FACULTY OF BUSINESS, HOSPITALITY, ACCOUNTING AND

FINANCE
ASSIGNMENT BRIEF

Programme Name Bachelor of Science (Hons) in Islamic Finance

Course Code ISF1313
Course Name Syariah Islamiyyah
Session/Semester Aug 2022
Individual Development
Course Leader Name Rosmaza Sukardi Assessment Type
Assessment
Dean / Head of
Internal Verifier Name Mohd Hamidi Kamaruddin Dr Syriac
School Name
Hawa Camara BIF22016112
Student Name Qanitah Ulfah Binti Ulfah Student ID BIF22086675
Rizal
Erkaboev Otabek BIF19096855

I hereby certify that this assignment is my own work and where materials have been
used from other resources, they have been properly acknowledged. I also understand
I will face the possibility of failing the module if the content of this assignment is
Student’s declaration
plagiarized.

Signed: ________________________ Date: _________________

Feedback/Feedforward given by Lecturer Feedback received by Student:

(Feedback to be provided within 2 weeks of deadline) Comments by student:

Date:
Signature:

1
 FACULTY OF BUSINESS, HOSPITALITY, ACCOUNTING AND
FINANCE

ISSUES ARISE IN ISLAMIC FINANCE

Programme
Bachelor of Science (Hons) in Islamic Finance
Name
Course Name Syariah Islamiyyah

Course Code ISF1313

Course Leader Name Rosmaza Sukardi

Student Name
Hawa Camara (BIF22016112)
Qanitah Ulfah Binti Ulfah Rizal (BIF22086675)
Erkaboev Otabek (BIF19096855)

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 TABLE OF CONTENTS

1.0 INTRODUCTION........................................................................................................................... 4
1.1 Acknowledgement ....................................................................................................................... 4

1.2 Objective of The Report ............................................................................................................. 4

1.3 Introduction to the current issues in Islamic Finance ............................................................. 5

2.0 CASE ANALYSIS ........................................................................................................................... 5

2.1 Issues 1: Realising Maqasid Shariah in Islamic Finance ......................................................... 5

2.2 Issue 2: Fatwa Shopping in Islamic Finance ............................................................................ 9

2.3 Issue 3: Shariah Auditing in Islamic Finance ......................................................................... 10

3.0 SOLUTION AND RECOMMENDATION ................................................................................ 13

4.0 CONCLUSIONS ........................................................................................................................... 15
5.0 REFERENCES .............................................................................................................................. 17

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1.0 INTRODUCTION

1.1 Acknowledgement

First of all, I would like to thank Allah SWT for giving us will and power to do this
assessment and complete on time. Moreover, we thank our lecturer Madam Rosmaza for
encouraging and guiding us during the challenges we faced while completing this task. Even
though, tough controversial statements and points were given while choosing the topics, we
as a group have found a way to compel ourselves to overcome avoid these kinds of guidance.
In most cases participants have experienced challenges finding articles related to their topics
and interpreting information found from variety sources, so that we as open-minded
groupmates tried to work cooperatively. The task has been divided into parts according
student’s will and competency, and all participants’ contribution and effort are highly
appreciated.

1.2 Objective of The Report

The main objective of this report is consisting of three basic attributes which are:
i. Realizing the importance of Maqasid Shariah in Islamic Finance Understanding its
concept, point out the issues arisen in Maqasid Shariah in modern day, and opinion
given on its role in modern day.
ii. Fatwa Shopping in Islamic finance. How is Fatwa being realized in modern day,
qualification on person who gives Fatwa, main concept and scrutiny, how to avoid
any misguidance on Fatwa Shopping and lastly Utilization of Fatwa.
iii. Shariah auditing in Islamic finance. Its importance, reference to periodical
assessment, issues arisen around Shariah auditing and its practice in in this era in
comparison with the era of Prophet Muhammad SAW.

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1.3 Introduction to the current issues in Islamic Finance

Islamic principles are to encourage ethical, mental and moral values that help to deal with
counterparties whereas abandoning all sorts of interest. Nowadays, scholars are concerned on
application of shariah compliance in Islamic finance and Islamic financial institutions, some
scholars argue that the usury elements in financial activities aren’t fully eliminated yet and
there are misguidances arising in following the shariah laws in finance. Islamic countries
around the world approach on issues currently faced in Islamic finance. Furthermore, in order
to comply with Islamic law, all procedures must be followed; otherwise, the system will be
similar to that of traditional banking. There is no justification for prohibiting interest in
Islamic fund- and money-keeping. All financial transactions must be conducted in accordance
with Islamic law. However, Islam permits and encourages Muslims to participate in any
lucrative commerce or trade. There is no legal restriction on profiting from commerce as long
as the profit is morally and ethically justified. Some Scholars argue on Shariah compliance
status of Islamic financial contracts, they say some of the sale-contracts don’t fully apply
shariah compliance, sadly, there is a partial truth in this statement. As an example, we can
look at Bai al inah, where the creditor sells an asset to the borrower for instalment payment
with mark-up price (profit element), this is somehow applied in Conventional financial
activities.

