What is Shariah Audit
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This document discusses shariah audits of Islamic businesses. It describes that a shariah audit involves an unbiased examination of all aspects of a business according to Islamic law. The benefits of a shariah audit include increased productivity and profits by minimizing expenses and employee turnover. A shariah audit also pleases Allah by avoiding disobedience in business practices. The audit process involves signing an NDA, collecting policy documents, discussing policies with management, providing alternative Islamic solutions, and training employees. Examples of issues found include profit distribution ratios and sales practices. The compensation for a shariah audit is an investment that provides knowledge and is considered a ongoing charity.
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This document provides an overview of Shariah auditing. It begins by discussing the concept of hisbah in Islamic tradition, which involves enjoining good and forbidding evil. Hisbah was originally broader than just economic activities. The document then explains how hisbah relates to the foundations of modern Shariah auditing by involving reporting to various stakeholders. It provides examples from the Quran and hadith to support Shariah rules on hisbah. The document discusses the objectives and scope of a Shariah audit according to regulatory standards. It also outlines some methodologies for developing Shariah auditing rating systems and the key attributes assessed when evaluating audit programs and financial institution quality.
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What is Shariah Audit
- 1. Muhammad AamirMuhammad Aamir Shariah ConsultantShariah Consultant aamir.770@hotmail.comaamir.770@hotmail.com Cell: 0332 52 84 770Cell: 0332 52 84 770
- 2. A process of unbiased examination & evaluation of all operations and policies of an organization according to Islamic Law of Business. Shariah Audit
- 3. Management Administration Human Resource Social Responsibility Marketing Finance Zakat Departments for Shariah Audit
- 5. Productivity Business Profit Shariah audit will provide you the opportunity to increase your productivity and business profit can be maximized by more & more productivity. Minimize expense Employees turnover Shariah audit will present the methods to minimize the business expenses and employees turnover which is one of the main factors of profit minimization. Pleasure of Allah Barakah Shariah audit is the option to get pleasure of Allah swt by avoiding his disobedience in our business and this act will be the reason of barakah in our income and profit.
- 6. Process of Shariah Audit Islamic Business Audit
- 7. Al Mostaqeem team do sign a non disclosure agreement. Al Mostaqeem team works with complete confidence & confidentiality. Al Mostaqeem team collect policy document of concern department to review it according to Islamic Law of Business. Al Mostaqeem team visits the concern department after a specific time to discuss the policy with management and to check the operations of the concern department according to Islamic Law of Business. Al Mostaqeem team do research about any issue found in the operation or policy and provide the alternative Islamic solution in current scenario. Al Mostaqeem team reports to competent authority for implementation of alternative Islamic solutions. Al Mostaqeem team provide different trainings to the employees for motivation and hardworking with technical skills.
- 8. Some examples of issues Islamic Business Audit
- 9. A sleeping partner cannot get profit more then his investment ratio according to Islamic Law of Business. It will be interest for him to take profit more then his investment ratio. The ratio of loss can never exceed from investment ratio according to Islamic Law of Business. A person who has less investment cannot bear loss more then his investment. It will be interest for the person who has higher investment. There are many mistakes in sales department. Many sales persons do lie and make their transactions wrong according to Islamic Law of Business. Many organizations require from their employees to sign a service bond at the time of hiring. This service bond is not allowed according to Islamic Law of Business.
- 10. The team for shariah audit is well qualified and educated. The team for shariah audit holds modern and Islamic education. The team for shariah audit works with confidentiality and honesty. The team for shariah audit remain in touch with different scholars all time. The team for shariah audit works according to Islamic Law of Business. Team for Shariah Audit
- 11. Compensation of Shariah Audit The compensation of Shariah audit is not an extra ordinary expense. The compensation of Shariah audit is an investment in business. The compensation of Shariah audit is a contribution for knowledge and research. The compensation of shariah audit is a sadqa e jaria.
- 12.