INTERNATIONAL SHARIAH AUDIT CONFERENCE
9th & 10th May 2011
Assoc. Prof. Dr. Asyraf Wajdi Dusuki
Head, Research Affairs
International Shari’ah Research Academy for Islamic Finance
(ISRA)
SHARIAH AUDIT
FRAMEWORK
Working
Committee
Research Group
1)
Prof Dr. Abdul Rahim Abdul Rahman (Principal/ ISRA Research
Fellow)
2)
Assoc. Prof. Dr. Shahul Hameed Haji Mohamed Ibrahim (INCEIF)
3)
Assoc. Prof. Dr. Syed Musa Al-Habshi (UNITAR)
4) Dr. Nawal binti Kasim (UiTM)
5)
Dr. Zurina binti Shafii (USIM)
6) Dr. Noraini binti Mohd Ariffin (UIA)
ENDS / ‫الغاية‬
The
Framework
of Islamic
Finance
Maqasid al-Shariah
(The Objectives of Shariah)
1st Level of
Compliant
Riba
Al-Zulm
(Qimar)
Gharar
MEANS/ ‫الوسيلة‬
Uqud
Musamma
Islamic Contract
Uqud Ghair
Musamma
Investment Activities
Rectifying & Purifying
2nd Level of
Compliant
Shariah-Compliant
Operation
Conversion Process
Hedging Instruments
Monitoring & Supervision
Social Responsibility
INTRODUCTION
Internal Shari’ah audit is defined as a systematic
process
of obtaining and
evaluating, sufficient and reliable evidence by an internal Shari’ah auditor, as a
basis to form an opinion, as to whether the operations and activities of the entity
being audited is in compliance with established Shari’ah criteria and reporting the
opinion thereon to the appropriate authority.
DEFINITION
The Internal Shari’ah Audit Framework for Islamic Financial Institutions (the
Framework) is designed to provide guidance on the coverage, scope, governance,
competency, processes and reporting requirements of Internal Shari’ah Audit
function of the IFI.
OBJECTIVE
SECTION III:
Audit
Charter
SECTION IV:
Audit
Governance
SECTION VI:
Audit Processess
SECTION II: Audit
Objectives
SECTION I:
Scope of
Internal
Shariah
Audit
Framework
SECTION V:
Competency
APPROACH
SECTION VII:
Reporting
Requirements
INTERNAL SHARI’AH
AUDIT ARRANGEMENTS
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Assoc. Prof .Dr Asyraf Wajdi Dusuki
Head of Research Affairs
ISRA @ INCEIF
2nd Floor, Annexe Block
Menara Tun Razak
Jalan Raja Laut
50350 Kuala Lumpur
MALAYSIA
General Line : +603-2781 4000
Fax : +603-2691 1940
Email
Website
: [email protected]
: www.isra.my