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