GRM 2010 GRM 2011

Abstract Details

 
AUTHOR NAME
 
Family Name:
shafii
 
First Name:
zurina
 
ABSTRACT OF PAPER
 
Title of Paper:
SHARIAH GOVERNANCE AND AUDIT MECHANISMS IN GCC COUNTRIES
 
Paper Proposal Text :
ABSTRACT
Shariah Governance and audit is a center of debatable issue on its practice in the IFIs. It is one of the vital elements of corporation as it promotes principles of equality, accountability and transparency. The primary objective in the establishment of Shariah governance in the IFIs is to enhance the role of the board, the Shariah Committee and the management in relation to Shariah matters. For the Shariah governance to be in place, an IFI must ensure the Shariah compliance function to be carried out through the Shariah review and Shariah audit functions. To date, only a limited number of studies on Shariah audit practices in GCC countries. There are arguments on how, why, who, when and what should be the best practices in conducting Shariah audit. Thus, this study aims to identify and compare the practice of Shariah audit among GCC countries such as Bahrain, Saudi Arabia, Kuwait, UAE and Qatar. This is due to the different practices held by different IFIs in practicing Shariah audit. The Shariah audit requirements in these countries differ from one and another due to lack of consistency in what constitutes Shariah audit. Based on the literatures of various practices in the GCC countries, this paper proposes a guideline that can be used as a standard practice in conducting Shariah audit among the IFIs in GCC countries.

Keywords: Shariah audit, harmonization, transparency
 
 
 

WITH THE GENEROUS SUPPORT OF