Enhancing Shariah Audit Practices In Islamic Financial Institutions In Malaysia

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Enhancing Shariah Audit Practices in Islamic Financial Institutions in Malaysia

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Author : Muhammad Iqmal Hisham Kamaruddin
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (13 download)

Book Synopsis Enhancing Shariah Audit Practices in Islamic Financial Institutions in Malaysia by : Muhammad Iqmal Hisham Kamaruddin

Download or read book Enhancing Shariah Audit Practices in Islamic Financial Institutions in Malaysia written by Muhammad Iqmal Hisham Kamaruddin and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is undeniable that Islamic financial institutions (IFIs) in Malaysia are growing with a positive impact on the national economic growth. In order to sustain and maintain Shariah compliance in Islamic financial industry, adequate Shariah audit practices are necessary to ensure that the operation of IFIs should be in parallel with Shariah guidelines and policies set by the authority. In order to equip Islamic industry practitioners with adequate Shariah audit practices, Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM) has introduced a professional Shariah Audit Training (SAT) program for IFIs staffs. SAT is a program that covers various aspects on Shariah audit practices starting from Shariah principles, Shariah governance, Shariah audit program, Shariah audit process, Shariah audit fieldwork, Shariah risk management and Shariah audit communications. Modules used in SAT have been developed based on collaboration between academic institutions and industry players in order to ensure that the knowledge and practice in the industry are harmonized and relevant. The series of trainings conducted in the program are believed to achieve the programme's ultimate objective which is to produce Shariah auditors who are qualified and trained to fill the gap for Islamic finance industry. The objective is to produce talents with adequate Shariah audit knowledge. This study provides the result of the SAT program toward IFIs practitioners' skills and knowledge on Shariah audit practices.

A Mini Guide to Shari'ah Audit for Islamic Financial Institutions - A Primer

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Author : Syed Alwi Mohamed Sultan
Publisher : CERT Publications Sdn Bhd
ISBN 13 : 9834278578
Total Pages : 166 pages
Book Rating : 4.8/5 (342 download)

Book Synopsis A Mini Guide to Shari'ah Audit for Islamic Financial Institutions - A Primer by : Syed Alwi Mohamed Sultan

Download or read book A Mini Guide to Shari'ah Audit for Islamic Financial Institutions - A Primer written by Syed Alwi Mohamed Sultan and published by CERT Publications Sdn Bhd. This book was released on 2007 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Contemporary Analysis on the Practices of Shariah Review by the Islamic Banks in Malaysia

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Author : Zariah Abu Samah
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.:/5 (957 download)

Book Synopsis A Contemporary Analysis on the Practices of Shariah Review by the Islamic Banks in Malaysia by : Zariah Abu Samah

Download or read book A Contemporary Analysis on the Practices of Shariah Review by the Islamic Banks in Malaysia written by Zariah Abu Samah and published by . This book was released on 2014 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: The key value proposition offered by Islamic banking and finance is an end-to-end Shariah compliant business environment. In supporting the above proposition, Bank Negara Malaysia (BNM) had on October 20 I 0 issued the Shariah Governance Framework for Islamic Financial Institutions (the Framework) with the aims to strengthen the Shariah Governance process, accountability. decision making and independence of Shariah Committee. One of the important expectations of BNM via the Framework is for the Islamic Financial Institutions (IFis) to outline and perform the functions of Shariah Risk Management control. Shariah Audit and Shariah ReviC\\ for a comprehensive Shariah compliant environment in their operation and business activities. Shariah Review is a new mechanism in managing and controlling Shariah compliance and being allocated an important function to continuously assess Shariah compliance of IF!s' operations and business activities. Its introduction received several comments from the Islamic banking players. which stated that its function is more or less similar to Shariah Audit function that would entail to duplication of function. It was also proposed by the Islamic banking players to merge the Shariah review function with those under Shariah audit or Compliance. This paper focuses on the Shariah Review function performed by the Islamic banks for the past three years and to evaluate whether their Shariah review function is similar to those of Shariah audit and Compliance. Hence. the objective of this paper are ( 1) to analyze the existing practices of Shariah review function by the Islamic banks, (2) to identitY gaps in the Shariah review function performed by Islamic banks in comparison to those stipulated in the Framework and (3) to gather feedbacks and comments from the Islamic banks on whether there is a need to propose enhancement to the Shariah review !unction of the Framework. which could contribute towards clarity and more efTcctive Shariah review function in delivering its deliverables.

