Shari’ah Compliance, Audit & Governance Advisory
Shari’ah-compliance of an Islamic financial institution plays a crucial role in its day-to-day activities. It became a norm for every Islamic financial institution to have its own Shari’ah Advisory Board (SAB) or Shari’ah Supervisory Board (SSB), either internal or external. The main role of the Shari’ah Advisory Board is to review, advice and approve all financial products used by that particular institution. In this regard, we can assist in forming of Shari’ah Advisory Boards for companies and financial institutions.
Similarly, conducting Shari’ah audit on a regular basis is a crucial step needed to reassure all stakeholders of Islamic financial institutions that their products are in line with Shari’ah requirements, from the product development and implementation to the maturity. In this regard, we can review existing products and make sure that Shari’ah non-compliance risk is mitigated and embedded in the risk management framework.