On 21st November 2013, the Islamic Technical Unit (ITU) conducted the third MASB Islamic Finance Master Class for academicians from public and private universities in Malaysia. The objective of the master classes is to provide updates and create awareness of IFRS/MFRS developments.
This year’s master class provided an introduction to Islamic financial reporting under an IFRS framework and covered the latest IFRS developments on leases, financial instruments, insurance contracts and revenue from contracts with customers. As the name implies, the master class focussed on the impact of the proposed standards on Islamic finance transactions. The topics were presented by Pn Mas Sukmawati Abu Bakar (Associate Director, Islamic Research), Ms Christine Lau (Project Director, Financial Instruments) and Pn Nadiah Ismail (Assistant Technical Manager, Islamic Research). Ms Tan Bee Leng (MASB Technical Director) provided welcoming remarks.
We were also honoured to have Mr Badlisyah Abdul Ghani, the CEO of CIMB Islamic Bank Berhad, as a guest speaker at the master class. His thought-provoking views on the application of Islamic principles in a banking environment opened up a lively discussion of the subject.