Corporate and Shariah Governance, Internal Control and Compliance

Corporate and Shariah Governance, Internal Control and Compliance
INCEIF
By Shaiful Amri bin Husain 1200092
Kumpulan Wang Persaraan (Diperbadankan) (KWAP) Malaysia
July 12, 2013 June August 2013
Shaiful Amri Husain 1200092
Abstract
The Islamic Financial Institutions (IFIs) are obligated to ensure all transactions, products, and services offered in accordance to the Shariah rules and principles. Hence, the risk of Shariah non-compliance is unique to the Islamic Financial Institutions (IFIs) only. In order to manage the risk, the Shariah governance has to be dealt with accordingly. Several guidelines and standards such Shariah Governance Framework (SGF) and Islamic Financial Services Act 2013 (IFSA) were issued to provide guidance and assistance to the IFIs. The internal control
functions i.e. Shariah review, risk management, research and audit are been defined with their unique roles and responsibilities to support the principles and pillars of Shariah governance. Nevertheless, certain issues are yet to be dealt with under these guidelines. Hopefully,
progresses will be made in the future to strengthen the Shariah governance practices for IFIs in Malaysia.
Key Word: Corporate Governance, Shariah Governance, Shariah Governance Framework, Shariah Compliance, Internal Controls
Introduction Corporate governance comprises of effective oversight, responsibility and accountability of the key relevant governance agents. It promotes maximising the values of the shareholders and other stakeholders in a manner that consistent with legal requirements and the highest standards of integrity. Strong governance culture and values would bring confidence to the general public and financial markets on the credibility of the Islamic financial operations. Corporate governance of financial institutions for both Conventional and Islamic has unique proposition to distinguish them from other sectors. Their uniqueness is due to the following perspectives: Financial institutions are generally more opaque than other sectors, which importantly intensifies the agency problems; Financial institutions are exposed to extreme regulations; & Government ownership of financial institutions, makes the governance processes different from other type of organizations (Vaseehar and others, 2005) The operations of Islamic Financial Institutions (IFIs) have wider responsibility and accountability than their conventional counterparts. The IFIs operations and transactions must be governed by the Shariah rules and principles. As such, the major challenge to the IFIs is Shariah non-compliance risk. Adequate internal systems and controls are required to ensure compliance with the Shariah i.e. the rulings and fatwa of Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) and Shariah Committee been implemented throughout the IFIs. Shariah risk management system and internal control should
supplement the external and internal Shariah audit requirements (Prof. Dr. Abdul Rahim). Apart from compliance to the Shariah rules and principles, the financial products offered by IFIs are mostly embodied with equity participation and profit loss sharing basis. This requires greater transparency, responsibility and accountability from the customers, regulators and IFIs itself. Failure to observe these principles may consequently lead to loss of confidence in IFIs and overall financial sector. (Elsa & Bala).
The supervisory and regulatory authorities have put additional burden for internal control systems to monitor and supervise the roles of all players within the banking system. Good culture would promote robust internal control systems that enhance the operational of Shariah governance.
This paper would evaluate the roles of positive corporate cultures in infusing the effectiveness of corporate and Shariah governance. The paper then examines the practices of Shariah governance as practiced by IFIs in Malaysia. The core components of Shariah governance, the issues faced by the industry players and the impacts of issuance Islamic Financial Services Act 2013 (IFSA) are elaborated in details. Any shortcomings in the Shariah governance practices are highlighted and recommendations are put forward.
