve (12) months of service for progressive payment whereby any increment for extension of service period shall be subject to the mutual agreement.

4) Depending on the mode of audit field, DIS is only responsible to issue at maximum of two (2) formal Shariah audit reports (progressive review which not applicable for annual audit mode) and one (1) formal consolidated final Shariah audit report with conclusive report on level of accomplishment of corrective actions for a period of twelve (12) months of service.

5) Termination of service shall be at mutual agreement whereby professional fee shall be imposed based on consideration on the timeline of project and level of current service undertaken. Inception fee shall be deemed as ‘urbun for ujrah which shall not be refundable upon cancellation by IFI.

6) DIS shall not be made responsible for any overspending of project timeline due to unjustified deferment caused by other party.

7) Depending on the mode of audit field, payment of fee shall be made progressively, once within the first month of service inception, another payment in accordance with schedule being determined by the DIS and finally upon closing of service.

8) After expiry of service any engagement with DIS or any of its consultant shall be charged at hourly rate RM300 per hour to be capped at 4 hours per day.

9) Payment shall be credited (online payment) to Wadiah current account Maybank Islamic 562478159998 for DAR IMTIYAZ SOLUTION SA0355389-U or via cheque in the name of company DAR IMTIYAZ SOLUTION. The fee is not inclusive GST as the company is not yet GST registered.


WE ASSIST TO YOUR PATH


Contact us

Phone

03-58877503

Email

Fax

03-58877503

Consultancy : [email protected] General : [email protected] Training : [email protected] President : [email protected]


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