MS 1900 Shariah-based Standard Audit

• Remote Audit

• Conducted on

  Date

• Prepared by

• Location
  Address

Company Overview

• Does the company has a copy of official standard for MS1900:2015?

  Yes

  No

• If the answer is No, why?

  Media

• If Yes, can you show us a copy of the said standard available in your keeping?

  Yes

  No

• Does the management understand the Standard especially, The Top Management?

  Yes

  No

• Since the pandemic, does the company arrange and online training or awareness training?

  Media

• If so, who and how many people attended the course?

• In terms of Organising the business operations, does the management has Organization chart together with the reporting lines?

  Yes

  No

Auditee section

• Do you agree that you have full filled the standard requirements?

  Yes

  No

• When was the last date the company had completed the products review from Shariah experts?

  Date

Standard Application

• Does the company has Shariah Governance Manual?

  Yes

  No

• When was the last date the company had completed the manual review with proof?

  Date

• When was the last time the management attended the course for Shariah Risk-based application?

  Date

• To your best knowledge, what is the level of management commitment towards Shariah compliant

  Good

  Fair

  Poor

  N/A

• Is there any chance the company allow for external Shariah audit?

  Yes

  No

• How many times Shariah board and review meeting done in one year?

• How many Shariah Advisory Council meetings had completed last year?

• Describe your opinion on Shariah compliance efforts done the company.

  Good

  Fair

  Poor

  N/A

• Do you agree that Shariah is important for the sake of company's business?

  Yes

  No

• Imagine that you encounter a problem with the product and service in terms of Shariah principles, what would you say?

  Report

  Ignore

Documentations

• Business model is available and up to date.

  Yes

  No

• Products model and Shariah contract available?

  Yes

  No

• At least the company use two Shariah contract which has control elements on non compliance incidents if any.

  Yes

  No

• The process flows are adequate.

  Safe/Rest assured

  At Risk

  N/A

• Compared with the business process, the practice is adequately performed.

  Good

  Fair

  Poor

  N/A

• The company recognised every SAC decision.

  Yes

  No

• The company recorded every minute of Shariah Advisors meeting?

  Yes

  No

• The Secretariat of the SAC keep the attendance record.

  Yes

  No

• Every SAC decision shall be made available to the management for action to be taken?

  Yes

  No

• SAC has a proper and sound resolution or certificate of Approval or Compliance.

  Yes

  No

Account/Finance Management

• The company will only be able to do business with a proper and segregated fund policy in the company.

  Yes

  No

• The company aware of Islamic banking accounts for itself.

  Yes

  No

• The company also has a conventional account.

  Yes

  No

Shariah Advisory Council Meeting

• The company has at least one Shariah Advisor and Secretariat.

  Yes

  No

• SAC has an annual meetings plan.

  Yes

  No

• The company will communicate with the SAC members on annual review and meetings.

  Yes

  No

• The company should allow the SAC members to meet at the premises.

  Yes

  No

• The minimum quorum of SAC meeting

  3

  Less than 2

• In the event of absence of SA or members during the meeting, what could be done to ensure that the approvals are adequately done?

• The minimum period of the contract for SAC member is one year

  Yes

  No

• It is possible to get SAC approvals via on-line meetings

  Yes

  No

Customer(s) and their properties

• The company is fully aware of customers and clients charter.

  Yes

  No

• The company has a minimum requirement for customer satisfaction survey rating and score.

  Good

  Fair

  Poor

  N/A

• It is eventually possible to get the information pertaining customers experience via any means that possible.

  Yes

  No

• Absence of the customer feedback surveys, shall mean the company is not responsible for the customer's rights.

  Yes

  No

• The company has a proper and sound calibration system for asset and system maintenance.

  Good

  Fair

  Poor

  N/A

• All personal information about the customers, are highly restricted.

  Safe/Rest assured

  At Risk

  N/A

Non Compliance Reporting

• Internal Shariah Compliance team has a proper and sound Shariah non compliance reporting process and procedure.

  Yes

  No

• It is really hard to get the information pertaining to the SNC

  Yes

  No

• It is possible to identify and rectify of any SNC events that occurred.

  Yes

  No

• The company truly believes that every SNC will effect the business and revenues.

  Yes

  No

• In the event that the company unable to control the non compliance inward business, the cleansing policy will apply for the segregated incomes.

  Comply

  Not comply

  N/A

Shariah Risk

• It is deemed important to have Shariah Compliance Enterprise Risk policy.

  Yes

  No

• The is liable to furnish the significant SCER in the governance manual

  Yes

  No

• The SCER policy and procedures are sufficient.

  Safe/Rest assured

  At Risk

  N/A

• The company aware of Shariah non compliance parameters.

  Safe/Rest assured

  At Risk

  N/A

• The company has its own risk rating and severity tables.

  Good

  Fair

  Poor

  N/A

• The company is able to provide and apply its risk profiling and mitigating processes.

  Good

  Fair

  Poor

  N/A

Last year (2021) Corrective Actions

• Record of SNC is well maintained.

  Yes

  No

• The SNC internal incidents are traceble

  Yes

  No

• The company has a compiled SNC and it's corrective actions.

  Yes

  No

• Corrective Actions Record (CAR) for every year shall be available in hard copy.

  Yes

  No

• Latest CAR records and application.

  Good

  Fair

  Poor

  N/A

• CAR for the last year status.

  Good

  Fair

  Poor

  N/A