FACULTY OF BUSINESS, HOSPITALITY, ACCOUNTING AND

FINANCE
ASSIGNMENT BRIEF

Programme Name Bachelor of Science (Hons) in Islamic Finance

Course Code ISF1313
Course Name Syariah Islamiyyah Session/
Aug 2022
Semester
Individual Development
Course Leader Name Rosmaza Sukardi Assessment Type
Assessment
Dean / Head of
Internal Verifier Name Mohd Hamidi Kamaruddin Dr Syriac
School Name
Hawa Camara BIF22016112
Student Name Qanitah Ulfah Binti Ulfah Student ID BIF22086675
Rizal
Erkaboev Otabek BIF19096855

I hereby certify that this assignment is my own work and where materials have been
used from other resources, they have been properly acknowledged. I also understand
I will face the possibility of failing the module if the content of this assignment is
Student’s declaration
plagiarized.

Signed: ________________________ Date: _________________

Feedback/Feedforward given by Lecturer Feedback received by Student:

(Feedback to be provided within 2 weeks of deadline) Comments by student:

Date:
Signature:

1
 FACULTY OF BUSINESS, HOSPITALITY, ACCOUNTING AND
FINANCE

ISSUES ARISE IN ISLAMIC FINANCE

Programme
Bachelor of Science (Hons) in Islamic Finance
Name
Course Name Syariah Islamiyyah

Course Code ISF1313

Course Leader Name Rosmaza Sukardi

Student Name
Hawa Camara (BIF22016112)
Qanitah Ulfah Binti Ulfah Rizal (BIF22086675)
Erkaboev Otabek (BIF19096855)

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 TABLE OF CONTENTS

1.0 INTRODUCTION.........................................................................................................................4
1.1 Acknowledgement......................................................................................................................4

1.2 Objective of The Report............................................................................................................4

1.3 Introduction to the current issues in Islamic Finance.............................................................5

2.0 CASE ANALYSIS.........................................................................................................................5

2.1 Issues 1: Realising Maqasid Shariah in Islamic Finance........................................................5

2.2 Issue 2: Fatwa Shopping in Islamic Finance............................................................................9

2.3 Issue 3: Shariah Auditing in Islamic Finance........................................................................10

3.0 SOLUTION AND RECOMMENDATION...............................................................................13

4.0 CONCLUSIONS..........................................................................................................................15
5.0 REFERENCES............................................................................................................................17

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1.0 INTRODUCTION

1.1 Acknowledgement

First of all, I would like to thank Allah SWT for giving us will and power to do this
assessment and complete on time. Moreover, we thank our lecturer Madam Rosmaza for
encouraging and guiding us during the challenges we faced while completing this task. Even
though, tough controversial statements and points were given while choosing the topics, we
as a group have found a way to compel ourselves to overcome avoid these kinds of guidance.
In most cases participants have experienced challenges finding articles related to their topics
and interpreting information found from variety sources, so that we as open-minded
groupmates tried to work cooperatively. The task has been divided into parts according
student’s will and competency, and all participants’ contribution and effort are highly
appreciated.

1.2 Objective of The Report

The main objective of this report is consisting of three basic attributes which are:
i. Realizing the importance of Maqasid Shariah in Islamic Finance Understanding its
concept, point out the issues arisen in Maqasid Shariah in modern day, and opinion
given on its role in modern day.
ii. Fatwa Shopping in Islamic finance. How is Fatwa being realized in modern day,
qualification on person who gives Fatwa, main concept and scrutiny, how to avoid
any misguidance on Fatwa Shopping and lastly Utilization of Fatwa.
iii. Shariah auditing in Islamic finance. Its importance, reference to periodical
assessment, issues arisen around Shariah auditing and its practice in in this era in
comparison with the era of Prophet Muhammad SAW.

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1.3 Introduction to the current issues in Islamic Finance

Islamic principles are to encourage ethical, mental and moral values that help to deal with
counterparties whereas abandoning all sorts of interest. Nowadays, scholars are concerned on
application of shariah compliance in Islamic finance and Islamic financial institutions, some
scholars argue that the usury elements in financial activities aren’t fully eliminated yet and
there are misguidances arising in following the shariah laws in finance. Islamic countries
around the world approach on issues currently faced in Islamic finance. Furthermore, in order
to comply with Islamic law, all procedures must be followed; otherwise, the system will be
similar to that of traditional banking. There is no justification for prohibiting interest in
Islamic fund- and money-keeping. All financial transactions must be conducted in accordance
with Islamic law. However, Islam permits and encourages Muslims to participate in any
lucrative commerce or trade. There is no legal restriction on profiting from commerce as long
as the profit is morally and ethically justified. Some Scholars argue on Shariah compliance
status of Islamic financial contracts, they say some of the sale-contracts don’t fully apply
shariah compliance, sadly, there is a partial truth in this statement. As an example, we can
look at Bai al inah, where the creditor sells an asset to the borrower for instalment payment
with mark-up price (profit element), this is somehow applied in Conventional financial
activities.

