Shariah Audit (Internal & External)
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Objective of Shariah Auditing
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The Shariah audit process is aimed at maintaining and increasing the trust level of stakeholders in relation to Shariah matters and assures them that the product is run in accordance with the Shariah principles outlined in the initial Shariah compliance fatwa issued by the Shariah advisory board. -
The objective of auditing is to ensure that all the activities and operations carried out by the organization do not conflict with established Shariah principles. -
Additionally, a Shariah Audit is an assurance on the product that it continues to operate without any hindrance as per the Shariah principles. -
Further, the whole process of a Shariah audit brings about transparency to stakeholders and enhances the marketability of the Shariah compliant product. -
An external Shariah audit saves your time and money. An external Shariah auditor is seen as more credible which in turn enhances the reliability of investors in Shariah compliant products.
Shariah Audit Team
RI Shariah Audit team has proven experience and profound knowledge to perform the Shariah Audit activities.
The team is well qualified and uses proprietary Shariah audit technologies to conduct Shariah audits.
The team always believes in working transparently and honestly.
The Shariah Audit Team gets in touch with the In-house Shariah Advisory Board on regular basis.
Shariah Audit Services We offer
Shariah Audit for Listed Securities, Mutual Funds & Equity Funds
Our audit methodology for securities and stocks encompasses a thorough preliminary analysis of the Shariah structure of the fund.
Ratings Intelligence specialises in audit of equity funds and has developed an in-house Shariah audit software which can continuously monitor the compliance of a Shariah equity fund in real time.
Our audit procedure incorporates:
Verifying all trades
Flagging non-permissible trades
Monitoring whether non-permissible trades are closed within the grace period
Monitoring changes in compliance of trades held
Ensuring negative compliance changes are closed
Monitoring dividend purification ratios
Ratings Intelligence can provide daily, weekly, monthly, quarterly or semi-annual Shariah audit reports.
We can as well have the audit reports presented to our in-house Shariah board and obtain a Shariah Audit Fatwa as per clients requirements.
Shariah Audit for Hedge Funds
Ratings Intelligence has been a pioneer in developing such audit processes which helps Shariah compliant hedge funds remain in continuous Shariah compliance.
We have the experience of setting up and working with third party administrators as well in order to audit Shariah compliant hedge funds.
Shariah Audit for Islamic Banking
At Ratings Intelligence, we understand the seriousness of Shariah compliance issues at Islamic banks to a great extent.
We provide our expertise to Islamic bank managements in auditing their various banking products by helping them devise such processes and checks which help them remain in continuous Shariah compliance.
We provide periodic Shariah board issued audit fatwas upon successful completion of an audit period.
Shariah Audit for REITs
We provide auditing services for Real Estate Investment Funds where we analyse the product, monitor the process and recommend improvements and prescribe the best practices to help your REIT funds stay compliant.
Shariah Audit for Islamic Insurance Companies
Islamic Insurance companies providing Shariah-compliant insurance or takaful products, need to ensure that all their existing and new insurance products are true to the Shariah principles.
Further, they need to ensure that policy holders funds are held in accordance with Shariah principles.
Ratings Intelligence audit services can help Islamic insurers adhere to Shariah principles on a continuous basis.
Shariah Audit for Bond & Sukuk
Ratings Intelligence undertakes review and audit of sukuk's and sukuk fund.
We conduct periodic and annual audit for bonds and sukuks to ensure conformity of transactions with the provisions of the master Shariah compliance fatwa issued to the sukuk.
Shariah Audit for Financial Institutions
Ratings Intelligence provides Shariah Audit services to numerous financial institutions like banks, microfinance institutions and NBFCs that wish to deal with Shariah-compliant products.
We conduct extensive audits that run across the entire breadth of your services, in a periodic manner and deliver and audit fatwa.
Shariah Audit for Financial institutions Converting from Conventional to Shariah
At Ratings Intelligence, we conduct special audits and monitoring services for organizations who wish to convert its existing conventional products to being Shariah Compliant.
Our deep understanding with such transition transactions helps such organizations have a smooth and hassle-free transition and assist them to remain compliant.
Shariah Auditing Process
The fund structure and initial Shariah compliance certificate is obtained.
A comprehensive list of documents and supporting details are requested from the client.
A review of the submitted audit information is studied. This process involves verifying information including market information.
A comprehensive report is submitted to the Shariah Committee (client's own SSB or RI's SSB).
The Shariah committee (SSB) reviews the audit comments and may suggest corrections, if any
A Shariah Audit Fatwa is issued noting the deviations, if any
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