Shariah Governance Framework (Management's Responsible (Be responsible…
Shariah Governance Framework
Set out the expectations of the Bank on an IFI's Shariah Governance structures, processes and arrangements.
Provides a comprehensive guidance to the board, Shariah Committee and management of the IFI's
Outlines the functions related to the Shariah review, Shariah audit, Shariah risk managment and Shariah research.
Be responsible for observing and implementing Shariah rulings and decisions made by SAC and Shariah Committee and also to identify and refer any Shariah issues to the Shariah Committee for any decisions, views and opinions.
Based on accountability, to provide information and disclosure which are complete and accurate to the Shariah Committee in a timely manner and it shall be transparent on any areas need clarification by Shariah Commitee.
To allocate adequate resources and manpower to support Shariah governance framework that commensurates with the size, complexity and nature of the IFI's business.
Responsible to provide continous learning and training programs to the key internal stakeholders including the board, the Shariah Committee, and the relevant staff in Shariah and Finance matters.
Key Organs & Functions
Shariah Compliances and Research Functions
Shariah Risk Managment Control Function
Identify, measure, monitor, report and control Shariah non-compliances.
Shariah Review Function
Review business operations on regular basis to ensure Shariah Compliance
Shariah Research Function
Provide independent assessment and objective assurance designed to value add & improve IFI's compliance with Shariah
Shariah Audit Function
Conduct in-depth Shariah research prior to submission to the Shariah Committee
Overall oversight on Shariah governance structure & Shariah compliance
Oversight accountability on Shariah related matters
Ensure executions of business & operations are in accordance with shariah principles
Provide necessary support to the Shariah Committee
Opinion as a graduate Muamalat Student
As a graduated student of Bachelor of Muamalat Administration, in my opinion, I think I could be able to perform in Shariah Risk Management.
There is the reason why I choose Shariah Risk Management as one of my choice.
Shariah risk management be able to identify, control and manage the Shariah non-compliance risk.
For me, to mitigate the risk is challenging task because the risk always take any chance to occur.
To manage risk is not easy because if the risk become bigger there will be an existent crisis on the Islamic banking.