Issues and challenges of auditing in Islamic financial institutions

Mathew Kevin Bosi and Melissa Della Joy (2017) Issues and challenges of auditing in Islamic financial institutions. International Journal of Humanities and Social Studies Invention, 6. pp. 15-20. ISSN 2319-7714 (P-ISSN) , 2319-7722 (E-ISSN)

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Abstract

The Islamic Finance Institutions (IFIs) has gained international recognition as a viable and vibrant component of the global financial system. As a matter of fact, Islamic Finance has seen an increased adoption across the globe, and is growing faster than any other industry at a rate of 15 to 20 percent a year. This study aims to expand the literature relating to IFIs and to provide a coeval outlook on the issues and challenges of Shari’ah audit in IFIs specifically in Malaysia. Hence, the earlier part of this study explains the current auditing standards for IFIs and the roles of Shari’ah auditors, followed by a close look up on the issues and challenges facing the audit of IFIs such as the standards and regulatory requirements of Shari’ah audits, independence of Shari’ah auditors and qualification as well as the accountability of the Shari’ah auditors. This study concludes that there is a need of regulatory framework specifically designed for Shari’ah audits along with the need of independent and accountable Shari’ah auditors to conduct the audit of IFIs.

Item Type:	Article
Keyword:	Auditing , Islamic Financial Institutions , Islamic banking
Subjects:	H Social Sciences > HF Commerce > HF1-6182 Commerce > HF5001-6182 Business H Social Sciences > HG Finance > HG1-9999 Finance > HG1501-3550 Banking > HG2397-3550 By region or country
Department:	FACULTY > Faculty of Business, Economics and Accounting
Depositing User:	DG MASNIAH AHMAD -
Date Deposited:	20 Jul 2022 12:30
Last Modified:	20 Jul 2022 12:30
URI:	https://eprints.ums.edu.my/id/eprint/33385

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