This week in Oman, the Islamic Financial Services Board (IFSB) will hold a workshop covering “Standards on Risk Management, Corporate and Shariah Governance for Institutions offering Islamic Financial Services.”
This event isn’t particularly noteworthy but it does provide a teaching moment for those who have doubts that Shariah-Compliant Finance’s first and foremost purpose is to promote Shariah.
Check out this description of the subject matter to be covered:
“…the workshop will address one of the basic tenets upon which Islamic banking is based — the Sharia Governance within Islamic banks and how to ensure full compliance with the rules of Sharia Law at all levels in Islamic Financial Institutions. Special focus will be on the roles played by the various components of Sharia Governance Framework, such as the Sharia Supervisory Committee, Internal Sharia Reviewer/Auditor, Sharia Compliance Unit and Sharia Audit Unit, in the enforcement of Sharia governance in Islamic banks.”