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