2.0 CASE ANALYSIS

2.1 Issues 1: Realising Maqasid Shariah in Islamic Finance

Literally, the word Maqasid is the form of Maqsid, Maqsad, the word is derived from
Arabic language meaning “Heading to direction”. However, scholar defines Maqasid Shariah
in various ways. Here is the most common definition of Maqasid Shariah:The goals,
ramifications and principles that Shari'ah Islamiyyah has established in the approved choices
as well as the motivations behind them in order to guarantee human welfare. Shari'ah places
emphasis on the welfare of the individual in this life and the hereafter, and as a result it has
urged people to use methods and procedures that will benefit them and prevent harm, loss,
and evil from coming to them. Shaikh Mukhammad al-Tahir ibn Ashur, one of the most well-
known jurists of 20th century, proposed Maqasid as the guideline for renewal of Shariah law
which has not ever changed since the era of great Caliphates and Imams. Generally, the main

5
objective of Maqasid Shariah is to aim at possession of good, welfare and benefits, while
guiding to stay away from harm, evil, loss, injury and so on. Maqasid Shariah generally, there
are three main classifications of Maqasid Shariah:

i. Dharuriyyah (Necessity)
ii. Hajiyyah (Requirements)
iii. Tahsiniyyah (Embellishment)

Dharuriyyah: means objectives that are must and basics to obtain welfare in this world
and in the world hereafter, failing to do so may cause disastrous consequences on the
Judgement Day and order won’t be established. Dharuriyyah is related five basic factors:

i. Protection of Faith (Din) a Muslim must always prioritize saving his religion from
any threats from outside. He should put religion in the first place when it comes to
protection. Protection, in turn, might be physically and mentally. The protection of
life basicly related to praying, zakat, fasting and Hajj.
ii. Protection of Life – second priority of a Muslim, as once the religion is protected then
he has to keep himself ward off from harmful activities or threats toward his life.
iii. Protection of Reason (Aql) – A muslim smust protect his mind from addictive
activities that harm his mind and distracts him from doing his religious activities, e.g.,
Drinking alcohol, consuming drugs and so on.

Surah Al-Falaq: 113:1:

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 iv. Protection of Posterity – human must leave a generation after him
v. Protection of Property – this the last objective of Daruriyyah, referring to the fact that
the one can protect his property and expand it.

Hajiyyah: Hajiyyah is to focus on removing hardships from human’s Life and aiming at
facilitating and guide people to strive to thrive their life by following Shariah laws. Shari'ah
provides people with guidance that leads their way of life for the benefit of humanity; it
forbids everything that is harmful or likely to be harmful to people, society, or the
environment and permits everything that is beneficial and useful to people, society, and the
environment. The Shari'ah addresses all facets of human mobility in the fullest sense, and it
provides guidelines that place the greatest emphasis on open space. The Hadith and the
Qur'an are just two of the many sources that make up the Shari'ah, which contains the laws.
The Shari'ah regulations also handle issues with everyday items, including the collection of
regulations known as muamalat that regulates business dealings between parties. These
regulations are not mandatory for their purported purpose, but rather to guide morally good
human beings toward advancing the aims of Shari'ah through their interpersonal interactions,
as well as to maintain and even enhance the moral functioning of society.

Sahih al-Bukhari, Book 70: Patients:

Tahsiniyyah: The main objective of Tahsiniyyah is to put beauty and comforts into
human’s life. Shariah has several provisions that are meant to ensure better utilization,
beautification and thrive. This is the simplified form of Daruriyyah and Hajiyyah. Moreover,
permission of using beautiful items, wearing luxury clothes, having fancy house or eating
delicious food are examples of Tahsiniyyah. As they are widespread and linked to all the
other masalih, the tahsiniyyah are an awfully imperative category. For instance, one can
conduct the obligatory salah with complete and suitable concentration, giving each of its
components the proper consideration, or one can execute it hastily and carelessly.

