Author(s):
1. Tahir Alam:
Center for Islamic Development Management Studies (ISDEV) University Sains Malaysia
2. Azreen Hamiza Abdul Aziz:
Center for Islamic Development Management Studies (ISDEV) University Sains Malaysia
3. Majid Iqbal:
Institute of Islamic Economics, International Islamic University, Islamabad
Abstract:
The exclusive and distinguishing trait of Islamic Financial institutions (IFIs) which sets it away from its conventional competitor is the need of shariah compliance or confirmation of religious and ethical principles. The audit of Islamic financial institutions is not limited to financial performance, but it also covers the shariah aspects of all transactions. So high expectations from the practices of IFIs appear in the form of an existing gap between what is and what ought to be. Because "what is" may not be matched with "what ought to be". This article aims to discover the existing gap betweenthe two concepts in the IFIs of Pakistan. This paper found that there is exists some gap between the two concepts in certain issues that have been discussed in this paper. This study cannot hope to bridge the existing gap; however, it shows that the function of shariah audit has not taken a good impact in IFIs in Pakistan, although it is a crucial monitoring instrument for shariah compliance.
Page(s):
497-500
DOI:
DOI not available
Published:
Journal: Science International, Volume: 32, Issue: 4, Year: 2020
Keywords:
Shariah Compliance
,
Shariah audit
,
Islamic Financial Institutions
References:
References are not available for this document.
Citations
Citations are not available for this document.