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AAOIFI standard for creating and managing a Shariah compliance function
Accounting and Auditing Organization for Islamic Financial Institutions standard provides guidance for establishing and managing a robust Shariah compliance function within Islamic Financial Institutions (IFIs) and for standardizing the practices across the globe. Includes guidelines on establishing the Shariah compliance function with regard to the responsibilities and key considerations, along with the internal controls and processes within IFIs. Also details structure, scope and functioning of a Shariah compliance department, key functions and reporting lines.
Publisher:
International Organizations
Release date:
Nov 2018
Type:
Consultative, discussion and issues paper
Topics:
Islamic finance, Compliance function
Sectors:
Banking, Insurance, Securities
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