The scope of work of the External Shari’ah Auditor includes any aspect that is deemed necessary to express an opinion on the extent of the Company’s compliance with provisions of Islamic Shari’ah in accordance with the approved Shari’ah basis, and this may include:
a.
The Company and its branches, departments, and subsidiaries and affiliates.
b.
Any existing activity, product and service.
c.
Forms, contracts, agreements, and operation processes/procedures.
d.
Bylaws, instructions, work procedures, and product programs.
e.
Basis for calculating and distributing the surplus and ensuring the expenses are well allocated between shareholders’ account and participants’ accounts.
f.
Accounting systems and Information Technology systems.
g.
The Company’s Shari’ah governance systems and framework, the evaluation of the independence of the internal Shari’ah control departments and their effectiveness, and verification of the Company’s adherence to its policies and procedures in this regard, including its commitment to its responsibilities stipulated in ISSC’s charter.
h.
Internal Shari’ah audit manual and plan to ensure that they have been approved by the ISSC, as decided by HSA.
i.
Any other aspects that the External Shari’ah Auditor needs to examine for the purpose of forming its opinion.
10.2
The External Shari’ah Auditor is not responsible to ensure the competency of the members of the ISSC or to evaluate their resolutions.
10.3
The External Shari’ah Auditor may determine the extent of reliance on the work of the internal Shari’ah auditor after examining four elements:
a.
Organizational structure including administrative reporting and submission reports,