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What is the main concern highlighted in the ISRA-UKIFC qualitative study regarding Shariah governance?
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?
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?
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?
In the ISRA-UKIFC study, what is one of the roles of the internal Shariah compliance unit/review department mentioned?
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?
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?
What does the ISRA-UKIFC report suggest as a way to address the concerns regarding the Shariah audit process?
What does the ISRA-UKIFC report suggest as a way to address the concerns regarding the Shariah audit process?
What is a significant difference between Shariah auditors and conventional auditors highlighted in the ISRA-UKIFC qualitative study?
What is a significant difference between Shariah auditors and conventional auditors highlighted in the ISRA-UKIFC qualitative study?
What is a key aspect regarding the Shariah audit process that the ISRA-UKIFC report emphasizes as critical for Islamic Financial Institutions?
What is a key aspect regarding the Shariah audit process that the ISRA-UKIFC report emphasizes as critical for Islamic Financial Institutions?
According to the ISRA-UKIFC publication, why is it a concern that the Shariah Supervisory Board reviews its own work in the audit process?
According to the ISRA-UKIFC publication, why is it a concern that the Shariah Supervisory Board reviews its own work in the audit process?
In the ISRA-UKIFC report, what is the suggested approach to improve Shariah governance within Islamic Financial Institutions?
In the ISRA-UKIFC report, what is the suggested approach to improve Shariah governance within Islamic Financial Institutions?
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