Good Corporate Culture Promotes Effective Shariah Governance The governance process is the conduct, actions or decisions that at least in compliance to the laws, rules, codes and regulations of local jurisdiction which the financial institutions been operated. It disregards the society acceptability and its outcomes may result in more harm than creating value to the stakeholders. As such, implementing sound corporate governance requires more than fulfilment of laws and regulations only. It requires a form of self-regulation to ensure the operational and strategic actions are directed towards creating values to the stakeholders. Positive corporate culture will inspire the financial institutions to formulate sound corporate culture. Ethics and integrity are part of the good corporate culture. It encourages the financial institutions to accept, support and fulfil corporate governance principles (Irwan). Especially for Shariah governance, two broad concepts exclusively to the IFIs are been proposed to re-assure the stakeholders that: The activities undertaken fully complied with Shariah principles; and IFIs maintain and improve growth and are able to prove efficiency, stability and trustworthiness. The Islamic teachings advocate good virtues in every Muslim. The concepts of amanah (trust), khalifah (vicegerent), ikhtisab (accountability) and ibadah (worship) are some of
2
values the pious individual must have. Meanwhile, the core component propelled Shariah governance is human capital. As such, it can be deduced that the pious individual can be one of the factors contributes to the effectiveness of Shariah governance. Apart from human capital, there are other factors need to be considered for sound Shariah governance which includes: robust regulatory and supervisory framework; in-depth research and database management to enhance Shariah governance knowledge; and innovative product and business development process
Practices of Shariah Governance in Malaysia The established standard and governance bodies such as Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Board (IFSB) have dedicated and contributed enormous effort to the Shariah governance development. Their contributions include research, development and issuance of best
practices, guidelines and standards (Syed Alwi, 2007). Presently, there is no universally single recognised best model for Shariah governance. The whole process is still undergoing a learning curve, hence it is common to have gaps in the implementation phase. Nevertheless, the fundamental responsibility must reside with the local regulatory authority. According to Jeroen, the followings are the guiding principles for the IFIs in Malaysia: BASEL Committee on Banking Supervision enhancement of capital adequacy ratio of the IFIs Islamic Financial Services Board (IFSB) enhancement on Shariah governance process Bank Negara Malaysia (BNM) various guidelines and standards issued under purview of supervisory and regulatory framework Institute of International Finance (IIF) recommend principles of conduct and market
3
best practices Bank Negara Malaysia (BNM) as the apex supervising and monitoring authority for IFIs in Malaysia, has issued Shariah Governance Framework for Islamic Financial Institutions (SGF). SGF is to be read together with other corporate governance guidelines such as Guidelines on Corporate Governance for Licensed Islamic Banks (GP1-i) etc. Malaysia adopts the 2-tiered Shariah governance. SAC is the first component of Shariah governance. It is the final authority in matters relating to Islamic financial-related services. Its decisions and resolutions are also binding to the court or arbitrator. For second component, the Shariah Committee is established at each and every IFI. Their responsibilities and functions are to deliberate and make decision on Shariah-related matter at IFI level. It plays the complementary roles for SAC.
Key points of SGF As no standardised Shariah governance practice among the IFIs in the world, BNM has formulated SGF providing the general guidelines and principles in implementing Shariah governance in Malaysia. The main thrusts highlighted are: Oversight, accountability and responsibility: clear demarcation on accountability and responsibility of the Board, Shariah Committee and Management Independence: The independency of Shariah Committee shall be recognised by the Board Competency: The Shariah organs shall possess the necessary knowledge and skills in performing the functions Confidentiality and consistency: Duty to observe the confidentiality of information obtained during performing their duties According to Mohd Faiz Azmi (2011), it has clarified certain grey matters pertaining to the Shariah governance. The major points in SGF are as follows: Comprehensiveness. The framework is comprehensive and provides guidance on
Shariah audit, Shariah review, Shariah risk management and Shariah research function.
4
Shariah scholars. Strict requirements in terms of qualification and independence of Shariah scholars. Number of Shariah Committee members. Minimum of 5 members are required. Conflict resolution. Rules are in place to manage risks of conflict. Enhanced role of Shariah Audit. Need to cover more than Shariah risks in products and services. Must look at framework, scholars decision process, risk management and other key infrastructure areas. SGF is developed to enhance the role of the Board, Shariah Committee and management in relation to Shariah matters. The functions relating to Shariah review, Shariah audit, Shariah risk management and Shariah research are been outlined to expand and clarify their responsibilities and roles. A model structure of roles, functions and reporting relationships of Shariah compliance functions is put forward for IFIs to comply with (BNM, 2010).