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Issues faced by Islamic banking and finance while following Maqasid Shariah.

As we know one of the biggest current issues for Islamic banking and finance is to
represent products and services that are shariah compliant and legitimate from Islamic
perspective, without affecting the business’s activities, profitability and sustainability in the
long run. The first question that must be pointed is how to recognize whether the financial
product or service is shariah compliant and what are the main approaches on Fiqh while
determining the validity or permissibility of the contract. School of Fiqh differ from each
other when it comes to determining the validity of the contract. Most of scholars made a
statement, saying that validity of the contract must be determined by intention(niyyah) of
both parties. However, a head of one of four mazhabs, al-Imam al-Shaafii found out the
impractical way of determining the validity of contract referring to only intention, as it is
truly hard to identify whether contracting parties are possessing a good intention. Scholars of
this era refer to contract’s structure while determining its validity or permissibility if the
contract is in line with shariah then it is valid. On the other hand, if the contracting parties’
purpose is shariah compliant then it is termed as permissible. The first approach emphasizes
Imam al-Shaafii’s point of view, while imam Hanbali and Maliki emphasize that the validity
of the contract must be determined based on the real intention of contractual parties.
Contradictions over Islamic financial products Preceding paragraph has indicated that
scholars generally agreed that contracts must be both, permissible, valid and deemed to
Shariah compliant.

Bay al-Inah: This type of contract is known as deferred cost-plus sale, many financial
contracts are based on this structure such as Bai bithaman ajil, Islamic Private Debt
Securities, Islamic overdraft facilities. Bay al-Inah and conventional riba based financing are
same as they serve in the same exact purposes, they are affected from the same economic
substances and consequences even though their form differs from each other, but they are
presented to the public with the same terms. As we have already stated, even though it may
be interpreted in other ways, the legal framework is insufficient to vouch for and legitimize
the justify the contract. Therefore, to assert admissibility by merely referencing the proper
context of the trade undermines ijma and is contrary to both the fundamental principles of
Shariah and religion.

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2.2 Issue 2: Fatwa Shopping in Islamic Finance

Fatwa shopping is one of the most contentious topics in modern Islamic finance, but
startlingly few academics in the field have paid it any consideration. Islamic finance has over
emphasized agency theory to adhere to Sharia law. This argument holds that when Muslim
jurists give fatwas on a specific commodity or service and people who request them, such
bankers and financial institutions, do so, there may be conflicts of interest between them. The
goal of the thesis is to close this gap by providing a critical assessment of talfiq, a classic
procedure in Islamic law that is widely used to choose, consider, and combine different
Sharia interpretations to support a particular course of action. The relationship between talfiq
and the modern practice of fatwa shopping in Islamic finance is also examined. Risk
management and regulatory regulations are closely related to the practice of "fatwa shopping"
in modern Islamic banking. Conventional equivalents provide well methods and equipment
for locating, assessing, and controlling risk exposures. Contrarily, Islamic banking and
finance struggle to strike a compromise between business demands for risk management at
the national and international levels and the frequently rigid stances of some Sharia experts
on the subject of Islamic legal edicts (fatwas). These stringent measures have effectively
resulted in the prohibition of the utilization of financial instruments designed for risk
management objectives, even when used for legitimate commercial purposes. The expansion
of Islamic finance has highlighted the significance of creating and implementing business
model for organizations wishing to operate in accordance with Sharia economic doctrine as
well as for their survival in the global market. Islamic banking may not be long-term
successful without a proper framework for controlling risks that can deal with the various
threats inherent in current's globalized economy.

The Islamic financial industry faces a special problem in terms of financial safety.
The purpose of this thesis is to look into the nature, motivations, and effects of fatwa
shopping in relation to Islamic banking, Islamic hedging and derivatives, Islamic insurance,
and limited liability in Islamic law (takaful). Secondly, it assesses how purchasing fatwas
aids in the modernization of ancient Islamic legal principles and acts as a catalyst for the
creation of new Islamic goods and services that meet the needs of the contemporary financial
industry. These conventional contracts can be changed to accommodate contemporary
financial activity through the selection and adaptation procedure. Thirdly, the thesis

9
recommends regulatory mechanisms that may be applied to Islamic finance in order to
address the problem of conflicting interpretations of the Sharia, which is commonly held
responsible for hindering the standardization of the industry and the harmonization of the
Sharia. Academics that study Islamic finance also believe that Fatwa shopping is a serious
issue. In the absence of a centralized fatwa organization that harmonizes doctrinal positions
on Islamic goods and services, financial institutions may request a variety of viewpoints to
assure Sharia compliance. Financial institutions may request the opinions of multiple Muslim
scholars or jurists from the same or other Islamic legal schools (madhahib) about financial
contracts, goods, and services (either concurrently or sequentially).

