Shariah Audit definition
Shariah Audit means the audit conducted by a CTP or BMIS or third party appointed by the CTP to carry out such an audit on its behalf, to ensure that the transactions and processes undertaken by Participants are Shariah compliant as endorsed by the Shariah committee of BMIS or, as the case may be, the Shariah committee or Shariah adviser of the CTP;
Examples of Shariah Audit in a sentence
The report of the Shariah Advisory Council would be deemed sufficient for Shariah Audit purposes.
The Shariah Advisor be responsible for approving the structure and legal documentation of the Fund from Shariah perspective, including in particular the Shariah Compliance Requirements, and shall issue an annual certificate presenting the finding of the Shariah Audit together with detailed opinion on the compliance status of the Fund with the Shariah Compliance Requirements.