2.0 CASE ANALYSIS

2.1 Issues 1: Realising Maqasid Shariah in Islamic Finance

Literally, the word Maqasid is the form of Maqsid, Maqsad, the word is derived from
Arabic language meaning “Heading to direction”. However, scholar defines Maqasid Shariah
in various ways. Here is the most common definition of Maqasid Shariah:The goals,
ramifications and principles that Shari'ah Islamiyyah has established in the approved choices
as well as the motivations behind them in order to guarantee human welfare. Shari'ah places
emphasis on the welfare of the individual in this life and the hereafter, and as a result it has
urged people to use methods and procedures that will benefit them and prevent harm, loss,
and evil from coming to them. Shaikh Mukhammad al-Tahir ibn Ashur, one of the most well-
known jurists of 20th century, proposed Maqasid as the guideline for renewal of Shariah law
which has not ever changed since the era of great Caliphates and Imams. Generally, the main

5
objective of Maqasid Shariah is to aim at possession of good, welfare and benefits, while
guiding to stay away from harm, evil, loss, injury and so on. Maqasid Shariah generally, there
are three main classifications of Maqasid Shariah:

i. Dharuriyyah (Necessity)
ii. Hajiyyah (Requirements)
iii. Tahsiniyyah (Embellishment)

Dharuriyyah: means objectives that are must and basics to obtain welfare in this world
and in the world hereafter, failing to do so may cause disastrous consequences on the
Judgement Day and order won’t be established. Dharuriyyah is related five basic factors:

i. Protection of Faith (Din) a Muslim must always prioritize saving his religion from
any threats from outside. He should put religion in the first place when it comes to
protection. Protection, in turn, might be physically and mentally. The protection of
life basicly related to praying, zakat, fasting and Hajj.
ii. Protection of Life – second priority of a Muslim, as once the religion is protected then
he has to keep himself ward off from harmful activities or threats toward his life.
iii. Protection of Reason (Aql) – A muslim smust protect his mind from addictive
activities that harm his mind and distracts him from doing his religious activities, e.g.,
Drinking alcohol, consuming drugs and so on.

Surah Al-Falaq: 113:1:

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 iv. Protection of Posterity – human must leave a generation after him
v. Protection of Property – this the last objective of Daruriyyah, referring to the fact that
the one can protect his property and expand it.

Hajiyyah: Hajiyyah is to focus on removing hardships from human’s Life and aiming at
facilitating and guide people to strive to thrive their life by following Shariah laws. Shari'ah
provides people with guidance that leads their way of life for the benefit of humanity; it forbids
everything that is harmful or likely to be harmful to people, society, or the environment and
permits everything that is beneficial and useful to people, society, and the environment. The
Shari'ah addresses all facets of human mobility in the fullest sense, and it provides guidelines
that place the greatest emphasis on open space. The Hadith and the Qur'an are just two of the
many sources that make up the Shari'ah, which contains the laws. The Shari'ah regulations also
handle issues with everyday items, including the collection of regulations known as muamalat
that regulates business dealings between parties. These regulations are not mandatory for their
purported purpose, but rather to guide morally good human beings toward advancing the aims
of Shari'ah through their interpersonal interactions, as well as to maintain and even enhance
the moral functioning of society.

Sahih al-Bukhari, Book 70: Patients:

Tahsiniyyah: The main objective of Tahsiniyyah is to put beauty and comforts into
human’s life. Shariah has several provisions that are meant to ensure better utilization,
beautification and thrive. This is the simplified form of Daruriyyah and Hajiyyah. Moreover,
permission of using beautiful items, wearing luxury clothes, having fancy house or eating
delicious food are examples of Tahsiniyyah. As they are widespread and linked to all the other
masalih, the tahsiniyyah are an awfully imperative category. For instance, one can conduct the
obligatory salah with complete and suitable concentration, giving each of its components the
proper consideration, or one can execute it hastily and carelessly.

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Issues faced by Islamic banking and finance while following Maqasid Shariah.

