The Company may appoint a specialized external body to conduct External Shari’ah Audit. This task must be undertaken by an independent external Shari’ah audit company approved by the Central Bank (“External Shari’ah Auditor”).
12.2.
The External Shari’ah Auditor shall assess compliance of the Company with the Islamic Shari’ah Provisions in light of inter alia the following:
a.
regulations and standards issued by the Central Bank from time to time; and
b.
HSA’s Resolutions and ISSC’s Resolutions.
He/she must meet the ISSC members to discuss the findings, before preparing the report.
12.3.
The External Shari’ah Auditor shall prepare a report for the Company’s Board and ISSC, giving their opinion on:
a.
the status of Shari’ah compliance of the Company;
b.
the risks associated with the Shari’ah non-compliance;
c.
the capacity and quality of the entity’s risk management system to measure, manage and mitigate the Shari’ah Non-Compliance Risks; and
d.
any other issues deemed significant in External Shari’ah Auditor with respect to Islamic Shari’ah Provisions.