Corporate Governance in Institutions Offering Islamic Financial Services

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Author : Wafik Grais
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4./5 ( download)

Book Synopsis Corporate Governance in Institutions Offering Islamic Financial Services by : Wafik Grais

Download or read book Corporate Governance in Institutions Offering Islamic Financial Services written by Wafik Grais and published by World Bank Publications. This book was released on 2006 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information.

Shariah Governance in Islamic Banking Institutions

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Author : Shafiullah Jan
Publisher : Taylor & Francis
ISBN 13 : 1000899349
Total Pages : 191 pages
Book Rating : 4.0/5 (8 download)

Book Synopsis Shariah Governance in Islamic Banking Institutions by : Shafiullah Jan

Download or read book Shariah Governance in Islamic Banking Institutions written by Shafiullah Jan and published by Taylor & Francis. This book was released on 2023-07-04 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shariah governance assumes the primary instrument through which Islamic Banking Institutions (IBIs) ensure the Islamicity of their products, services, operations, and internal environments. It is considered to be one the fundamental elements that differentiates IBIs from their traditional counterparts. Shariah Governance in Islamic Banking Institutions provides a critical overview of the key aspects pertaining to Shariah governance within Islamic financial institutions and presents a detailed analysis of its conceptual background. The authors have identified the unique issues that have emerged due to the integration of Shariah, namely the involvement of the Shariah supervisory board (SSB), in the corporate governance arrangements of Islamic banks. These issues relate to disclosure, transparency, independency, consistency, confidentiality, competency, and reputation. The book details the doctrines of Shariah pronouncements in Islamic banks, the importance of having a central advisory board at a regulatory level in the standardization of Islamic banking practices, as well as the competence required for Shariah supervisory board members. It provides a critical analysis of the Shariah governance framework in Pakistan and introduces the authors’ vision of an ideal Shariah governance framework. Furthermore, the chapters offer guidance in promoting effective policies for improving Shariah governance. This is one of the core challenges facing Islamic banks, namely, to ensure compliance with faith and provide legitimacy to the business of IBIs, and as such, the book will appeal to both the research and professional communities.

Exploring Practitioners' Perceptions of Shariah Audit in Malaysia

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Author : Fatihu Shehu Isa
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (957 download)

Book Synopsis Exploring Practitioners' Perceptions of Shariah Audit in Malaysia by : Fatihu Shehu Isa

Download or read book Exploring Practitioners' Perceptions of Shariah Audit in Malaysia written by Fatihu Shehu Isa and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Foundations of Shari'ah Governance of Islamic Banks

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Author : Karim Ginena
Publisher : John Wiley & Sons
ISBN 13 : 1118460804
Total Pages : 408 pages
Book Rating : 4.1/5 (184 download)

Book Synopsis Foundations of Shari'ah Governance of Islamic Banks by : Karim Ginena