2.3 Issue 3: Shariah Auditing in Islamic Finance

As per Yaacob (2012), the main objective of the Shariah audit is to validate that all
measures done by Islamic financial institutions (IFIs) are in accordance with shariah and that
no divine principle pertinent to the contract is being overlooked. Examining financial
accounts, operations, structures, people, and IT is one of its many purviews (Sultan, 2007).
As a result, when compared to shariah business legislation, normal audit has a narrower
reach. Because of this, traditional audits of IFIs have incurred a lot of flak for being
inadequate. For instance, the "normal financial audit is insufficient to satisfy the demands of
the stakeholders of IFIs," according to Haniffa (2010). Khan (1985) had earlier
acknowledged this tactic and had said the following: "The auditing scope of the Islamic
framework is far greater than that of conventional auditing. From the traditional idea of
testifying and responsibility to reflect on numerous social and economic aspects of the
organisation, it would evolve. This is so because Islamic auditing is based on Shariah
principles and Islamic cultures' fundamental values " (Khan 1985, as quoted in Yahya and
Mahzan, 2012).

Shariah auditing is extremely crucial since Islamic organisations are increasingly

cognizant of the need for everyone to strive toward advancing the objectives of Islamic law,
or maqasid al shariah (Shahul and Yaya,2005). People are apparently turning away from a
culture where everything is believed, and nothing is audited due to the requirement for
regular independent syariah audits at IFIs. To achieve the success of the objectives of shariah
compliance in IFIs, which can then enrich the ummah as a whole, an appropriate syariah
audit system must be developed.

10
 There are verses in the Qur'an that discuss auditing. The person whose record is
brought to Allah (swt) first will be fairly assessed and return to his people in gladness,
according to the Qur'an. the sixth through ninth verses of Surat al-Insyiqaq. Another verse
reads, "And indeed, [sent] over you are guardians, Noble and recording; they know whatever
you do." (Sura Infithar, verses 10–12) Verse 82 of Surah al-Nisa states, "Surely Allah
accounts for everything." Islamic auditing therefore has a far wider scope than conventional
auditing (Yahya and Mahzan, 2012). Since the traditional audit cannot cover every aspect of
the Syariah audit, there is obviously room for the growth of the distinct discipline of Shariah
audit. Because of the distinctions among Islamic and conventional financial institutions, the
following problems and difficulties with auditing in Islamic finance have been imposed:

i. Independence of Shariah Auditors

The integrity of the shariah auditors is further bolstered by the expectations of those with
an interest in the IFIs that they will be sufficiently impartial to remark on the IFIs' claims to
be fully shariah compliant. The independence standards must be applied with the maximum
rigour when the responsibility and societal relevance of the audit are at their greatest (Flint,
1988). The independence of the shariah auditors at IFIs is necessary due to the social aim of
the audit there for the ummah's benefit. If an audit is not wholly and completely independent,
its full potential cannot be realised since the societal purpose will not be achieved. The
Shariah Supervisory Board (SSB), which oversees control at IFIs, ensures that all operations
completely abide with Shariah standards (Toufik, 2015). The SSB's work is comparable to
that of corporate auditors even though it has no direct control over top management because
both organizations undertake audits to verify Shariah adherence.

To put it another way, the SSB audit their own activity while getting paid by the company
where they operate, which causes concern about their autonomy and possible conflicts of
interest. Haniffah (2010) contends that in addition to conducting Sharia review or Sharia
audit, the SSB's oversight of the products and operations of IFIs compromises their
independence. Because of this, there is no clear distinction between the positions, which is
essential for good governance. In order to prevent partners from misunderstanding the
independence of SSB or Shariah auditors, IFIs would consequently need to assess the
necessity for a distinct division of functions.

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 ii. Qualification of Shariah Auditors

The presence of the necessary qualification reflects the true desire. Others claim that the
project is an internal issue that needs to be handled by the shariah committee or internal
auditors. Some people prefer that shariah employees who are only trained in shariah perform
shariah auditing methodologies. Auditors of shariah are tasked with addressing the demands
of the Islamic community, whose priorities and goals differ from those of other modern
points of view (N. Kasim & M. Sanusi, 2013). As a result, Shariah auditors are responsible
for both ensuring that monies in IFIs are used appropriately and upholding financial
reporting's integrity. However, shariah auditors must be proficient in both traditional and
shariah-compliant accounting and auditing techniques. To properly perform their role as
Shariah auditors for IFIs, they must have a full understanding of all financial and accounting-
related topics, including auditing.

