Issues and Challenges of Auditing In Islamic Financial Institutions
Journal Title: International Journal of Humanities and Social Science Invention - Year 2017, Vol 6, Issue 2
Abstract
The Islamic Finance Institutions (IFIs) has gained international recognition as a viable and vibrant component of the global financial system. As a matter of fact, Islamic Finance has seen an increased adoption across the globe, and is growing faster than any other industry at a rate of 15 to 20 percent a year. This study aims to expand the literature relating to IFIs and to provide a coeval outlook on the issues and challenges of Shari’ah audit in IFIs specifically in Malaysia. Hence, the earlier part of this study explains the current auditing standards for IFIs and the roles of Shari’ah auditors, followed by a close look up on the issues and challenges facing the audit of IFIs such as the standards and regulatory requirements of Shari’ah audits, independence of Shari’ah auditors and qualification as well as the accountability of the Shari’ah auditors. This study concludes that there is a need of regulatory framework specifically designed for Shari’ah audits along with the need of independent and accountable Shari’ah auditors to conduct the audit of IFIs.
Authors and Affiliations
Mathew Kevin Bosi, Melissa Della Joy
Keywords
Related Articles
- EP ID EP404591
- DOI -
- Views 83
- Downloads 0
Theoretical Review: The Relevance Of Transformational Leadership In Educational Management
This study is to look at the broader context of transformational leadership and its relevance to education management. This review also discusses the latest theories in the study of transformational leadership in educati...
Comprehensive Study of Islamic Texts with regards to Environmental Conservation
Environmental conservation is the subject of concern especially in the present times where the extent of pollution has increased exponentially. Man, in his greed to earn more of the material benefits has forsaken and ign...
Futures Uncertain: Mapping the Socio-Economic Aftermath of The Boko Haram Insurgency
Boko Haram can be seen as an expression of frustration against injustice, underdevelopment, corruption, inadequate public service, political marginalisation and socio-economic grievances vis-a-vis the outlandish nature o...
Processes of Question Formation in Bodo
The questioning or Interrogative is a part of grammatical device discussed under the sentences function or sometimes on Semantic. In Bodo language, the question sentences can form through the question words, particle, su...
Effect of Principals’ Leadership Styles on Teachers’ Job Performance in Public Secondary Schools in Kieni West SubCounty
The purpose of this study was to find out how principals’ leadership styles affect teachers’ job performance in public secondary schools in Kieni West Sub County. Descriptive survey research design was adopted. This stud...