Date post: | 15-Jun-2015 |
Category: |
Economy & Finance |
Upload: | mahmod-atrash |
View: | 281 times |
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Auditing for Islamic financial institutions
Done by: Mahmod Atrsah Supervisor: Muiz Abu Alia
Sharia’a Scholars play a pivotal role in the Islamic Finance sector, as it is only following their explicit approval that a product or transaction is deemed to be Sharia’a compliant.
There is a recognized shortage of suitably qualified Sharia’a Scholars in the industry, serving an increasing number of Islamic Finance institutions. (1)
At Deloitte, we are unique in offering access to Sharia’a advice. Our Sharia’a Scholar, Mufti Hassaan Kaleem, works alongside our Islamic Finance practitioners, together creating an unrivalled ability to provide innovative market leading advice.
At Deloitte
The scope of services we provide include:
We help institutions address Sharia’a issues prior to engaging their Sharia’a Supervisory Board. This mitigates the risk of Sharia’a non-compliance; an important factor considering the significant resources that can be invested in developing products, transaction structures or business operations. Crucially, we can also facilitate an efficient Sharia’a Supervisory Board final approval process through “Scholar to Scholar” interaction.(2)
Pre-Sharia’a Board approval support:
We design and execute audit programmes to facilitate the ongoing monitoring of Sharia’a compliance as defined by your Sharia’a Supervisory Board. This enables Sharia’a Supervisory Boards to effectively discharge their responsibilities, and provides the management team with a third party review.
Sharia’a internal audit programmes
We help institutions design and implement robust governance frameworks, reflecting the specific requirements of operating under a Sharia’a Compliant framework.(3)
Sharia’a governance framework
Zakat Advisory is a service to calculate the correct amount of Zakat payable by an individual or a company in accordance with Sharia’a.
Zakat Advisory
Client Team
Deloitte Islamic Finance Team
Deloitte Islamic Finance Scholar
Client Sharia’a Board
The Islamic Product Development Advisory services provides a one-top solution for product development requirements, from design through to implementation.
We combine deep knowledge of Islamic financing techniques with a comprehensive understanding of tax and regulatory requirements to assist in the development of market leading products in line with Sharia’a requirements.
Islamic Product Development
Mufti Hassaan Kaleem
Mufti Hassan Kaleem studied Islamic jurisprudence at Jamia Darul Uloom Karachi and specialized in the science of issuing Islamic legal edicts.
He serves on the Shariah board of a number of international institutions including Deloitte and Bank al-Baraka. He is renowned as an expert on Takaful (Islamic insurance).