Purpose

This paper aims to recommend a framework that serves as a practical work tool for conducting risk-based Shari’ah audit (RBSA) in Islamic financial institutions (IFIs).

Design/methodology/approach

Qualitative research method was used through critical in-depth content analysis of documented literature to generate deep insights, further supported with a hypothetical illustrative case study application of the framework on an Islamic bank, aimed at bringing the framework to a practical, near real-life scenario.

Findings

A robust RBSA framework has been developed which focuses on Shari’ah non-compliance risks to systematically and practically arrive at a rated opinion on the level of an IFI’s adherence with Shari’ah rules and principles as recommended by the Accounting and Auditing Organization for Islamic Financial Institutions, aimed to safeguard the IFI and promote financial system stability at large.

Research limitations/implications

Practical realities limited the study to the use of a hypothetical case study bank. Future researchers can apply the framework to a real case study of diverse IFIs for effective contextual recalibration in diverse jurisdictions.

Practical implications

This paper aids the development of both internal and external Shari’ah audit practice using the risk-based approach.

Social implications

The RBSA framework contributes to promoting public trust and confidence in the Islamic finance industry.

Originality/value

This paper has proposed this RBSA framework as a practical work tool for Shari’ah auditors in their engagements and regulators in promoting sound governance and financial system stability. It provides foundation for future researchers in the field.

中文翻译：

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实施基于风险的伊斯兰教法审计的拟议框架

目的

本文旨在建议一个框架，作为在伊斯兰金融机构（IFI）中进行基于风险的伊斯兰教法（RBSA）的实用工作工具。

设计/方法/方法

通过对文献资料进行关键的深度内容分析，使用定性研究方法来产生深刻的见解，并在该框架在伊斯兰银行的假设性示例研究中得到进一步的支持，旨在将框架付诸实践。设想。

发现

已经开发了一个强大的RBSA框架，该框架着重于伊斯兰教法的违规风险，以便系统地，切实地就IFI遵守伊斯兰教义的会计和审计组织所建议的伊斯兰教义的规则和原则的程度提出意见。金融机构，旨在维护国际金融机构，促进整个金融体系的稳定。

研究局限/意义

实际情况限制了该研究只能使用假设的案例研究库。未来的研究人员可以将该框架应用于各种IFI的真实案例研究中，以在不同的司法管辖区进行有效的上下文重新校准。

实际影响

本文使用基于风险的方法来协助内部和外部伊斯兰教法审计实践的发展。

社会影响

RBSA框架有助于增进公众对伊斯兰金融业的信任和信心。

创意/价值

本文提出了这个RBSA框架，作为伊斯兰教审计师参与和监管机构促进健全的治理和金融系统稳定性的实用工作工具。它为该领域的未来研究人员提供了基础。