Bahrain-based Waqf Fund hosts its tenth Shari'ah scholar session

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Wednesday 25 Nov 2015 - 16:53 Makkah mean time-13-2-1437 Manama, (IINA) - The Waqf Fund, a Bahrain-based special fund to support Islamic finance training, education and research, hosted its tenth Shari'ah Scholar session with Dr. Abdul Bari Mashal who is a member of the Shari’ah Committee of AAOIFI (Accounting & Auditing Organization for Islamic Financial Institutions) and an expert at OIC Fiqh Academy, CPI Financial news reported. He has extensive experience in the field of Shari'ah audit and consultations, and specialized banking training. Dr. Mashal made a presentation on "What Shari'ah Reviewers can do to enhance Shari'ah governance and compliance at Islamic banks". This was followed by an interactive two-hour session during which the participants asked questions and gave their comments. During the session, Dr. Mashal explained the general internal Shari'ah control environment of an Islamic bank and then focused on governance and Shari'ah compliance. He also explained the interplay between internal Shari'ah compliance and internal Shari'ah audit. In addition, Dr. Mashal explained how inherent risks pass through the protection pillar or filter of internal Shari'ah supervision and the Shari'ah non-compliance risk is subjected to internal Shari'ah audit procedures to reduce the likelihood of such risks occurring. If the process is robust, it will substantially reduce Shari'ah non-compliance risk. He emphasized that in order to be effective the internal Shari’ah auditor has to demonstrate independence and objectivity, technical competence and due care. Earlier, Khalid Hamad, Chairman of the Waqf Fund welcomed the guest scholar and the participants to the session. He emphasized the learning opportunity offered by these sessions and urged the participants to take advantage of the presence of scholars, BNA reported. SM/IINA