The components of Internal Controls The purpose of internal controls is to support human capital within the organization in managing risk and achieving established and communicated objectives of any organisation. Internal controls are managements responsibility and requiring participation of all employees within the organization to be effective (Syed Alwi, 2007). Generally, the Shariah governance comprises three (3) layers of protection against noncompliance. framework. Each layer has different roles and responsibilities to support the Shariah Failure of either layer may result in non-conformity to Shariah rules and
principles. The protection layer are as follows: First Line Operational Management (responsible for ongoing oversight of risk and control at day to day work level) Second Line Shariah risk management, Shariah review, Shariah Compliance unit (establish and maintain Shariah risk management framework, assessing, monitoring, reporting and controlling risk on a bank wide level)
Third Line Shariah Audit (provide independent assurance to Board of Directors and Senior Management that the risk management and internal controls are adequate and working effectively) The followings are the diagram of inter-relational of core components of internal controls:
Shariah Risk Management Function The Shariah risk management function is to support and provide the pillars of overall Shariah compliance framework. Its functions are to identify, measure, monitor and control Shariah non-compliance risks, so as to mitigate any possible non-compliance events. Thus, the IFIs are able to run its operations and activities effectively without exposing to unexpected levels of risk. The process is rather to optimize the risk reward equation, instead of minimizing the loss. IFIs are encountered two risk types: Generic to all financial institutions and Unique to IFIs only. As such, Shariah risk management is not to be viewed on isolated cases. It must be part of integrated IFIs risk management framework (Dr. Mohamad Akram). The risk of Shariah non-compliances is sources from three (3) perspectives: non-compliance
6
process/activities, non-compliance product and defect in documentation. This could impact the financial and non-financial positions of the IFIs. The functions of Shariah risk management involve the followings: Facilitating the process of identifying, measuring, controlling and monitoring Shariah non-compliance risks inherent in the IFIs operations and activities; Formulating and recommending appropriate Shariah non-compliance risk management policies and guidelines; and Developing and implementing processes for Shariah non-compliance risk awareness.
Shariah Review Function The main purpose of Shariah Committee is to advise the Board and Management on the operations of banking business. This is to ensure the elements of Shariah non-compliance not existed. In addition, they also act as liaison body for Shariah-related issues between the IFIs and SAC. In assisting to discharge the duty of Shariah Committee, the Shariah review team is to report directly to the committee on the Shariah-related matters. They entail in the examination and review of Shariah concepts and Islamic structures based on specific guidelines of respective IFIs. The fundamental requirement is to conduct regular assessment of Shariah compliance. Unlike Shariah Audit to provide assessment from independent view, Shariah review team is part of Management and their assessment is based on self-appraisal. Among others, they conduct the appraisal on the followings: the transaction conducted in accordance to the Shariah rules and principles; the new product, transactions and service conform to Shariah rules; and conform the calculation of zakah by external auditor.
Shariah Research Function SGF has taken the lead to define methodically the role of internal Shariah research function.
The other governance bodies are yet to recognise the Shariah research function as an integral part of the Shariah governance components. The internal Shariah research team, comprising qualified Shariah officers and related Islamic business operations officers, are to undertake the role of research, consulting and advisory. This includes conducting pre-product approval process of new products, in-depth researching on Shariah-related issues and vetting the documents for submission to the Shariah Committee. With assistance of Shariah secretariat, the Shariah research is to ensure proper deliberation and dissemination of the Shariah Committee decisions.