Download or read book Foundations of Shari'ah Governance of Islamic Banks written by Karim Ginena and published by John Wiley & Sons. This book was released on 2015-02-27 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide for robust sharī'ah governance ofthe Islamic banking industry Debate in the market on the extent of sharī'ahcompliance of Islamic banks, their products, and activities haspiqued stakeholders' interest. In Foundations of Sharī'ahGovernance of Islamic Banks, Karim Ginena and Azhar Hamidexplore the depths of sharī'ah governance to unravelits mysterious dimensions, and equip academics and practitionerswith a solid understanding of the subject, which has become aserious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain thesharī'ah risk that Islamic banks experience, andpresent a compelling argument for how this should be done. Ginenaand Hamid propose a robust sharī'ah governance modelthat comprehensively tackles thisrisk, and helps improve the extentof sharī'ah compliance of market players. The authorsdetail the internal, external, and institutional arrangementsneeded to promote responsible sharī'ah governance, andcritically analyze current laws, regulations, and industrypractices on the topic. The chapters of the book do thefollowing: Examine the roots, characteristics and objectives ofsharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ahgovernance, explore the different approaches adopted by bankingsupervisors, and provide examples of relevant legal and regulatorymeasures; Explain to bank directors and management the fiduciary dutythey assume with respect to sharī'ah compliance, anddetail how they could discharge this responsibility in line withbest practices; Elaborate on the purpose of the Sharī'ahSupervisory Board (SSB), its responsibilities, competence criteria,internal regulations, and key governance guidelines; additionally,they explore different SSB models; Describe the internal sharī'ah control systemincluding its six components, and examine the internalsharī'ah audit function as well as different stages ofconducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, withguidance on reporting lines, scope of duties, authority, andpractical ways on fulfilling tasks, such as a samplesharī'ah risk assessment grid and auditchecklists; Discuss the newly emerging external sharī'ahadvisory firms that are expected to play a key role in the comingyears and the services they provide. Through an effective treatment of each of these elements, andthe way that they interact with one another, the book offers afresh take on how robust sharī'ah governance of Islamicbanks can be successfully accomplished. It is a comprehensiveresource for academics, regulators, directors, lawyers, auditors,consultants, employees, and customers of Islamic banks interestedin learning more about these challenges. This essential readingpersuasively extends the discourse on the subject and addressescritical sharī'ah issues that have policy implicationsfor decision makers in jurisdictions aiming to attract thefast-growing Islamic finance industry or increase their marketshare.

Shariah Governance Practices in Malaysian Islamic Financial Institutions

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Author : Zulkarnain Muhamad Sori
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (13 download)

Book Synopsis Shariah Governance Practices in Malaysian Islamic Financial Institutions by : Zulkarnain Muhamad Sori

Download or read book Shariah Governance Practices in Malaysian Islamic Financial Institutions written by Zulkarnain Muhamad Sori and published by . This book was released on 2015 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Central Bank of Malaysia (Bank Negara Malaysia or BNM) introduced the Shariah Governance Framework (SGF) in 2010 and required all Islamic Financial Institutions (IFIs) to fully implement in 2011. The objective is to provide a proper regulatory framework for IFIs to function within the required Sharia framework that will help further strengthen the international investor confidence in the fast growing Islamic Finance Industry in the country. However, to realize this objective, the IFIs must 'buy-in' and provide the necessary infrastructure to effectively implement the requirements of the framework. This paper deliberates on the level of commitment and implementation of the requirements of the framework by IFIs in the country, and highlights the success factors, challenges and suggestions for effective implementation of this framework. Sixteen Shariah committee members from 16 different IFIs were interviewed on the issues of interest and the findings suggest that IFIs perceive that SGF is not only relevant but necessary to ensure that Shariah committees to keep the gates on the IFIs business operations. It has provided an avenue for Shariah experts to actively participate in the Shariah Risk Management Control Function, Shariah Review Function, Shariah Research Function and Shariah Audit Function.

Corporate Governance in Islamic Financial Institutions

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Author : Muhammad Umer Chapra
Publisher :
ISBN 13 : 9789960321332
Total Pages : 165 pages
Book Rating : 4.3/5 (213 download)

Book Synopsis Corporate Governance in Islamic Financial Institutions by : Muhammad Umer Chapra

Download or read book Corporate Governance in Islamic Financial Institutions written by Muhammad Umer Chapra and published by . This book was released on 2002 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt:

An Analysis of Shari'ah Audit Practices in Islamic Banks in Malaysia

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Author : Nur Laili binti Ab Ghani
Publisher :
ISBN 13 :
Total Pages : 400 pages
Book Rating : 4.:/5 (957 download)

Book Synopsis An Analysis of Shari'ah Audit Practices in Islamic Banks in Malaysia by : Nur Laili binti Ab Ghani

