Muscat, The Shura 8th Sharia Audit Conference
organized by Shura Sharia Consultancy Company, in cooperation with
the Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI) and the International Sharia Research Academy
for Islamic Finance began at the Grand Millennium Hotel Muscat today.
His Eminence Sheikh Ahmed bin Hamad al-Khalili, Grand
Mufti of the Sultanate, presided over the opening ceremony of the
Abdul Satar Ali al-Qattan, Director General of Shura Sharia
Consultancy Company, the organizing company of the conference,
said that the conference comes to highlight the central role of the
Sharia audit in emphasizing the discipline of Islamic banks in terms of
Sharia. He pointed out that the Sultanate was able to put its name in
the list of the most developed countries in Islamic banking and took a
special position on the map of the Islamic financial industry.
Dr. Qais bin Issa al-Yahya'ee, Deputy Chief Executive Officer of
the Central Bank of Oman (CBO), affirmed the success of the Islamic
banking experience in the Sultanate. He added that the share of
Islamic banking services accounted for 13.4 percent of the banking
sector in the Sultanate at the end of June 2019. The total assets of
Islamic banking institutions operating in the Sultanate increased to RO
4.59 billion in June 2019.
The conference today discussed through five sessions the
status of Sharia audit in the Sultanate, the adoption of the COSO
methodology in internal Sharia audit, the use of key Sharia risk
indicators, Sharia audit and quality assurance in Sharia audit. The
activities also included a presentation on how technology accelerates
Sharia audit work.
Tomorrow (Monday), the conference will discuss two
workshops on Sharia Auditing on Sukuk and Takaful Insurance
limitations and Sharia Auditing. After tomorrow (Tuesday), Sharia Audit
Workshop will be held on the technical information systems of Islamic
banks and financial institutions.
Source: Oman News Agency