Our mission is to adopt innovatively Sharia Audit techniques and provide independent, objective assurance designed to add value and improve the effectiveness of Sharia Governance, Risk Management and Controls.
— Moosa Tariq Khoory
Regulations, Fatwas, Resolutions, and standards
The below-mentioned requirements must be incorporated into the scope of each Sharia audit engagement. Such inclusion will be documented in the Audit Planning Memorandum (“APM”).
ISSC Minutes of Meeting
CBUAE Regulations
AAOIFI Standards
Here is everything you need for Sharia Audit engagements
Effective planning will lead to astonishing results. We must strictly follow the process and timelines.
Regulations, Fatwas, Resolutions, and standards
The below-mentioned requirements must be incorporated into the scope of each Sharia audit engagement. Such inclusion will be documented in the Audit Planning Memorandum (“APM”).
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- Lack of awareness of the Bank’s policy
- Lack of clarity on certain aspects of the policy or regulatory requirements
- Miss-out by Unit
- Management believed that these fees are not subject to VAT.
- One-off miss-out
- Staff turnover
- Inadequate/Ineffective monitoring of the implementation of consumer protection regulations
- Management did not consider these activities as key controls.
- Inordinate delays in system implementation
- Ineffective testing and design gaps
- Lack of adequate governance structure
- Ineffective analysis of resolving complaints effectively
- Lack of adequate management controls
- Design and operational inefficiencies
- The Unit believes that existing controls and gap analysis are sufficient.
- Absence of clear understanding of requirements as accounts are not remediated for correct risk classification and valid documents.
- Contradiction in interpretation and understanding of the Unit coupled with lack of controls around restriction.
- Reliance was placed on an existing module, which revealed design and testing gaps.
- Inadequate testing strategy and improper system design
- Lack of proper documentation and inadequate due diligence
- System gaps coupled with manual errors.
- Lapses in checker review coupled with resource and system constraints.
- Dedupe criteria were not well thought out before launching the journey.
- Lack of ownership and documentation of roles and responsibilities
- The Unit was not aware of its responsibilities toward regulatory requirements.
- Ineffective manual controls
- Changes in the UAECB guidelines were not properly validated by the Unit.
- Gaps in UAT testing and system setups.
- Ineffective testing and monitoring
- Lack of clarity at the management level regarding the closure of branches
- Ineffective EOD reconciliation process
- Lack of effective monitoring of Security Guard activities in the Branch.
- COVID-19 and lack of awareness of customer identification requirements.
- Few risks are not updated in the Unit’s RCSA.
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