According to empirical study, there aren't many audit professionals who are accredited in
both traditional auditing and Shariah auditing. An investigation by N. M. and Kasim. Sanusi
discovered that professionals with accounting degrees aren't necessarily qualified to practise
Shariah. The lack of auditing experts with training or experience in both conventional and
Shariah audits may have a negative influence on the expansion of Shariah auditing and the
Islamic Financial Industry as a whole. The IFIs could be unable to determine Islam's mission
and vision as a result. Therefore, it is imperative to address the pressing need for Shariah-
qualified auditors with accounting and auditing experience as soon as is practical.

iii. Lack of literatures

As is well known, Islamic finance first emerged on the global banking scene a few
decades ago. Actually, after experiencing significant expansion, the industry just recently
achieved its present level during the first decade of this century. Only after the global
financial crisis of 2008 did Muslim and non-Muslim countries start to take notice. Traditional
finance, on the other hand, has been around for millennia. It has evolved over many years of
practise, but it has also grown into a highly researched area that is studied and taught in
academic institutions and research facilities all over the world. The many components of
conventional finance are advanced and encouraged by key centers for teaching, training, and

12
research. Because of this, despite its explosive expansion over the past ten years, Islamic
finance has significantly less literature than mainstream finance. To say that the literature on
Islamic finance would continue to trail far behind when it is asserted that Islamic financing
has gained one percent of world finance would likely not be an exaggeration. Sadly, none of
these fields has yet paid adequate attention to shariah auditing. Shariah audit is either not
performed at all or is assigned only marginal relevance because regulators have not yet
acknowledged and put into practise Shariah audit as a critical pillar, practitioners, or the
industry itself. This issue hasn't entirely received less scientific attention as a result.

Additionally, Islamic financing has grown the greatest during the past decade or so
years. During this period, it also began to draw attention as a discipline, and many of its
numerous elements are currently being looked into. It is also true that Shariah auditing has
not received enough attention from academics, professionals, and regulators. It is impossible
in this circumstance to even begin reading the pertinent Shariah audit literature. Shariah audit
is an exception, but the literature on, say, Islamic banking is sufficient to understand the
current state of affairs and the scope of the problem without the need for further study. The
sparse literature on the topic is also of such poor quality that it cannot be trusted, and its
sources are questionable. Because there is a lack of literature, any attempt to progress the
field through academic study is complicated and difficult.

3.0 SOLUTION AND RECOMMENDATION

Although there still some challenges exist and faced by Islamic finance while putting
a massive effort on being in line with shariah compliance, we believe that good intention of
contracting parties is a basic factor, Contravening the Shari'ah's special goal of forbidding
riba' by using bay' al-Inah for case is against the prohibition of riba'. Nevertheless, individuals
who argue that such transactions are acceptable under the pretence of realising maqasid al-
shariah are successfully working against the true spirit of maqasid al-shariah. Following a
thorough discussion of the arguments, we conclude that, in accordance with the maqasid al-
shariah, Islamic banking and finance institutions must make sure that all of their transactions
are compliant with the law, not just in terms of form and legal details but also, and more
importantly, in terms of their economic substance, which is based on the goals stated by the
shariah.

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 As a result, numerous approaches to comprehending Shariah principles and laws have
been created. In the other words, something that a certain nation or Shariah board may deem
to be Shariah compatible may be deemed Haram by a different Shariah board. Financial
institutions may search for relevant Fatwas to have their products certified as Shariah
compliant due to the patchy regulatory environment. This practice, known as "Fatwa
shopping," is the origin of the word "forum shopping," which characterizes the practice of
litigants requesting to have their case heard by a court that may be predisposed to rule in their
favor. Regulators and the industry itself may need to consider the practice of "Fatwa
shopping" in order to safeguard industry standards. This is especially relevant considering
that excessive Fatwa shopping could undermine Islamic finance and banking's steadfast
adherence to moral standards.

