Ifi islamic financial institution (includes ibi, takaful company, islamic mutual fund and collective investment scheme, modaraba, and any other institution declared or sgf shariah governance framework sop standard operating procedure tor terms of reference table of contents introduction. Date: 6th december 2016, venue: kuala lumpur - shariah governance, advisory, audit & risk management for islamic financial institutions.
Shariah audit has long been an issue of significant importance for islamic financial institutions in malaysia however, with the recent revision and expansion of shariah governance requirements, the scope, nature, responsibility and accountability of shariah audit (and compliance) has changed substantially. Although islamic financial institutions operate around the world in both predominately muslim and non-muslim countries, there are few states that have included provision for shari'ah governance in their banking, insurance or capital market laws.
The central bank of malaysia (bank negara malaysia or bnm) introduced the shariah governance framework (sgf) in 2010 and required all islamic financial institutions (ifis) to fully implement in 2011 the objective is to provide a proper regulatory framework for ifis to function within the required.