Shariah Audit Function Prior to issuance of SGF, the functions of Shariah audit and Shariah review are used interchangeably, resulting in both have overlapping roles. Nevertheless, the internal audit department has undertaken to assume the roles of Shariah audit. IFIs approach the internal Shariah audit according to their understanding and consequently, the practice and scope of Shariah audit function varying from one IFI to another IFI (Yazkhiruni and Nurmazilah, 2012). The definition provided in SGF is the periodical assessment conducted from time to time, to provide an independent assessment and objective assurance designed to add value and improve the degree of compliance in relation to the IFIs business operations, with the main objective of ensuring a sound and effective internal control system for Shariah compliance Shariah audit is to be performed by the internal auditors, who have acquired adequate Shariah-related knowledge and trainings. They shall be proficient in applying the approved auditing guidelines and accounting standards. Expertise of IFIs Shariah officer could be engaged as long as the objectivity of the audit is not compromised. The introduction of SGF has brought clarity on Shariah governance structure in particular Shariah audit. This would attain greater confidence from the general public and financial markets on the integrity of IFIs to uphold Shariah rules and principles. SGF emphasises the Shariah auditors to provide independent assessment and objective assurance in periodical basis to add value and improve the degree of Shariah compliance in relations to the IFIs
8
business operation. The Shariah audit function has direct reporting line to the Board Audit Committee and indirectly to the Shariah Committee. The Audit Board Committee shall consult with the Shariah Committee pertaining to the audit deliverables, which must be consistent with the accepted auditing standards. Furthermore, the Shariah auditing is accorded to be equal to the Hisbah, an institution institutionalised during early years of Islamic era to promote the concept al-amar bil naruf wal nahyu an al-munkar. Hence, Shariah auditing should not be accorded as worldly
corporate governance practices only, but a religious obligation of the IFIs as well.
The Issues of Shariah Governance The implementation of Shariah governance is not smooth-sailing. Various issues impeded the effectiveness of Shariah governance are noted. Some of the issues are as follows:
1. Financial Statement Accounting. The Shariah audit scope includes examining and reviewing the financial statement of IFIs. Generally, the IFIs engage the external auditor to conduct the financial statement audit. However, there is no statutory requirement for external auditors to undertake the review of Shariah audit, over and above the normal financial audit that they undertake. Presently, the scope and assessment activities of Shariah compliance employed by auditors are not standardised among the IFIs. This has resulted in various practices conducted by the external auditors. In addition, the Malaysian Accounting Standard Board (MASB) has
pronounced its plan to fully converge with International Financial Reporting Standards (IFRS) accounting. It was assured that the IFRS accounting would not be in conflict with Shariah principles and rules. However, as IFRS not taken into account Islamic principles in formulating its standards, various accounting issues not in compliance to the Shariah principles were noted (ISRA, 2012). This has resulted in auditors dilemma to report the matter as non-compliance or stick to the MASBs pronouncement on acceptability of IFRS for reporting the Islamic transactions.
9
2. Conflict management between Shariah Committee and Audit Committee The Shariah Committee shall refer to the audit deliverables to provide opinions on the IFIs status of Shariah-compliance. As the internal Shariah audit has wider scope, there is
possibility that Shariah Committee may perceive the Shariah audit function is inadequate to provide such assurance. The Shariah Committee could communicate their view to the Board Audit Committee on the matter. However, should the Board Audit Committee not agreeable, a conflict may arise. Since SGF provides no clarity on the dispute resolution process, it shall impede the Shariah Committee to discharge their duties effectively. According to a survey conducted by PwC in 2010, most of Chief Internal Auditors (CIAs) been interviewed agreed that the dispute resolution is lacking in the current framework. The issue is exacerbated based on a finding of another survey conducted by Yaskhiruni and Nurmazilah in 2012. All internal audit departments under review have no dedicated Shariah unit to specifically perform Shariah auditing. The Shariah auditing is performed by all internal auditors within the department when they conducted certain Islamic banking products or operations. They admitted that the conduct of Shariah auditing still at minimum and been leveraged from conventional audit approach. In addition, most of the Board Audit Committees members are not well versed in Fiqh Muamalat or Usul Fiqh. As a result, their deliberation on any Shariah-related matters may not be sufficient to deliver resolutions.
