Shariah Audit and Compliance
In order to enhance the Shariah compliance system in IFIs and ensure that all regulations of Islamic banks are adhered to in both letter and spirit, ESAAC assists institutions in integrating Shariah compliance systems as an integral part of their control mechanism.
As an integral part of governance, IFIs should also have a strong Internal Shariah Audit system in place in order to ensure that the goals of Shariah compliance are met at all times.
Shariah risk management has become a priority issue for management and shareholders alike, owing mainly to the inadequacy of specialized skills and resources. ESAAC’s Shariah Auditors assist institutions in filling this gap by pinpointing, resolving, and managing Shariah risks, thus optimizing their strategic worth and stakeholder trust.
ESAAC provides a full suite of internal and external Shariah audit services, including outsourcing, co-sourcing, and quality assurance reviews. They exceed traditional financial reporting, enabling internal audit functions to reach their maximum strategic contribution.
Our risk-based Shariah audit process guarantees that reviews are effective, efficient, and completely aligned with the business of the institution. Leverage of standardized processes, sophisticated tools, and a multidisciplinary knowledge base enables us to minimize redundancy, travel expenses, and duplication, making our services extremely cost-effective.
Above all else, our audits and compliance reviews are engineered to fit in completely with the business, managing institution-specific risks while achieving complete alignment with Shariah principles.