Shari'ah Audit Framework

Currently, I am heading a research group to develop Shari'ah Audit Framework for Islamic financial institutions. This research group is part of ISRA (International Shari'ah Research Academy of Islamic Finance), a research arm of Bank Negara Malaysia (BNM). This Framework will then be considered by BNM to be implemented later, inshaallah. The Framework will complement the Shari'ah Governance Frameowrk recently issued also by BNM.

The Framework will address a number of issues such as Shari'ah risk management, Shari'ah internal control system, internal Shari'ah audit, and external Shari'ah audit. The research group has started work in September 2010, and we hope to complete the task latest by the end of February 2010. The proposed Framework will be subjected a number due process especially feedbacks from industry players who will be affected by the Framework.

On the 15th. and 16th. of December 2010, I will be involved in a Workshop on Shari'ah Audit for Islamic Finance to be organised by CERT (Centre for Research and Training), a local established training provider in Islamic finance in Malaysia. This Workshop hopefully will share with the participants the issues on Shari'ah governance and audit in a more focussed discussion.

Thanks.