SHS Web Conf.
Volume 36, 2017The 2016 4th International Conference on Governance and Accountability (2016 ICGA)
|Number of page(s)||5|
|Published online||24 July 2017|
Shari’ah Auditing: A Review of Shari’ah Audit Practices in Islamic Financial Institution (IFIs)
Department of Accounting, Universiti Tenaga Nasional, Pahang, Malaysia
* Corresponding author’ email: firstname.lastname@example.org
With its increasing number of Islamic Financial Institutions (IFIs) in the country, Malaysia has emerged as a leading hub when benchmarked against the other Islamic countries of the world. Unlike its conventional counterpart, the Islamic financial system focuses on the achievement of societal justice as evaluated within its own framework and uses its own criteria in order to achieve the objective of the Maqasid Ash-Shari’ah. To help achieve this objective, the Islamic finance industry is in need of Shari’ah auditors who are not only knowledgeable and competent in ensuring that the IFIs operate in accordance with Shari’ah principles, but also adequate in supply, in order to cater for the increasing number of IFIs in the country. Therefore, a major aim of this study is to conduct a comprehensive review of the auditing process performed by Shari’ah auditors in determining the achievement of the Maqasid Ash-Shari’ah by the IFIs. Another aim of this study is to assess the existing Shari’ah auditing framework and standards practiced by IFIs in Malaysia. The results of this study could serve as a reference point for the regulatory and professional bodies in assessing the implementation of a comprehensive Shari’ah auditing framework.
Key words: Shari’ah Auditing / Maqasid Ash-Shari’ah / Shari’ah Auditing Framework and Islamic Financial Institution
© The Authors, published by EDP Sciences, 2017
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