In order to strengthen the Shariah compliance mechanism within Islamic Financial Institutions and to ensure that all relevant Islamic banking regulations are compliant in letter and spirit, ESAAC assists Islamic Financial Institutions to introduce Shariah compliance mechanism as a part of their control structure.
As an integral part of compliance, Islamic Financial Institutions should also introduce a system of internal Shariah Audit to ensure that they achieve the goals and objectives of Shariah compliance.
Assessing and managing Shariah risk have become primary concern for management and shareholders due to non-availability of technical skills and lack of resources. ESAAC Shariah Auditors can shift the focus to address these concerns and in the process, increase their strategic value to the organization.
ESAAC provides a range of internal and external Shariah audit services from outsourcing to co-sourcing and Quality Assurances Reviews that go above traditional financial reporting to help internal audit realize its full strategic potential.
We have an effective risk based Shariah audit and compliance mechanism that makes our Shariah reviews and audits more effective and efficient. We are cost effective as we reduce the overall cost by reducing travelling cost, redundancy and repetition. Our standard processes and diversified knowledge base improves quality, effectiveness and efficiency. Our reviews and audits are compatible according to the core operations of the institution addressing risks specific to the business.