The governance framework which consists of a distinct set of elements (pertaining to Shari’a governance), compared to conventional governance framework, mainly including:
- Risk management: additional risks (e.g., Shari’a non-compliance risk).
- Accountability: on Shari’a-related matters, oversight on accountability is the responsibility of Shari’a committee in addition to Shari’a supervisory board (SSB).
- Adequacy of Shari’a governance process: in addition to financial and management aspects, adequacy is reviewed in case of Shari’a audit.
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