Islamic Finance – Islamic Capital Finance - Islamic Financial Services Board (IFSB)
The IFSB has created guiding principles on corporate governance for IFIs in addition to AAOIFI. IFSB's guidelines stipulate that for internal Shari'ah compliance reviews, the SSB of an IFI should work on the needed scope of the audit or review, either with a separate Shari'ah control department or with designated internal auditors/Shari'ah reviewers. The audit committee must make every effort to guarantee that external auditors can and do undertake post-Shariah compliance reviews within the scope of their mandates for external Shari'ah compliance assessments. Countries without a centralised Shari'ah supervisory structure, like Bahrain, now demand their IFIs to adhere to AAOIFI and IFSB criteria. AAOIFI and IFSB standards are also starting to be adopted by IFIs from nations with centralised supervisory regimes as they continue to trade internationally and participate in the global Islamic financial system.
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