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SHARIAH GOVERNANCE FRAMEWORK 2010 (ORGANS AND FUNCTION (BOARD - Overall…
SHARIAH GOVERNANCE FRAMEWORK 2010
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.
ORGANS AND FUNCTION
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. Provide necessary support to the Shariah Committee.
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
USEFUL MANAGEMENT OF ISLAMIC BANK
provide continuous learning and training programs to the key internal stakeholders including the board, the Shariah Committee, and the relevant staff in Shariah and finance matters.
develop and adopt a holistic culture of Shariah compliance within the organisation.
ensure that Shariah policies and procedures are accessible at all times to those involved in the implementation of Shariah governance and the Shariah policies and procedures shall provide clarification on matters related to the end-to-end process of Shariah governance in the IFI.
ensuring that the operations are executed according to the policies and procedures, and to constantly review and update the policies and procedures to reflect current market practices and developments.
Which Shariah functions that you think you could
perform, as a graduate of Muamalat from the Faculty Economics and Muamalat
I think, i can perform a Shariah Review Function. Because based on what i've study from fiqh muamalat subject and any other related subject, i can only perform this as Shariah Review only have to make sure the business operation in the right path (Shariah Compliance)