Remote Sharia Audit

Our digitally managed Sharia audits are designed to work remotely in a safe, secure and efficient way. From collecting information to reviewing documentation to auditing transactions and issuing reports, our remote Sharia audit is underpinned with easy to use delivery model, so as to provide you with a fast, accurate, safe and secure remote assessment.

Your Sharia Audit. Done Remotely, Anytime. Anywhere.

Trusted by financial institutions and investors worldwide, our Sharia advisory and Sharia audit services removes geographical boundaries and minimizes disruption to your business.

Managing Your Sharia Audit Remotely

Our digitally managed Sharia audits are designed to work remotely in a safe, secure and efficient way.

From collecting information to reviewing documentation to auditing transactions and issuing reports, our Sharia audit is underpinned with easy to use delivery model so as to provide you with a fast, accurate, safe and secure remote assessment.

Our audits comply with the requirements of relevant accreditation bodies, and we can provide remote Sharia audits against the following standards:

Standards Remote Audit Notes
Shariah Audit Yes No restrictions
AAOIFI-GSIFI Standard No.2 Yes No restrictions placed on the application of remote audit against these standards internationally with few exceptions in GCC countries
AAOIFI-GSIFI Standard No.3 Yes Restrictions may apply based on your jurisdictional requirements
ISAE-3000 – Independent External Shariah Compliance Audit No  
External Shariah Audit Yes Remote external Shariah audits can be done in full provided its not in conjunction with an international Assurance standard audit.

How does it work?

Like physical Sharia audit, the remote Sharia audit centres around the scope selected for the underlying business, ensuring that the right Sharia audit evidence is procured, reviewed and tested in light of Sharia guidelines. Using desktop based reviews and applications our Sharia audit will consist of everything that is typically included in an onsite Sharia audit. Our Sharia auditors will guide you through the requirements and auditing process while live-streaming discussion with head of functions within your organization.

Details of your specific Sharia audit may vary, but the overall process will likely go as follows:

  • Remote Sharia audit planning
  • Communication with you on requirements and documentation details
  • Receiving relevant documents from you
  • Execute desktop-based assessment
  • Share observations on assessments
  • Hold video calls and correct any nonconformities
  • Issue draft report and collect feedback
  • Issue final Sharia audit report.

How it can benefit you?

Our remote Sharia audits can have multiple benefits in terms of efficiency, competence and access to scholarly expertise. Few of the benefits include:

Save time and money:

  • We reduce the cost of travel which also helps cut down on audit fee and waiting-times.
  • Availability of Sharia audit team(s) with required competence, connecting and including them in the Sharia audit where needed.
  • Enabling more transactions in sampling, thus increasing your insight and Sharia control on compliance.

Remove geographical boundaries: 
We serve clients in over 20 countries and our remote Sharia audit service means that our assessments can easily be delivered directly to you, no matter where you are in the world

Global access to scholarly competence:
Additional competence or Sharia scholars can be added to any Sharia audit team in cost-efficient ways.

Mitigating business continuity risks:
Maintain business continuity under severe conditions, epidemics and pandemics.

What can we audit remotely for you?

As one of the world’s leading Sharia audit firms, we’ve continue to audit thousands of transactions for a wide variety of products, from banking to insurance, asset management to fin-tech industry. Few examples include,
  • Real-estate business
  • Automotive financing
  • Private equity deals
  • Corporate banking services
  • Investment banking products
  • Insurance services
  • Real Estate Income Trust (REIT)
  • Peer to peer lending
  • Leasing projects
  • Retail banking products
  • Payment solutions

Our Capabilities

We offer an expertise-led Sharia audit model to deliver differentiated values that truly supports our clients. Examples include:

Multiple Industries Insights:
Serving multiples industries from banking to insurance, asset management, agri-business, fintech, our remote audit can provide you objective insights that your business need to sustain Sharia compliance – including transaction reviews, private equity screening, research, learning and development and Sharia standards management. Recommendations are based on proven benchmarks and proindustry practices of Sharia compliance.

Sharia Non-Compliance Risk-Based Scoping:
Even though the audit is done remotely yet our approach to Sharia audit scoping maps the non-compliance risk factors with Sharia audit ratings, cyclical Sharia Board reviews, internal Sharia control workflow and regulatory directives on Sharia governance. Our Sharia non-compliance risk-based scoping can also be adapted to your institution specific methodology.

Listed Equities Assessment:
As part of our audit capabilities we conduct Sharia screening on listed equities that unites the ease of software with the muscle of data and industry equity practices.

The global equity screening is jointly conducted with our partners Ideal Ratings and provide you an instant view of the equity from multiple rulebooks, such as AAOIFI, MSCI, and your Sharia Board. For you, this means clearer, faster Sharia compliance results and decision making for trading priorities.

Worldwide Scholarly Network:
We’ve more than 31 scholarly resources from +16 countries. This helps draws on the strength and scale of advisory network to assist clients in getting deeper insights during the audit of their products, funds and transactions assessing them in light of different schools of Islamic jurisprudence. Initially launched in Saudi Arabia in 2004, our scholar network has expanded to the UK, Malaysia, Pakistan, the Middle East, and Africa.

Quality Control:
We apply International Standard on Quality Control 1 (ISQC1) to maintain a system of quality control on our external Sharia audits. ISQC 1 is an internationally recognized quality control transformation approach founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.