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  • Shari'a Audit Plan

    • SG-4.2.8

      The head of internal Shari'a audit function must have an internal hari'a audit plan in place which must be approved by the SSB on an annual basis.

      August 2017

    • SG-4.2.9

      For purposes of Paragraph SG-4.2.8, the internal Shari'a audit planning process must include, but not be limited to, the following:

      (a) Developing an internal Shari'a audit program;
      (b) Obtaining background information about the activities to be audited, such as locations, products/services, branches, divisions, etc.;
      (c) Establishing internal Shari'a audit objectives and scope of work;
      (d) Obtaining SSB fatawa, guidelines, instructions, prior year internal and independent external Shari'a compliance audit results, relevant correspondence including with the CBB;
      (e) Determining the resources necessary to perform internal Shari'a audit;
      (f) Communicating with all the individuals at the Bahraini Islamic bank licensee who need to know about internal Shari'a audit;
      (g) Performing, as appropriate, a survey to become familiar with activities, risks and controls to identify areas of internal Shari'a audit emphasis, and to invite comments and suggestions; and
      (h) Establishing a risk-based Shari'a audit plan.
      August 2017