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Should accounting firms undertake Shariah audits?

Summary

Delivered 10 September 2012. Posted 13 March 2014.

On 10 September 2012 I spoke at the 4th Annual IIBI-ISRA International Thematic Workshop. The theme for the day was "Legal Compliance versus Moral Responsibility in Islamic Banking and Finance" and the workshop was organised jointly by the Institute of Islamic Banking and Insurance (IIBI) and the International Shari'ah Research Academy for Islamic Finance (ISRA) based in Kuala Lumpur. It was hosted in London by the international law firm SNR Denton, now part of the international law firm Dentons.

I spoke in the session "Best Practice for Shari’ah Audit" chaired by Mr Warren Edwardes, CEO, Delphi Risk Management, UK, with the other speakers being:

In my seven minute speech, I was asked to address the question "Should Conventional Auditors Undertake Shariah Audit?" I explained how I see the roles of an Islamic bank's Board of Directors, the internal Shariah Department, the Shariah Supervisory Board and the external auditors. I also consider who should report to external stakeholders on Shariah matters.

While some time has elapsed since the speech, that has not changed the relevance of my remarks. You can watch the video recording below.

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