Standardization of internal sharia audit

AutorIrina V. Novikova - Firdaus I. Kharisova
CargoKazan Federal University. Email: irina_8807@bk.ru. - Kazan Federal University.
Páginas358-368
Periódico do Núcleo de Estudos e Pesquisas sobre Gênero e Direito
Centro de Ciências Jurídicas - Universidade Federal da Paraíba
V. 8 - Nº 07 - Ano 2019 – Special Edition
ISSN | 2179-7137 | http://periodicos.ufpb.br/ojs2/index.php/ged/index
358
STANDARDIZATION OF INTERNAL SHARIA AUDIT
Irina V. Novikova1
Firdaus I. Kharisova2
Abstract: The significant growth rates
of the Islamic economy and the great
interest in Islamic financial products and
services from among other non-Islamic
partners have determined the need to
tighten control over the observance of
Sharia norms and rules by Islamic
Financial Institutions. Internal audit has
long established itself as one of the most
effective means of internal control and
improving the efficiency of
organizations. That is why AAOIFI has
developed a new standard, “Internal
Sharia Audit,” which should form the
basis for the operation of the largest IFIs
in Malaysia and the Gulf countries. For
Russia, this standard is of particular
interest in the changing context of
financial markets and the redistribution
of investment flows. The paper provides
a brief overview of the most significant
provisions of the presented standard.
Details were considered regarding
significant changes from the earlier
standard released by AAOIFI. Based on
1 Kazan Federal University. Email: irina_8807@bk.ru.
2 Kazan Federal University.
the fundamental principles of audit
activity, special attention is paid to the
organizational independence and
objectivity of internal Sharia auditors, as
well as to quality control of the audit
procedures. As in the standard itself, the
paper analyses the requirements for the
skill level of internal Sharia auditors.
Keywords: internal Sharia audit, Islamic
financial institutions, AAOIFI standards,
Islamic banking, internal audit
standards.
Introduction
Today, Islamic banking is a
specific segment of the financial
industry, which has a number of features,
such as the prohibition of loan interest,
as well as transactions with excessive
uncertainty, investment in the production
and sale of pork and alcohol, gambling,
etc. It is based on operations with real
assets, and not with money as such. This
topic has been actively discussed by

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