Audit of Interest-Free Financial Institutions and Compliance
Audit of Interest-Free Financial Institutions and Compliance
MED-AIGC is ahead in terms of Shariah governance regulations for the interest-free Islamic finance industry. we provide a number of Shariah services to support compliance functions in financial and non-financial institutions to ensure their compatibility with the Shariah principles. Our consultant’s duty is to monitor and regulate the ongoing activities of the organizations in accordance with the Islamic laws and jurisdictions.
Services provided by MED-AIGC:
- Shariah Advisory
- Audit of Interest-Free Financial Institutions
- Shariah Risk Management
- Shariah Compliant Corporate Restructuring
- Shariah Investment fund
- Islamic Insurance Services
- Islamic Financial Institutions Services
- Islamic Financial Advisory Services
- Islamic Fund Advisory
- Islamic Product Development
- Business Plan
Strategic Importance of Audit of Interest-Free Financial Institutions
Audit of Interest-Free Financial Institutions is one of the most important functions since it gives an independent opinion about the very purpose of existence in any of these institutions, it is therefore extremely important that a proper system of Audit of Interest-Free Financial Institutions be established in every (IFI).
The key objective of an Audit of Interest-Free Financial Institution is to provide an independent assessment and objective assurance designed to add value and improve the degree of compliance concerning the IFI’s business operations
The main objectives are to:
- check whether they are following Shariah rules and regulations according to the framework.
- examine the procedure of financial statement preparation.
- re-check if the transactions are Shariah permitted, lawful and not done by any means of contradicting Islamic aspects morally or socially
- ensure a sound and effective internal control system for Shariah compliance