As we know one of the biggest current issues for Islamic banking and finance is to
represent products and services that are shariah compliant and legitimate from Islamic
perspective, without affecting the business’s activities, profitability and sustainability in the
long run. The first question that must be pointed is how to recognize whether the financial
product or service is shariah compliant and what are the main approaches on Fiqh while
determining the validity or permissibility of the contract. School of Fiqh differ from each other
when it comes to determining the validity of the contract. Most of scholars made a statement,
saying that validity of the contract must be determined by intention(niyyah) of both parties.
However, a head of one of four mazhabs, al-Imam al-Shaafii found out the impractical way of
determining the validity of contract referring to only intention, as it is truly hard to identify
whether contracting parties are possessing a good intention. Scholars of this era refer to
contract’s structure while determining its validity or permissibility if the contract is in line with
shariah then it is valid. On the other hand, if the contracting parties’ purpose is shariah
compliant then it is termed as permissible. The first approach emphasizes Imam al-Shaafii’s
point of view, while imam Hanbali and Maliki emphasize that the validity of the contract must
be determined based on the real intention of contractual parties. Contradictions over Islamic
financial products Preceding paragraph has indicated that scholars generally agreed that
contracts must be both, permissible, valid and deemed to Shariah compliant.

Bay al-Inah: This type of contract is known as deferred cost-plus sale, many financial
contracts are based on this structure such as Bai bithaman ajil, Islamic Private Debt Securities,
Islamic overdraft facilities. Bay al-Inah and conventional riba based financing are same as they
serve in the same exact purposes, they are affected from the same economic substances and
consequences even though their form differs from each other, but they are presented to the
public with the same terms. As we have already stated, even though it may be interpreted in
other ways, the legal framework is insufficient to vouch for and legitimize the justify the
contract. Therefore, to assert admissibility by merely referencing the proper context of the trade
undermines ijma and is contrary to both the fundamental principles of Shariah and religion.

8
2.2 Issue 2: Fatwa Shopping in Islamic Finance

Fatwa shopping is one of the most contentious topics in modern Islamic finance, but
startlingly few academics in the field have paid it any consideration. Islamic finance has over
emphasized agency theory to adhere to Sharia law. This argument holds that when Muslim
jurists give fatwas on a specific commodity or service and people who request them, such
bankers and financial institutions, do so, there may be conflicts of interest between them. The
goal of the thesis is to close this gap by providing a critical assessment of talfiq, a classic
procedure in Islamic law that is widely used to choose, consider, and combine different Sharia
interpretations to support a particular course of action. The relationship between talfiq and the
modern practice of fatwa shopping in Islamic finance is also examined. Risk management and
regulatory regulations are closely related to the practice of "fatwa shopping" in modern Islamic
banking. Conventional equivalents provide well methods and equipment for locating,
assessing, and controlling risk exposures. Contrarily, Islamic banking and finance struggle to
strike a compromise between business demands for risk management at the national and
international levels and the frequently rigid stances of some Sharia experts on the subject of
Islamic legal edicts (fatwas). These stringent measures have effectively resulted in the
prohibition of the utilization of financial instruments designed for risk management objectives,
even when used for legitimate commercial purposes. The expansion of Islamic finance has
highlighted the significance of creating and implementing business model for organizations
wishing to operate in accordance with Sharia economic doctrine as well as for their survival in
the global market. Islamic banking may not be long-term successful without a proper
framework for controlling risks that can deal with the various threats inherent in
current's globalized economy.

The Islamic financial industry faces a special problem in terms of financial safety. The
purpose of this thesis is to look into the nature, motivations, and effects of fatwa shopping in
relation to Islamic banking, Islamic hedging and derivatives, Islamic insurance, and limited
liability in Islamic law (takaful). Secondly, it assesses how purchasing fatwas aids in the
modernization of ancient Islamic legal principles and acts as a catalyst for the creation of new
Islamic goods and services that meet the needs of the contemporary financial industry. These
conventional contracts can be changed to accommodate contemporary financial activity
through the selection and adaptation procedure. Thirdly, the thesis recommends regulatory
mechanisms that may be applied to Islamic finance in order to address the problem of

9
conflicting interpretations of the Sharia, which is commonly held responsible for hindering the
standardization of the industry and the harmonization of the Sharia. Academics that study
Islamic finance also believe that Fatwa shopping is a serious issue. In the absence of a
centralized fatwa organization that harmonizes doctrinal positions on Islamic goods and
services, financial institutions may request a variety of viewpoints to assure Sharia compliance.
Financial institutions may request the opinions of multiple Muslim scholars or jurists from the
same or other Islamic legal schools (madhahib) about financial contracts, goods, and services
(either concurrently or sequentially).