Conducting a Shariah audit is not an easy task because the Shariah law has a wide
range of application, particularly when it comes to accomplishing profit maximization
objectives and competing in the mainstream banking business. There are a variety of open
questions regarding Shariah auditing, auditing methods, and the objectivity and knowledge of
Shariah auditors. However, partnership between Shariah specialists and auditors is
conceivable in order to properly utilize Shariah auditing techniques. Additionally, the shariah
auditor should be proficient in two crucial areas: accounting and auditing as well as specific
shariah knowledge as it relates to Islamic banking and finance. Two possible groups to enrol
in shariah audit education and training are graduates in accounting and shariah. Given the
long-term growth of Islamic banking and finance, a degree with a specialty in the area would
be required.

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4.0 CONCLUSIONS

As we discussed in preceding paragraphs, if the given transactions’ economic

substance is identical to prohibited transaction, where the financier or bank acts as a creditor
pursuing an income according to his own interest not as a trader then the contract must be
terminated as voidable regardless of its legality. The decision to practice such transactions
based on maqasid al-shariah is legally incorrect, causes more harm than good, and has deadly
implications. To sum up, we have to know that Maqasid al-shariah is Islamic law and it
guides people to obtain welfare, goodness. Additionally, it prevents from loss, evil and harm.
The core contention of the essay centres on the influence of fatwas, the ability of Sharia law
to influence and change current financial instruments, and the functioning of modern Islamic
financial organizations. On the foundation of sharia, Islam and Islamic finance can innovate
and adapt. It is not based on rigid concepts unconnected to societal or economic needs. The
activity of "fatwa shopping," where different points of view amplify possibilities for diversity
and change, is an example of this legal pluralism. The argument emphasizes the value of
fatwa shopping as a means of creating a legal framework for modern Islamic finance and as a
valid technique of establishing sound Islamic finance law.

As a component of the global financial system, Islamic finance is subject to national

and international banking and financial regulations, with some adjustments made to take into
consideration specific Islamic characteristics. Fatwas issued by the Sharia Advisory Boards
provide the basis of Islamic finance. The production of goods and services for the market
depends on these fatwas. For instance, in addition to the normative features of the contractual
components of financial instruments, contemporary Muslim scholars take into account the
necessity of risk management when producing the halal certification for those products. This
shows that, in contrast to popular belief in the West, fatwas can function as a dynamic
modernizing force to modify Islamic law to shifting present situation. This thesis explores the
ways in which some Sharia laws and other mediaeval legal precedents, particularly those
from the Sunni tradition, have been used to modernize Islamic law.

15
 Despite the fact that Shariah audit is a vital part of Shariah governance in IFIs, it
is still regarded as a fresh field in Islamic finance research and teaching, even though it has
been employed in Islamic financial institutions in a variety of ways. Shariah auditing is
especially important since Islamic organisations are increasingly cognizant of the need for
everyone to strive toward advancing the aims of Islamic law, or maqasid al shariah (Shahul
and Yaya,2005). People are apparently turning away from a culture where everything is
believed, and nothing is audited due to the requirement for regular independent syariah audits
at IFIs. In order to ensure the success of the objectives of shariah compliance in IFIs, which
in turn can serve the ummah as a whole, a proper syariah audit structure must be developed.

16
5.0 REFERENCES

Bakar, m. d. (2021). The Face and Voice of Shariah Embedded with Big Data Analytics &
Artificial Intelligence. In m. d. bakar, The Face and Voice of Shariah Embedded with Big
Data Analytics & Artificial Intelligence (p. 560). kuala lumpur: Amanie Media Sdn Bhd.

Lahsasna, A. (2016). shariah audit in islamic finance. In A. Lahsasna, shariah audit in

islamic finance (p. 454). kuala lumpur : IBFIM.

Standardization of regulations and Fatwa Shopping. IslamicMarkets.com. (n.d.). Retrieved

November 18, 2022, from https://islamicmarkets.com/publications/standardization-of-
regulations-and-fatwa-shopping

Western Sydney University researchdirect. Western Sydney University ResearchDirect.

(n.d.). Retrieved November 18, 2022, from https://researchdirect.westernsydney.edu.au/

Dr. Abdulazeem Abozaid, & Dr. Asyraf Wajdi Dusuki. (n.d.). The challenges of realizing
Maqasid al-Shari`ah in Islamic banking and ... The Challenges of Realizing Maqasid
al-Shari`ah in Islamic Banking and Finance. Retrieved November 18, 2022, from
https://iaif.ir/images/khareji/articles/other/60.pdf

Abdul Rahman, A. R. (1970, January 1). Shariah audit for Islamic financial services: The
needs and challenges. Home. Retrieved November 16, 2022, from
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