The Islamic financial system has progressed leaps and bounds in establishing regulatory and supervisory frameworks. This has been contributed by establishments of AAOIFI and IFSB as well as other local regulatory authorities. The guide identifies that the exercise of Shari'ah audit is first and foremost for the Shari'ah compliance of the IFIs' operations.It also highlights a few challenges faced by the industry such as management buy in, stakeholder awareness, proper framework and standard, training and understanding of Shari'ah related risks.
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Syed Alwi is the Head of Islamic banking at HL Bank, Singapore. He has also had working stints at organizations such as Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI) based in Bahrain adn Deloitte Consulting in Malaysia. Presently , Syed Alwi is the Head of Islamic banking, HL Bank Singapore , and is heavily involved in structuring debt-based and equity-based Islamic finance solutions for HL bank's clients. He graduated with an Honours Degree in Accountancy in 1998 and obtained his MBA in Islamic finance in 2001 , both at IIUM.
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