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SHARIAH GOVERNANCE FRAMEWORK (SHARIAH COMPLIANCE & RESEARCH FUNCTIONS,…
SHARIAH GOVERNANCE FRAMEWORK
OBJECTIVES
sets out the expectations of the Bank on an IFI’s Shariah governance structures, processes and arrangements to ensure that all its operations and business activities are in accordance with Shariah;
provides a comprehensive guidance to the board, Shariah Committee and management of the IFI in discharging its duties in matters relating to Shariah
outlines the functions relating to Shariah review, Shariah audit, Shariah risk management and Shariah research
THE USEFUL OF FRAMEWORK TO THE MANAGEMENT OF IFIs
to safeguard the independence of the Shariah Committee in ensuring sound Shariah decision-making and emphasis on the role of the board of directors
expected competencies to ensure key functions are capable of implementing Shariah governance.
emphasises the importance of observing and preserving confidentiality, and improving the level of consistency in decision making by the Shariah Committee.
FUNCTIONS & KEY ORGANS
BOARD
Overall oversight on Shariah governance structure & Shariah compliance
SHARIAH COMMITTEE
Oversight accountability on Shariah related matters
MANAGEMENT
Ensure executions of business & operations are in accordance with Shariah principles
SHARIAH COMPLIANCE & RESEARCH FUNCTIONS
SHARIAH RISK MANAGEMENT CONTROL FUNCTION
Identify, measure, monitor, report & control Shariah
non-compliance risk
SHARIAH REVIEW FUNCTION
Review business operations on regular basis to ensure Shariah compliance
SHARIAH RESEARCH FUNCTION
Conduct in-depth Shariah research prior to
submission to the Shariah committee
SHARIAH AUDIT FUNCTION
Provide independent assessment & objective
assurance designed to value add & improve IFI’s
compliance with Shariah
OPINION AS A GRADUATE OF MUAMALAT
SHARIAH REVIEW FUNCTION
Shariah review functions is the shariah function that i think i can perform as a graduate of muamalat.
Review all the transaction that occur no matter in what type of business in order to ensure Shariah compliance
The function involves the examination and evaluation of the education level of compliance to the Shariah
NADIA WIAM BT MOHD NASIR
1160712
KMA