Independent assurance
Shariah audit and review focused on how activities actually operate
IHKAM examines selected transactions, documents, records and controls to assess alignment with the approved Shariah framework and identify practical remediation.
Our approach
Evidence-led review
A review tests whether approved requirements are reflected in execution. The mandate begins with clear criteria and sampling boundaries, then follows the evidence through transactions and processes. Findings distinguish the issue, its basis, its impact and the action needed to close it.
Scope of support
Areas that may be reviewed
Scope and depth are agreed according to the institution, activity and assurance objective.
Transactions
Samples of executed activities, sequence of events, approvals, supporting documents and exceptions.
Controls
Design and operation of controls intended to preserve the approved Shariah requirements.
Records and reporting
Evidence retention, issue escalation, management information and prior finding closure.
Change
Product, document, system or process changes that may affect the continuing basis of approval.
Deliverables
Typical deliverables
- Review scope, criteria and sample plan
- Evidence request and testing record
- Findings graded by significance
- Corrective-action recommendations
- Final report and follow-up status
Working method
Review cycle
1. Plan
Confirm the criteria, population, period, sample approach and stakeholders.
2. Test
Inspect evidence, trace selected activities and discuss exceptions with process owners.
3. Report
Present supported findings, implications and agreed management actions.
4. Follow up
Assess closure evidence for findings included in the agreed follow-up scope.
Frequently asked
Audit and review questions
What is the difference between Shariah review and Shariah audit?
Terminology varies by framework and mandate. The engagement letter should define the objective, criteria, evidence, responsibility and level of assurance rather than relying on the label alone.
Can a targeted review cover one product or process?
Yes. A focused review can examine a specific proposition, control area, period or set of transactions where the boundaries are clearly defined.
What happens when a finding is identified?
The report records the supporting evidence, relevant requirement, significance and recommended action. Management remains responsible for remediation and evidence of closure.
IHKAM Advisors
Define an independent Shariah review
Tell us the activity, period and assurance objective so we can propose a proportionate scope.