Download or read book An Analysis of Shari'ah Audit Practices in Islamic Banks in Malaysia written by Nur Laili binti Ab Ghani and published by . This book was released on 2014 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shari'ah audit is an important element to ensure Shari'ah compliance in Islamic banking operations. Currently in Malaysia, each Islamic bank and financial institution is required by the Shari'ah Governance Framework to establish the Shari'ah audit function to provide reasonable assurance and ensure an effective internal control system for Shari'ah compliance. At the moment, there is lack of empirical studies conducted to ensure proper practice of the Shari'ah audit in Islamic banks in the absence of a Shari'ah audit framework. The primary objective of this research is to determine the extent of Shari'ah audit practices in Islamic banks in Malaysia. The study also evaluates the supervisory and practical challenges in the implementation of Shari'ah audit practices. The research adopts the mixed method approach consisting of a survey questionnaire and structured interviews. Survey questionnaires were distributed to the heads of Shari'ah audit, internal Shari'ah auditors, Shari'ah executives and Shari'ah Committee members of 16 Islamic banks in Malaysia. The study conducts structured interviews with the Shari'ah Committee members in selected Islamic banks. The study adopts the Exposure Draft of Internal Shari'ah Audit Framework (ISAF) issued by the International Shari'ah Research Academy (ISRA) as a benchmark to measure the extent of Shari'ah audit practices. From the findings, the results indicate that almost all Islamic banks have established the audit objectives, governance structure, competency of internal Shari'ah auditors, audit process and reporting requirements as part of their Shari'ah audit practices. However, some Islamic subsidiaries have excluded audit scope and audit charter. Also, internal Shari'ah auditors, Shari'ah executives and Shari'ah Committee members agreed that it is important to develop a proper structure for the Shari'ah audit function in Islamic banks. The study found that Shari'ah Committee members understand Shari'ah audit in terms of ensuring Shari'ah compliance, the need to ensure competency of internal Shari'ah auditors and the need to have audit guidelines. They also faced challenges such as to supervise Shari'ah audit findings, to determine Shari'ah audit work and to conduct an internal Shari'ah audit. In conclusion, the good Shari'ah audit practices in Islamic banks have constituted a positive development in enhancing the integrity of Islamic banks. This further highlights the need for Bank Negara Malaysia to establish a standard Shari'ah audit framework in Malaysia.

Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services

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Author : Wafik Grais
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4./5 ( download)

Book Synopsis Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services by : Wafik Grais

Download or read book Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services written by Wafik Grais and published by World Bank Publications. This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services.

Research in Corporate and Shari'ah Governance in the Muslim World

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Author : Toseef Azid
Publisher : Emerald Group Publishing
ISBN 13 : 1789730074
Total Pages : 456 pages
Book Rating : 4.7/5 (897 download)

Book Synopsis Research in Corporate and Shari'ah Governance in the Muslim World by : Toseef Azid

Download or read book Research in Corporate and Shari'ah Governance in the Muslim World written by Toseef Azid and published by Emerald Group Publishing. This book was released on 2019-05-20 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world.

Islamic Banking Regulation and Supervision

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Author : Mr.In Song
Publisher : International Monetary Fund
ISBN 13 : 1498319270
Total Pages : 42 pages
Book Rating : 4.4/5 (983 download)

Book Synopsis Islamic Banking Regulation and Supervision by : Mr.In Song

Download or read book Islamic Banking Regulation and Supervision written by Mr.In Song and published by International Monetary Fund. This book was released on 2014-12-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.

Shariah Audit In-Regularities on Financial Performance of Islamic Banks

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Author : Muhammad Muzammil
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (129 download)

Book Synopsis Shariah Audit In-Regularities on Financial Performance of Islamic Banks by : Muhammad Muzammil

