Regulatory Alerts2024-11-29
Standard Re External Shari’ah Audit for Islamic Financial Institutions
The Central Bank of the UAE issued this Standard to establish minimum requirements for Islamic Financial Institutions appointing specialized external firms to conduct External Shari’ah Audits. The regulation mandates that auditors must be Central Bank approved, possess specific professional qualifications, and maintain strict independence from the audited entities. It further outlines the governance procedures for auditor appointment, defines the scope and frequency of audits, and imposes strict reporting duties to the Central Bank regarding Shari’ah compliance.
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