Shariah Governance Framework: Key Components Part II

While the Central Shariah Boards provide guidance to local stakeholders in the implementation of standards at the country level, the institutional Shariah Boards provide the Shariah approvals or certifications for the products and operations of the institution and advise the management on Shariah related matters. Shariah audit provides a systematic and independent examination or verification of the products, activities, procedures, internal controls, and records of Islamic financial institutions.