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Exam preparationPaidShariah governance and audit

Shari'ah Compliance, Internal Shari'ah Audit and Ratings

The Shari'ah compliance function, internal Shari'ah audit, Shari'ah compliance and fiduciary ratings of institutions and instruments, and the institutional framework for ethics

Advanced · 9 hours · 17 lessons · Language: English and Arabic

USD 8USD 19

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ifSPACE provides independent preparation courses. ifSPACE is not AAOIFI, is not an AAOIFI-authorized training provider, and completing a preparation course does not confer any AAOIFI qualification. AAOIFI examinations are taken separately with AAOIFI.

A Shari'ah supervisory board cannot keep an institution compliant on its own. Day-to-day controls, independent assurance and outside scrutiny are needed as well. This course explains how AAOIFI's governance standards organise that work: the Shari'ah compliance function run by management (GS 9), internal Shari'ah audit reporting to the audit committee and the SSB (GS 11), Shari'ah compliance and fiduciary ratings of institutions (GS 10) and of sukuk and other Islamic finance instruments (GS 17), and the institutional framework for implementing ethics (GS 16).

The course covers part of Part A of the AAOIFI CPAAGE syllabus. Each module has a reading, slides, study notes and a practice quiz. The course ends with a final exam.

This course is independent educational material written by ifSPACE in its own words. It does not reproduce AAOIFI texts and is not affiliated with AAOIFI.

What you will learn

  • Explain how the Shari'ah compliance function and department work as management's preventive control
  • Describe how internal Shari'ah audit is established, staffed, planned, performed and reported
  • Distinguish the roles, independence and reporting lines of compliance, internal Shari'ah audit and the SSB
  • Apply the scope, benchmarked parameters, weights and rating scales for rating institutions and instruments
  • Explain the principles and components of an institutional framework for implementing ethics

Syllabus

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  1. 1.The Shari'ah compliance function (GS 9)

    • Welcome to the courseFree preview1 min
    • Building compliance into the institutionFree preview30 min
    • Module 1 presentation15 min
    • Module 1 practice quiz15 min

  2. 2.Internal Shari'ah audit (GS 11)

    • Independent internal assurance on Shari'ah compliance30 min
    • Module 2 presentation15 min
    • Module 2 practice quiz15 min

  3. 3.Shari'ah compliance and fiduciary ratings of institutions (GS 10)

    • How a rating agency rates an Islamic financial institution30 min
    • Module 3 presentation15 min
    • Module 3 practice quiz15 min

  4. 4.Shari'ah compliance and fiduciary ratings of sukuk and other instruments (GS 17)

    • Rating the instrument, not only the institution30 min
    • Module 4 presentation15 min
    • Module 4 practice quiz15 min

  5. 5.Institutional framework for the implementation of ethics (GS 16)

    • Turning a code of ethics into institutional practice30 min
    • Module 5 presentation15 min
    • Module 5 practice quiz15 min
    • Course summary and next steps10 min