Shariah Audit and Compliance
SMSCO is an approved Shariah compliant auditor, authorized to conduct audits of Financial Institutions and other companies which are registered as Shariah Compliant.
Shariah Audit Function is the key pillar of the Shariah Compliance Framework in any Islamic Financial Institutions. It provides assurance to the public / stakeholders independently by ensuring the effective implementation of the Shariah principles and guidelines on its product & services offered by Islamic Financial Institutions including Takaful Operator / Window Takaful operators as formulated by its Shariah Advisors.
We independently assess and objectively assure the sound and effective internal control system for Shariah Compliance through which the role of Shariah Risk in the Risk Management framework can be improved.
The Firm has performed Shariah Audit of several Insurance Companies which has Window Takaful Operation. It has also been engaged in services of certifying the shariah compliance of joint-stock companies listed on KMI 30 index.