Zurina Shafii Ahmad Zainal Abidin Supiah Salleh

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1 Integrated Internal-External Shariah Audit Model: A Proposal towards the Enhancement of Shariah Assurance Practices in Islamic Financial Institutions Zurina Shafii Ahmad Zainal Abidin Supiah Salleh

2 Agenda 1. What is Shariah Assurance? What does it constitutes of? 2. The state of Shariah assurance in GCC, Sudan, Pakistan, Indonesia Malaysia active IDB member countries practicing Islamic finance 3. Internal-External Shariah audit model Integrated Assurance Model

3 Shariah Assurance Model SC Assurance Oversight BOD SC Assurance Actors BAC, BRC SC Shariah audit Risk management officers Shariah Reviewers/ Compliance Officers Shariah researchers Line managers MC 3

4 Shariah Assurance Hierarchy Shariah audit Risk management officers Shariah Reviewers Shariah Researchers Line managers 4

5 Shariah Audit Scope Scope of audit (SGF) Audit of financial statements of IFIs Compliance audit on org structure, people & information technology application system Review adequacy of Shariah governance process 5

6 Shariah Issues in Financial Statements Source of finance; equity, debt? SC investment Treasury; risk management, hedging mechanisms Capital, investment, treasury PER Ibra Ta widh Income and expenses Zakat Profit distribution Non-SC income purification Distribution 6

7 Auditing for the Compliance to Shariah Principles Observations of prohibitions in the Shariah No Riba, Gharar, Maysir, prohibited activities Fulfillment of the contract requirements according to Shariah fulfillment of the commandments or arkan of contracts and conditions to each of the arkan of the contracts. Major non-compliance occur if the contract does not satisfy its arkan, Minor non-compliant occur if certain conditions were not observed. Proper use of Muamalat concepts Satisfy the Maqasid of Shariah 7

8 Compliance Audit 8

9 Review of Adequacy of Shariah Governance 9

10 The coverage of audit prescribed in Nature of Work Section (IPPF,2013) 10

11 Shariah Assurance Practices in IDB member countries Shariah Review Shariah Audit Kuwait Shariah Supervisory Dept. ND Bahrain Shariah Supervisory Department Internal Shariah audit Dept. UAE Shariah Supervisory Department ND Qatar Shariah Supervisory Department Shariah Audit Dept. Saudi Arabia Shariah Supervisory Department ND Pakistan Shariah Adviser Internal Audit Dept. Sudan Shariah Committee ND Indonesia Shariah Committee ND Malaysia Shariah Committee Internal Audit Dept.

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15 Internal Shariah Audit on Financial issues Internal control for Shariah issues in financial statements. Does the designed policies observed with proper internal control mechanisms within IFIs?

16 External Shariah audit-financial statements IFRS 9 financial instruments financial assets should be measured at fair value unless they are measured at amortised cost. Fair value issue and amortised cost issue (cash flows may be said to closely resemble payments of principal and interest, KFH Research (2012). The applicability of the use of Expected Credit Loss Model for the impairment of financial assets that uses mudharabah and musharakah as the underlying concepts IFRS4 Insurance contracts- Does the definition includes takaful? Further engagement is needed for takaful accounting to reflect the intended design

17 Concluding Remarks and Policy Implications The model could be used to devise policies with regards to Shariah assurance mechanisms, especially on policies related to Shariah audit conduct. The integrated model of internal-internal Shariah audit will promote efficiency and effectiveness of Shariah audit practice in IFIs. The model helps to mitigate Shariah noncompliance risk, i,e. the litigation from depositors, shareholders and investors

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