3. Harmonisation of Shariah rules Presently, there is lack standardised Shariah rulings within the same jurisdiction and among various regions. Due to this, the same issue may be considered as non-compliance in one jurisdiction while others are acceptable to them. The main reason of diversity is the different interpretation by four (4) mazhabs in Islamic jurisprudence. In addition, the inconsistencies of judgement across IFIs are also noted. This has created confusion to the general public as well as difficulty to cross-implement the Shariah products and services. Nevertheless, various governance bodies have been attempted to tackle the matters. They have issued various standards and guidelines for IFIs worldwide. In reality, the diversity of judgement is less widespread than might be perceived.
10
4. Independence of Shariah Committee The Shariah Committee is obligated to submit the Shariah compliance report in the Financial Statement. Independency of Shariah Committee is important to instill public confidence on the IFIs. As their employments are paid by the Management, the independency maybe compromised to the certain extent. The Management shall exert pressure on the Shariah Committee members to act in favour of them. For example, some transactions restrict IFI to engage in certain profitable transactions which may result in poorer overall financial performance. Under the circumstances, the Management may incline to use their leverage to influence the Shariah Committee members decision, producing often known as Fatwa Shopping or Shariah Advisory a la carte. Nevertheless, it is been argued that the Shariah Committee members are considered pious, and guided by the Islamic values and ethics. Furthermore, the Shariah Committee members are elected by the shareholders in the general assembly. This indicates the independency of Shariah Committee against the Board of Director and Management of IFIs. Impairment to independency is hopefully not materialised as it would damage and jeopardize the overall integrity of IFIs (Wafik and Matteo, 2006).
5. Talents and Competency Ideally, the Shariah Committee members must be well verse in both Islamic principles and finance knowledge. In practice, it is challenging to find scholars good in both disciplines. Furthermore, talent shortage is exacerbated with the BNM guideline not allowing Shariah Committee member to sit in various IFIs, in order to avoid the conflict of interest. At the same time, the IFIs have difficulty to employ personnel to fill-up Shariah governance functions. With fast progression of Islamic banking worldwide, the demand for talent in Shariah areas is huge. Presently, the employment market is unable to meet the demand of such personnel. Hopefully, the government efforts to enhance Islamic knowledge
management and establishment of learning institutions shall provide the necessary talents to meet the demand in the future.
11
6. Shariah Compliance Costs Shariah compliance review shall cause additional costs borne by all market participants in Islamic finance. The IFIs have to hire additional human capital to fill-up the roles of Shariah governance functions. With the talent shortage issues, attracting and retaining the Shariah talents are expensive affair. In terms of product development, providing Shariah compliance assurance shall translate to additional processes and costs. Take the hypothetical case of sukuk issuance. The additional costs for issuer include hiring Shariah advisories, obtaining Islamic rating and additional legal documentation cycles. The additional cost for the issuer may range anywhere between quarter of a million to a million dollars. Comparing to issuance of conventional bonds, the additional cost can be staggering. Similarly, these issues could be extended to other financial products. One alternative
solution to reduce the cost is by distributing the costs over a wider number of transactions (i.e. economies of scale). This can be induced via standardisation. Unfortunately, the progress towards standardisation is slow and unconvincing. (Sayd and Mohammad, 2011)
7. Legal Status of Shariah Pronouncement SAC of BNM is the apex authority for Shariah-related matters. Their decisions and
provisions shall be binding and mandatory to all IFIs in Malaysia. From legal perspective, the rulings made are binding on both courts and arbitration. However, the Shariah courts in Malaysia preside on disputes of domestic matters only. The power to preside on the Islamic finance matters is still resided on the civil courts. Generally, the judges of civil courts have no extensive knowledge of Islamic principles. The written judgements made not in line with Islamic principles are possible. This is evidenced in case between Dato Hj Nik Mahmud Daud and Bank Islam Malaysia Bhd (BIMB) pertaining to Bai Bithaman Ajil (BBA) contract. The presided judge deduced that the execution of the Property Purchase Agreement (PPA) and the Property Sale Agreement (PSA) are part of the process required by the Islamic banking procedures. It was never the intention of the parties to involve any transfer of proprietorship. Such statement is erroneous from Islamic perspective, as BBA is under the category of trading contract.