Download or read book Shariah Audit In-Regularities on Financial Performance of Islamic Banks written by Muhammad Muzammil and published by . This book was released on 2020 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the increase of Islamic financial institutions across the world, it is integral to identify the significance and impact caused by its amalgamation of the improved financial performance of these banks. The primary objective of this research was to assess the Shariah audit in-regularities of Islamic banks in Pakistan. This was achieved using an exploratory study design. Qualitative interviews using a semi-structured approach were held with the 15 interviewees, who highlighted the different ways performance can be enhanced, and Shariah audit in-regularities can be adopted. The content analysis approach is used, which helps highlight that Islamic banks in Pakistan further require improvement as well as enhancement in their skill set. The absence of regulations and standards impacts the financial performance of Islamic banks in Pakistan, given their indulgence in the first-time established practices. Different procedures concerning the operations of the Islamic banks aimed at improving its style should be promoted. It suggests the integration of transparent practices, improved training, and the adoption of standardized policies for better financial performance in the Islamic banks in Pakistan. It also suggests that future researches could use different settings, designs, and samples for enhancing the research scope.

Dynamics of Shariah Auditing in Islamic Institutions

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Author : Nawal binti Kasim
Publisher :
ISBN 13 :
Total Pages : 598 pages
Book Rating : 4.:/5 (957 download)

Book Synopsis Dynamics of Shariah Auditing in Islamic Institutions by : Nawal binti Kasim

Download or read book Dynamics of Shariah Auditing in Islamic Institutions written by Nawal binti Kasim and published by . This book was released on 2009 with total page 598 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study argues that shariah auditing has a key importance as there is a growing awareness among Islamic institutions that every such institution should contribute towards achieving the objectives of the Islamic law {Maq'asid Asy-Shariah). The primary objective of this research is to examine the theoretical and practical aspects of shariah auditing in IFIs in Malaysia with the ultimate aim of identifying whether there is a gap between the theoretical and actual practice. The focus of the study revolves around four aspects of issues, i.e. the framework, the scope, the qualification and the independence, hi the course of achieving the objective, this study surveys different groups of respondents who are involved with shariah compliance/auditing in the IFIs using questionnaires and interviews. It is suggested that there is a need to have regular independent shariah audits in IFIs as people are now experiencing a movement along a continuum from a society that trusts everything and audits nothing to a society that trusts nothing and audits everything. The concept of shariah auditing should be extended to the activities relating to among others, the system, the products, the employees, the environment and the society. There is a need to develop a useful shariah audit framework to ensure effectiveness of the goals of shariah compliance in IFIs which in turn can contribute positively to the ummah (society) at large. Persistently high expectations from the operations of IFIs appear to give way for a gap to exist between "what ought to be" shariah auditing and the current practice of shariah audit in IFIs in Malaysia. Sulaiman (2005) mentioned that "what ought to be desired (the desirable)" may not coincide with "what is actually desired (the desired)" and in consequent "what is actually desired" may not be the same as "the actual" practice. In view of that, this study also explores empirically the gap between "the desirable" and "the actual" practice of shariah auditing in IFIs in Malaysia. It is found that there exists a gap between the two concepts in terms of the four issues discussed in this study. Even though this study cannot hope to bridge the gap that exists, it nevertheless shows that shariah audit function has not seriously taken an impact in IFIs in Malaysia despite its potential as a monitoring tool for shariah compliance.

Governance and Shariah Audit in Islamic Financial Institutions

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Author : Mustafa Mohd. Hanefah
Publisher :
ISBN 13 : 9789670393469
Total Pages : 244 pages
Book Rating : 4.3/5 (934 download)

Book Synopsis Governance and Shariah Audit in Islamic Financial Institutions by : Mustafa Mohd. Hanefah

Download or read book Governance and Shariah Audit in Islamic Financial Institutions written by Mustafa Mohd. Hanefah and published by . This book was released on 2012 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Shari'ah Governance in Islamic Banks

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Author : Zulkifli Hasan
Publisher : Edinburgh University Press
ISBN 13 : 0748668373
Total Pages : 256 pages
Book Rating : 4.7/5 (486 download)

Book Synopsis Shari'ah Governance in Islamic Banks by : Zulkifli Hasan

Download or read book Shari'ah Governance in Islamic Banks written by Zulkifli Hasan and published by Edinburgh University Press. This book was released on 2012-07-26 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth and insightful study of Shari'ah governance from a theoretical and practical perspective