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ISLAMIC FINANCIAL ACCOUNTING STANDARDS (IFAS) 1 2 TREATMENT by a2302339

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									IBP WORKSHOP

ISLAMIC FINANCIAL ACCOUNTING                                                                          NOVEMBER 18, 2009


STANDARDS (IFAS) 1 & 2:
TREATMENT & ISSUES

The accounting and financial reporting in Islamic finance is unique in nature and
quite complicated at times. The relevant committees have developed IFAS-1
for Murabaha and IFAS-2 for Ijarah and are presently working on accounting
standards of other Islamic financial products. Such standards are approved by
SBP and notified by SECP. This workshop aims to give comprehensive knowledge
regarding the treatments specified by IFAS-1 and IFAS-2 and issues relating to
their implementation in Islamic Banking Institutions.
COVERAGE                                            LEAD TRAINER
IFAS-1 (Murabaha)                                   Mr. Omar Mustafa Ansari, Partner, Islamic
•	 What is Murabaha?                                Financial Services Group—Ford Rhodes Sidat
•	 Overall accounting treatment                     Hyder & Co, Chartered Accountants (a member
•	 Accounting treatment difference                  firm of Ernst & Young Global Limited). A fellow
    between IFAS-1 and AAOIFI Standards             member of ICAP, Omar has an experience of
•	 Sample accounting entries                        more than 15 years of professional services
•	 Issues relating to capital adequacy,             and his area of specialization is providing
    provisioning, classification of assets          services to Islamic finance industry. Omar
    and accounting for Liability Side               has been one of the key speakers, trainers,
                                                    anchor-man and panelist for training courses,
IFAS-2 (Ijarah)                                     lectures, discussion forums and TV shows
•	 What is Ijarah? Overall                          on Islamic finance and banking. He is the
    accounting treatment                            author of ‘Managing Finance—A Shariah
•	 Accounting treatment with respect                Compliant Way’, a book on Islamic finance.
    to the customers—summary
•	 Difference between IFAS-2                        CO-TRAINER
    and AAOIFI Standards                            Mr. Faizan Ahmed Memon, Manager, Islamic
•	 Sample accounting entries                        Financial Services Group—Ford Rhodes
•	 Issues relating to capital adequacy,             Sidat Hyder & Co, Chartered Accountants.
    provisioning, classification of assets,         Faizan has a Post Graduate Diploma in
    implementation and clarification by SBP         Islamic Banking and Finance and has an
                                                    overall experience of seven years, having
WHO SHOULD ATTEND                                   worked with AlBaraka Islamic Bank. He
Finance and Accounts Managers from                  has delivered various courses and lectures
Financial Institutions, Internal Auditors, Public   at various professional institutions.
Accountants, Product development teams,
Shariah advisors, Finance Managers for
Customers of Islamic Financial Institutions



Duration, Fee & Venue                                Further Information & Registration
One Day (9.30am–1.30pm)                              Mr. Robin Muzafar, Mr. Muhammad Akram
Rs.3,500/- per participant                           Phone: (021) 35686955, 35694245
The Institute of Bankers Pakistan                    Fax: (021) 35683805, 35222416
M.T. Khan Road, Karachi                              Email: m.akram@ibp.org.pk | rtpl@ibp.org.pk

								
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