Publication: Shariah Governance and Audit Practices in Islamic Co-operatives: An Audit Expectation-performance Gap Analysis
Loading...
Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Virtus Interpress
Abstract
This study focuses on the inclusion of Shariah governance and audit best practices in Islamic co-operatives in Malaysia. The development of Shariah governance and audit is essential to complement the Shariah compliance mechanisms already in place and practiced internally within these Islamic co-operatives. Strong regulations, frameworks, and guidelines are needed to uphold Shariah compliance practices. The Delphi method was used as the study’s methodology, involving a series of discussions with industry practitioners in Islamic co-operatives. Based on the findings, there is an existing expectation-performance gap in regulations, frameworks, and guidelines; independence and competency; and Shariah audit scope in governing Shariah compliance principles in Islamic co-operatives. This is crucial because well-developed regulations, frameworks, and guidelines in Shariah governance and audit will increase stakeholders’ trust that the activities and operations of Islamic co-operatives are Shariah-compliant. Additionally, providing a standardized framework will help manage risks in Islamic co-operatives and, in the broader context, contribute to the industry’s and the economy’s growth by offering stakeholders adequate information to make informed decisions.
Description
Corporate Law & Governance Review
Volume 6, Issue 3 (page: 72-80)
Keywords
Shariah Audit, Shariah Governance, Islamic Co-Operatives, Expectation Gap, Performance Gap
Citation
Supiah Salleh, Muhammad Iqmal Hisham Kamaruddin, Zurina Shafii, Mustafa Mohd Hanefah, Nurazalia Zakaria, Wan A’tirah Mahyudin, & Nur Amni Mahmud Sabri. (2024). Shariah governance and audit practices in Islamic co-operatives: An audit expectation-performance gap analysis. Corporate Law & Governance Review, 6(3), 72–80. https://doi.org/10.22495/clgrv6i3p8