Article (5) Stages of the Review Process in Shari’ah Compliance Function
Effective from 3/4/2025| 5.1 | The SCF shall conduct reviews and evaluate the Shari’ah Non-Compliance controls and their applications, issue reports on the same and monitor remedial actions to ensure that Shari’ah compliance controls are adequate and operate as intended. | ||
| 5.2 | The IFI must develop internal procedures and policies regarding SCF review exercises that should include, at least, the following stages: | ||
| a. | Develop an Annual Plan, | ||
| b. | Planning and Scoping of the review, | ||
| c. | Conduct a Field Review, | ||
| d. | Documenting Issues & Actions, | ||
| e. | Draft Reports, and | ||
| f. | Monitor Progress. | ||
The IFI may refer to the review stages that are stated in the guidance note of this Standard.