ifSPACE Professional in Shari'ah Governance and Audit: study modules
Three short modules on Shari'ah governance, compliance, audit and professional ethics
Introductory · 3 hours · 9 lessons · Language: English and Arabic · ID: IFS-COU-0043
An Islamic financial institution promises that what it does follows Shari'ah, and Shari'ah governance makes that promise credible. These three short modules explain, in plain language, the governance framework and the Shari'ah supervisory board; how the Shari'ah compliance function, internal Shari'ah audit and ratings keep daily practice on track; and how external audit, external Shari'ah audit and professional ethics give stakeholders confidence.
Each module has a reading with a worked example, slides, study notes and a short practice quiz. The modules prepare you for the ifSPACE Professional in Shari'ah Governance and Audit exam.
This is independent ifSPACE material written in its own words; it is not affiliated with AAOIFI and is not a fatwa.
What you will learn
- Describe the four organs of Shari'ah governance and the role, composition and independence of the Shari'ah supervisory board
- Explain how the Shari'ah compliance function, internal Shari'ah audit and Shari'ah compliance ratings work
- Outline the external audit and external Shari'ah audit of an Islamic institution and the main principles of the AAOIFI Code of Ethics
Syllabus
1.Shari'ah governance and the Shari'ah supervisory board
- The governance framework and the SSB20 min
- Module 1 presentation15 min
- Module 1 practice quiz10 min
2.Shari'ah compliance, internal Shari'ah audit and ratings
- Keeping daily practice compliant20 min
- Module 2 presentation15 min
- Module 2 practice quiz10 min
3.External audit, external Shari'ah audit and ethics
- Assurance from outside and professional ethics20 min
- Module 3 presentation15 min
- Module 3 practice quiz10 min