12
Impact of Issuance of Islamic Financial Services Act 2013 Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA) were issued effective from 1 July 2013. They amalgamate several separate laws to govern the financial sector under a single legislative framework for the financial sectors respectively, namely, the Banking and Financial Institutions Act 1989 (BAFIA), Islamic Banking Act 1983, Insurance Act 1996 (IA), Takaful Act 1984, Payment Systems Act 2003 and Exchange Control Act 1953 which are repealed on the same date. In particular to IFSA, it plays an important role to promote financial stability and compliance with Shariah principles as well provides a comprehensive legal framework. This is to ensure fully consistent with Shariah in all aspects of regulation and supervision, from licensing to the winding-up of an institution. It is the culmination of efforts to modernise the laws that govern the conduct and supervision of financial institutions in Malaysia to ensure that these laws continue to be relevant and effective to maintain financial stability, support inclusive growth in the financial system and the economy, as well as to provide adequate protection for consumers. The main improvement noted with regards to Shariah governance is the punishment over non-compliance of the Shariah rules and principles. Under the previous Islamic Banking Act 1983, the Management is not accounted for any non-compliance matter. This has been rectified under IFSA. The Shariah compliance and governance provisions specifically
covered under section 27 to Section 38 of IFSA. It sets out the expectation of BNM on Shariah governance structures, processes and arrangements, duties and responsibilities of the Board, management and Shariah Committee as well as Shariah compliance functions. In order to ensure strict compliance to the Shariah, IFSA imposes severe punishment of noncompliance to the Act. The Management is made accountable to any occurrence of noncompliance. This is because the Shariah Committee has limited resources to ensure what been approved been practiced by the Management.
13
Conclusion Every components of the Shariah governance has major roles to play to ensure proper compliance to the Shariah rules and principles. To guide and regulate IFIs, BNM has issued SGF aiming to enlighten issues with regards to Shariah governance. The framework is to complement or to repel certain acts and standards in order to strengthen the IFIs and to provide confidence to the public. The objective of SGF is to ensure IFIs in Malaysia operated in accordance with Shariah principles via two-tier Shariah governance infrastructure. The 2nd tiered Shariah governance comprising of the Shariah review, research, risk management and audit functions, is to support the Shariah Committee oversight roles in Shariah matters. Each function has been defined and outlined to enhance the pillars of internal controls. Apart from Shariah audit, other functions are part of Management teams and provide the selfassessment of Shariah compliance. They are assisting the Shariah Committee to discharge its duties in regards to Shariah-related matters. Meanwhile, the function of Shariah audit is to provide an independent assessment and objective assurance on the compliance of the Shariah rules and principles. The audit
deliverables are to be presented to Board Audit Committee and Shariah Committee. The introduction of SGF has clarified the functions of Shariah audit and review. It has succeeded to harmonise certain work processes and flows of these two functions. Though some improvements are recommended in certain matters which include: roles of external auditors to audit the financial statement; conflict management between Shariah Committee and Audit Committee; harmonising the fatwa and Shariah rules; Independence of Shariah Committee; Talents and competency; Shariah compliance costs; and Legal status of Shariah pronouncements
14
From 1 July 2013, IFIs are mandatory to comply with IFSA, which spelt out specific provisions to enhance and strengthen the practice of Shariah governance practices. The major enhancement is to impose accountable to the Management to ensure Shariah compliance.
