Publication: Issues and Challenges in Developing Shariah Governance and Shariah Audit in Islamic Cooperatives
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Date
2023
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Syariah and Law (FSU), Selangor International Islamic University College (KUIS)
Abstract
The development of Shariah governance and audit in Islamic Cooperatives in Malaysia is one of the primary concerns since some issues were raised throughout the process. Islamic cooperatives in Malaysia are regulated by Suruhanjaya Koperasi Malaysia (SKM), which aims to encourage the growth of cooperatives that comply with Shariah. Islamic cooperatives operate their business under supervision from SKM regarding governance and Shariah perspective. The development of Shariah governance and Shariah audit support the Shariah compliance system that already operates in most Islamic institutions. During the Shariah governance and audit process, some issues are addressed during the development, which involves guidelines, Shariah auditor competency, staff skills, and governance and Shariah audit of the cooperative sector. The study’s approach included an interview with practitioners from cooperatives, auditors, and experts in the industry. This paper aims to identify the issues and challenges of Shariah governance and Shariah audit in the Islamic cooperative sector. The study will contribute to one of the key critical elements in strengthening the Shariah governance and Shariah audit in the cooperative sector
Description
Volume: 6 No: 2 (Page: 01-18)
Keywords
Shariah audit, Shariah Governance, microfinance institutions, cooperative, Ar-Rahnu
Citation
Mahmud Sabri, N. A., Salleh, S., Kamaruddin, M. I. H., Shafii, Z. ., Mohd Hanefah, M., & Zakaria, N. (2023). Issues and Challenges in Developing Shariah Governance and Shariah Audit in Islamic Cooperatives: Isu dan Cabaran dalam Membangunkan Tadbir Urus Syariah dan Audit Syariah dalam Koperasi Islam. Journal of Muwafaqat, 6(2), 1–18. https://doi.org/10.53840/muwafaqat.v6i2.156