As part of its global efforts to promote the development and implementation of Islamic Economics, Finance and Banking, the Advisory Services Division has set up a team to come up with user-friendly toolkits to enable institutions and governments willing to implement Islamic financial services to do so in a 'plug and play' approach. The toolkit below is one of many being developed by the Advisory team.
Shari'ah Audit and Compliance Toolkit
Shari'ah compliance reinforces good governance and integrity and influences the way procedures are implemented. With a view to help institutions and governments implement a proper Shari'ah Audit and Compliance framework, IRTI Advisory has come up with a toolkit in which audit templates for structures such as Murabaha, Mudaraba, Musharaka, Ijara and Istisna are provided so that the end users know where to zoom and what to look at during the audit. These structures are non-exhaustive and in the case of the emergence of a new structure in the market, such structure can be easily added to the list of available structures in the toolkit.