The Main Duties And Responsibilities Of The SSC

A rule making body issues authorative shari’a auditing standards for all Islamic banks and other Islamic businesses and it will be the most effective way to eliminate problems within the Islamic economy. The most effort to develop a body of consistent standards for shari’a audits has been undertaken by

Johnson, Toni, and Mohammad A. Sergie. "Islam: Governing Under Sharia." Council on Foreign Relations, 25 July 2014, www.cfr.org/religion/islam-governing-under-sharia/p8034. Accessed 2 Mar. 2017.

The interaction between Shari’a and international companies is increasing as Western companies seek to expand business into Muslim controlled countries. Muslims represent a quarter of the world’s population and Muslim countries control ten percent of the world’s economy. An increasing number of corporate contracts in the region require that arbitration be Shari’a compliant, and for contract arbitration to be mediated by religious leaders. Conflict occurs when Shari’a contradicts Western laws and values. Major concerns include differences in business practices,

The forming of integrated system can directly provide information related to sharia multifinance institutional, among others data about company profile, shareholders,

Incumbent upon the mutual participation of mosques would be the creation and routine use of a control process to ensure compliance. This would include compliance audits of all participating organizations involved; pertaining to all areas of zakat management. Stern assessment will demonstrate compliance with zakat law and also emanate confidence in the system, potentially spurring growth. The compliance must also assess the collection and handling of zakat funds, as discrepancies often occur and are relatively easy to correct.

Implement provision of professional standard certification of Sharia NBFI players gradually for Board of Directors, Commissioners, Experts, and Sharia Supervisory Board

In order to have an effective and efficient manner The Sharia review procedures should be planned and to include a complete understanding about the IFI’s operations in the field of products, operation size, locations and divisions. It will include obtaining a list of all fatwas and guidelines by the SSB, This will have a strong effect on the nature, extent and timing of the Sharia review procedures.

As taught in my recent visit to the Auburn Mosque; Sharia’s law governs many aspects of day-to-day life and describes the basic endevevours of an average Islamic persons life. Parts of

In this case study on investment-linked takaful, there are some shariah issues. The following are some but not limited Shariah issues at the conception of the contract, the fund management and at the level of distribution of profit.

The Sharia regulatory framework is another major challenge for takaful. Setting up an appropriate Sharia regulatory framework for takaful can be a long and tiring process, and at times conflicts in interest between the Sharia scholars may

The historical importance of the term shari’a is to describe a body of law that was assembled to follow the Qur’an and Sunna. These laws regulated the family life, moral conduct, and business and community life of Muslims.

In this short paper, I propose to engage with the work of an Islamic legal thinker of the early twentieth century, Ahmad Safwat, who endeavored to suggest a model for situating traditional Islamic law within the framework of a modern secular state. My aim in this paper

They also highlighted that the conventional banks in Sweden will face problem to retain their Muslim customer if Islamic financial institutions such as Islamic banks who offer shari’ah compliance product and services come to the existence. This indicated that, how eager they are to get a shari’ah compliance banks that can save them dealing with conventional banks.

The Accounting and Auditing Organization for Islamic Financial Institutions established on Safar 1, 1410 Hijri (February 26, 1990) at Algiers and registered in Bahrain on Ramadan 11, 1411 Hijri (March 27, 1991) has so far (April, 2004) set the following Financial Accounting Standards, Auditing Standards, Governance Standards & Code of Ethics for Accountants & Auditors of Islamic Financial Institutions:

➢ Internal: Annual Reports of Al-Arafah Islami Bank other published documents of the bank, Al-Arafah Islami bank Website.