As the SGF and IFSA are governed on IFIs in Malaysia only, the issues of different standards and structures of Shariah governance globally is still remained. As such, there is an urgent need for international standard-setters to develop and standardise a comprehensive Shariah governance framework for IFIs.
15
REFERENCES Standards Bank Negara Malaysia (BNM). 2010. Shariah Governance Framework for Islamic Financial Institutions. BNM Kuala Lumpur. Government of Malaysia. 2013. Islamic Financial Services Act 2013. Kuala Lumpur.
Books The INCEIF Lecturers notes, guidance and reference International Shariah Research Academy for Islamic Finance (ISRA). 2012. Corporate and Shariah Governance in Islamic Financial Institutions In Islamic Financial System: Principles & Operations: pp 681 724. Kuala Lumpur. ISRA Vaseehar Hassan, Bala Shanmugam and Vignesen Perumal (Editor). 2005. Corporate Governance: An Islamic Paradigm. Kuala Lumpur. University Putra Malaysia Press 2005. Syed Alwi Mohamed Sultan. 2007. Shariah Audit for Islamic Financial Institutions A Primer. Kuala Lumpur. CERT Publications Sdn Bhd. Research Study Elsa Satkunasingam and Bala Shanmugam. The Importance of Good Corporate Governance for Islamic Banks. Monash University Malaysia. Jeroen P.M.M. Thijs. Risk Management in Islamic Banking. Berhad. Yazkhiruni Yahya and Nurmazilah. 2012. The Role of Internal Auditing in Ensuring Governance in Islamic Financial Institution (IFI). Academic research study presented at 3rd International Conference on Business and Economic Research (3rd ICBER 2012) Proceeding: pp 1647 - 1648 Irwan Febianto. Shariah Compliant Model of Business Entities. University of Padjadjaran. Indonesia. Bank Islam Malaysia
16
Wafik Grais and Matteo Pellegrini. 2006. Corporate Governance and Shariah Governance in Institutions Offering Islamic Financial Services. World Bank.
Sayd Zubair Farook & Mohammad Omar Farooq. 2001. Shariah Governance for Islamic Finance: Challenges and Pragmatic Solution. Bahrain.
Slide Presentation Mohammad Faiz Azmi. 2011. Embracing Islamic Finance Impact on Internal Audit. Kuala Lumpur: PricewaterhouseCoopers Prof. Dr. Abdul Rahim Abdul Rahman. Shariah Audit: A Comparative Perspective. International Islamic University Malaysia (IIUM) & Research Fellow of ISRA. Assoc. Prof. Dr. Mohamad Akram Laldin. Risk Management in Islamic Finance. International Shariah Research Academy for Islamic Finance. Website PwC. 2010. Shariah Audits: Industry Insights: Accessed
http://www.pwc.com/en_MY/my/assets/publications/Shariah-Audit(Secured).pdf. July 1, 2013.
17
CHARTERED ISLAMIC FINANCE PROFESIONAL (CIFP) PART 2

IB2003MANAGING ISLAMIC FINANCIAL INSTITUTIONS (JUNE 2013)
PROJECT PAPER ASSIGNMENT (Marking Scheme)
Student Name: Matrix No: Criteria Ideas/ Analysis Research/ Support
_____________________________ _____________________________ Marks Allocation 20 marks 10 marks 10 marks 5 marks 5 marks Marks Obtained
Organization & Coherence Style Mechanics Total Marks Out of 20% Marks Overall Comment:
50 marks
_____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________
Examiner: Date: 18

Corporate and Shariah Governance, Internal Control and Compliance

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Corporate and Shariah Governance, Internal Control and Compliance

Transféré par

Droits d'auteur :

Formats disponibles

Corporate and Shariah Governance, Internal Control and Compliance

Kumpulan Wang Persaraan (Diperbadankan) (KWAP) Malaysia

July 12, 2013 June August 2013

Shaiful Amri Husain 1200092

Shaiful Amri Husain 1200092