URDU 1 POST IMPLEMENTATION CHALLENGES TOWARDS EXTERNAL SHARIAH AUDIT IN PAKISTAN A SYNTHESIS OF EXPERTS VIEWS - II
پاکستان میں ایکسٹرنل شریعہ آڈٹ کے نفاذ کے بعد اس کو درپیش چیلنجز کا ماہرین کی آراء کی روشنی میں عملی جائزہ-حصہ دوم
DOI:
https://doi.org/10.47720/hi.2021.0503u01Keywords:
Stakeholders, External Shariah audit, Reviews, Issues in Shariah Governance, Pre Implementation, SGF, Internal Shariah auditAbstract
Providing its services by the principles of Shariah and maintaining the trust of stakeholders is essential for the existence of Islamic financial institutions. Islamic banks should be run under an integrated and regulated standard system called Shariah Governance Framework (SGF). The SBP, AAOFI, and IFSB have proposed separate governance frameworks. However, the framework issued by the SBP is characterized by the fact that external Shariah audit is an important component of ensuring the independent and sovereign accountability of Islamic financial institutions. This means that Islamic financial institutions will no longer be content with internal sources such as internal Shariah audits and reviews to verify Shariah compliance, but will necessarily have to verify it with a third external party called an external Shariah audit. But after the mandatory implementation of this type of audit in Pakistan, there are many problems such as disinclination of experts, uniformity in the duration of audit and burden of responsibilities, non-standardization in the affairs of Islamic financial institutions, lack of precautionary measures taken by regulators, lack of curriculum and proper training, lack of detailed framework or format and lack of career counseling, etc. This research paper covers these difficulties in light of experts’ opinions.
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