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Internal Shariah Audit Overview
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Internal Shariah Audit Overview

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Questions and Answers

What is the main concern highlighted in the ISRA-UKIFC qualitative study regarding Shariah governance?

  • Overreliance on the Shariah Supervisory Board's own work for auditing. (correct)
  • Inadequate regulatory framework for Shariah compliance.
  • Lack of qualified practitioners involved in Shariah governance.
  • Absence of standard-setting bodies in the Shariah compliance process.

    • What is a common practice mentioned in the ISRA-UKIFC publication regarding external Shariah audits?

  • Exclusively relying on multilateral standard-setting bodies for audits.
  • Issuing an annual opinion on the compliance of contracts with Shariah by the SSB. (correct)
  • Having the internal Shariah compliance unit undertake the entire external audit.
  • Relying solely on the external conventional auditor for Shariah compliance.

    • What is a key challenge mentioned in the text regarding the Shariah Supervisory Board's audit process?

  • Inadequate regulations for Shariah audits in select jurisdictions.
  • Shortage of audit resources within the SSB.
  • The SSB mainly relying on the external Shariah compliance units for audits.
  • Risk of bias due to the SSB reviewing its own work. (correct)

    • In the ISRA-UKIFC study, what is one of the roles of the internal Shariah compliance unit/review department mentioned?

    <p>Issuing an annual opinion certifying Shariah compliance.</p> Signup and view all the answers

    What is the main issue associated with the Shariah Supervisory Board's reliance on its own work for auditing, according to the ISRA-UKIFC publication?

    <p>Risk of confirming non-compliance issues as compliant.</p> Signup and view all the answers

    What does the ISRA-UKIFC report suggest as a way to address the concerns regarding the Shariah audit process?

    <p>Regularizing the publication of the SSB's annual opinion.</p> Signup and view all the answers

    What is a significant difference between Shariah auditors and conventional auditors highlighted in the ISRA-UKIFC qualitative study?

    <p>Shariah auditors require specific Islamic education.</p> Signup and view all the answers

    What is a key aspect regarding the Shariah audit process that the ISRA-UKIFC report emphasizes as critical for Islamic Financial Institutions?

    <p>Maintaining the independence of Shariah auditors.</p> Signup and view all the answers

    According to the ISRA-UKIFC publication, why is it a concern that the Shariah Supervisory Board reviews its own work in the audit process?

    <p>It may result in overlooking non-compliance issues.</p> Signup and view all the answers

    In the ISRA-UKIFC report, what is the suggested approach to improve Shariah governance within Islamic Financial Institutions?

    <p>Enhancing the collaboration between SSB and internal auditors.</p> Signup and view all the answers

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