Audits Log

Company Overview

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

  • If the answer is No, why?

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

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

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

  • 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?

Auditee section

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

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

Standard Application

  • Does the company has Shariah Governance Manual?

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

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

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

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

  • 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.

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

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

Documentations

  • Business model is available and up to date.

  • Products model and Shariah contract available?

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

  • The process flows are adequate.

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

  • The company recognised every SAC decision.

  • The company recorded every minute of Shariah Advisors meeting?

  • The Secretariat of the SAC keep the attendance record.

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

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

Account/Finance Management

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

  • The company aware of Islamic banking accounts for itself.

  • The company also has a conventional account.

Shariah Advisory Council Meeting

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

  • SAC has an annual meetings plan.

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

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

  • The minimum quorum of SAC meeting

  • 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

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

Customer(s) and their properties

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

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

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

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

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

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

Non Compliance Reporting

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

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

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

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

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

Shariah Risk

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

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

  • The SCER policy and procedures are sufficient.

  • The company aware of Shariah non compliance parameters.

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

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

Last year (2021) Corrective Actions

  • Record of SNC is well maintained.

  • The SNC internal incidents are traceble

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

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

  • Latest CAR records and application.

  • CAR for the last year status.

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