Our services include compliance and audit :
Analysis…Analysing and reviewing of processes and procedures to ensure consistency with industry standards, drawing on our extensive industry experience, we can assist with the design, documentation and operation of controls to ensure the accuracy of the information used for management reporting and decision-making. We can provide assistance in both financial and operational areas such as IT, Project Management, Audit etc
Methods and Techniques…
We ensure policy adherence where different techniques are used to assess Shariah non-compliance risk, operational risk and to make specific recommendations. As market demands increase to provide a greater range and complexity of Shariah compliant products, it is even more imperative to ensure Shariah non-compliance risk is identified, assessed and mitigated by implementing the appropriate custom designed solutions. We can assist in the end-to-end process and ensure Shariah non-compliance risk is mitigated and embedded in the risk management framework of your business.
Evaluation and Control…
We undertake evaluation of business processes and their controls. IFAAS provides overall evaluation of Shariah control functions and risk management frameworks. Our services enable you to gain comfort that your systems, processes and risk management procedures are operating effectively and within a well-controlled environment.
Substantive transaction monitoring – IFAAS can assist you in reviewing your transactions and identifying the risks, ensuring comparability between financial institutions and establishing industry standards and best practices. We can enable you to enhance your current transactional processes to ensure consistency and robustness. Our Shariah methodology will ensure there is a full audit trail and the appropriate Management Information is available.
Shariah Audit is a crucial step in the lifecycle of an Islamic financial product. It is essential that stakeholders are reassured that the product complies with Shariah requirements, from the product launch to the maturity.
Our experts can assist you in identifying areas for improvement and implementing corrective measures to enhance processes and procedures and will facilitate obtaining the certificate of compliance from the Shariah Supervisory Board.
By utilising the knowledge and experience of the IFAAS team you will be able to protect and enhance your brand and reputation.