The External Shari’ah Auditor must submit its report to the general assembly, after the report is approved by the Central Bank. A copy of the report shall be sent to the Board and to the ISSC. If the Company does not have a general assembly, the report shall be submitted to the Board.
12.2
A copy of the External Shari’ah Auditor report shall be sent to the ISSC before the ISSC issues the annual Shari’ah report.
12.3
A copy of the External Shari’ah Auditor report shall be published in the Company’s annual financial statements, and if there are reservations in the report, these must be stated without prejudice to the confidentiality of the related transactions.
12.4
The External Shari’ah Auditor report must contain at least the following points:
a.
Report title;
b.
The party to whom the report is submitted;
c.
Scope of audit engagement;
d.
An introductory paragraph about the details of the work during the audit, such as the number and dates of field visits, etc.;
e.
The responsibility of the Board and the Company's Senior Management for compliance with the provisions of Islamic Shari’ah;
f.
Responsibility of the External Shari’ah Auditor;
g.
Expression of opinion paragraph; and
h.
Date, address, and signature of the External Shari’ah Auditor.
12.5
The External Shari’ah Auditor must report the observed weaknesses in the Company’s internal Shari’ah control system, or any other weaknesses observed during the audit. It should be submitted to the Company’s audit committee and to the ISSC, with a special detailed report addressed to them only.
12.6
If the External Shari’ah Auditor finds, during the audit, a mismatch between any resolution of the Company’s ISSC and the resolutions of the HSA; a special report on this matter must be sent to the ISSC for information. If the ISSC approves the observations, it must take appropriate measures in this regard, and its secretariat will retain the report for regulatory purposes.
12.7
In the event of a conflict of opinion between the ISSC and the External Shari’ah Auditor regarding Shari’ah aspects, the opinion of the ISSC shall prevail.