Shari'ah Consultation And Review At Islamic Financial Institutions: Principles And Practices

This book aims to acquaint Islamic Financial Institution (IFI) stakeholders with the internal workings of the Shari'ah control department at an IFI with a special focus on the roles and contribution of Shari'ah consultation and Shari'ah review functions. By delving into the scope, methods, framework, assignments and practical workings of these two functions within the Shari'ah control department, the book seeks to introduce readers to not only the significance of these functions within IFIs but also the Shari'ah principles, parameters and rulings that guide and govern their activities. The book provides practical examples of Shari'ah consultation and review activities and discusses key challenges faced by the Shari'ah experts while carrying out their assignments. It presents various examples of Shari'ah non-compliant terms, terminologies, conditions, clauses and provisions, covering not just the finer details of Shari'ah consultation and review functions, but also outlining their processes and procedures. This book is intended to serve as a stepping stone for those interested in developing an understanding of the working of the Shari'ah control department at an IFI, as well as for those who may be curious about how Shari'ah matters are addressed and solutions are provided by the Shari'ah consultation and Shari'ah review functions.