Shariah Assurance and Auditing

Non-compliance with Shariah by the institutions offering Shariah-compliant products can have serious implications and reputational risk. See our section on Shariah-non compliance risks.

According to the Accounting and Auditing Organization for Islamic Financial (AAOIFI) guidelines, every entity involved in Islamic finance should perform a yearly Shariah auditing on its Islamic finance products to ensure their contact compliance with Shariah guidelines.

Shariah Auditing is the process by which a Shariah Auditor reviews, on periodic intervals, the structure and the implementation of a Shariah-compliant product to determine whether the recommendations of the Shariah Supervisory Board and the Fatwa have been followed. The Shariah auditing which can be either quarterly or biannual based on the client's preference.

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Our one stop shop team will work with your team to provide a tailored approach for your needs.