The fundamental of Islamic finance industry is where its operations need to comply with Shari’ah principles. There is an underlying Shari’ah-complaint contract for every product offered by financial institutions. Islamic banking today is dealing with a lot of contracts in daily transactions with regard to the financing, deposit and investment products. A contract can be regarded as the root of an Islamic business as it determines the components of a business transaction.
The internationalization of Islamic finance in Europe and other parts of the world spurns us to believe that our Shariah Registered Financial Planner (Shariah RFP) programme is relevant to meet market demands. In Malaysia, Islamic finance is growing exponentially. This new Shariah RFP text module features fully updated information to reflect the current changes in the market sphere. First written by industry leading practitioners in 2008, the work has been further enhanced to correctly reflect the exponential changes Islamic finance has undergone over the recent years as the industry has seen the introduction of many new Islamic financial products in the market place.
Shariah audit represents an important component in the process of ensuring Shariah compliance in the operation of Islamic financial institutions (IFIs). Shariah audit is regarded as one of the very important line of defense in the operations of IFIs. It is normally discussed within the context of Shariah governance, Shariah compliance, Shariah non-compliance risk and risk management.