2.3 Issue 3: Shariah Auditing in Islamic Finance

As per Yaacob (2012), the main objective of the Shariah audit is to validate that all
measures done by Islamic financial institutions (IFIs) are in accordance with shariah and that
no divine principle pertinent to the contract is being overlooked. Examining financial accounts,
operations, structures, people, and IT is one of its many purviews (Sultan, 2007). As a result,
when compared to shariah business legislation, normal audit has a narrower reach. Because of
this, traditional audits of IFIs have incurred a lot of flak for being inadequate. For instance, the
"normal financial audit is insufficient to satisfy the demands of the stakeholders of IFIs,"
according to Haniffa (2010). Khan (1985) had earlier acknowledged this tactic and had said
the following: "The auditing scope of the Islamic framework is far greater than that of
conventional auditing. From the traditional idea of testifying and responsibility to reflect on
numerous social and economic aspects of the organisation, it would evolve. This is so because
Islamic auditing is based on Shariah principles and Islamic cultures' fundamental values "
(Khan 1985, as quoted in Yahya and Mahzan, 2012).

Shariah auditing is extremely crucial since Islamic organisations are increasingly

cognizant of the need for everyone to strive toward advancing the objectives of Islamic law, or
maqasid al shariah (Shahul and Yaya,2005). People are apparently turning away from a culture
where everything is believed, and nothing is audited due to the requirement for regular
independent syariah audits at IFIs. To achieve the success of the objectives of shariah
compliance in IFIs, which can then enrich the ummah as a whole, an appropriate syariah audit
system must be developed.

10
 There are verses in the Qur'an that discuss auditing. The person whose record is
brought to Allah (swt) first will be fairly assessed and return to his people in gladness,
according to the Qur'an. the sixth through ninth verses of Surat al-Insyiqaq. Another verse
reads, "And indeed, [sent] over you are guardians, Noble and recording; they know whatever
you do." (Sura Infithar, verses 10–12) Verse 82 of Surah al-Nisa states, "Surely Allah accounts
for everything." Islamic auditing therefore has a far wider scope than conventional auditing
(Yahya and Mahzan, 2012). Since the traditional audit cannot cover every aspect of the Syariah
audit, there is obviously room for the growth of the distinct discipline of Shariah audit. Because
of the distinctions among Islamic and conventional financial institutions, the following
problems and difficulties with auditing in Islamic finance have been imposed:

i. Independence of Shariah Auditors

The integrity of the shariah auditors is further bolstered by the expectations of those with
an interest in the IFIs that they will be sufficiently impartial to remark on the IFIs' claims to be
fully shariah compliant. The independence standards must be applied with the maximum rigour
when the responsibility and societal relevance of the audit are at their greatest (Flint, 1988).
The independence of the shariah auditors at IFIs is necessary due to the social aim of the audit
there for the ummah's benefit. If an audit is not wholly and completely independent, its full
potential cannot be realised since the societal purpose will not be achieved. The Shariah
Supervisory Board (SSB), which oversees control at IFIs, ensures that all operations
completely abide with Shariah standards (Toufik, 2015). The SSB's work is comparable to that
of corporate auditors even though it has no direct control over top management because both
organizations undertake audits to verify Shariah adherence.

To put it another way, the SSB audit their own activity while getting paid by the company
where they operate, which causes concern about their autonomy and possible conflicts of
interest. Haniffah (2010) contends that in addition to conducting Sharia review or Sharia audit,
the SSB's oversight of the products and operations of IFIs compromises their independence.
Because of this, there is no clear distinction between the positions, which is essential for good
governance. In order to prevent partners from misunderstanding the independence of SSB or
Shariah auditors, IFIs would consequently need to assess the necessity for a distinct division
of functions.

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 ii. Qualification of Shariah Auditors

The presence of the necessary qualification reflects the true desire. Others claim that the
project is an internal issue that needs to be handled by the shariah committee or internal
auditors. Some people prefer that shariah employees who are only trained in shariah perform
shariah auditing methodologies. Auditors of shariah are tasked with addressing the demands of
the Islamic community, whose priorities and goals differ from those of other modern points of
view (N. Kasim & M. Sanusi, 2013). As a result, Shariah auditors are responsible for both
ensuring that monies in IFIs are used appropriately and upholding financial reporting's
integrity. However, shariah auditors must be proficient in both traditional and shariah-
compliant accounting and auditing techniques. To properly perform their role as Shariah
auditors for IFIs, they must have a full understanding of all financial and accounting-related
topics, including auditing.

According to empirical study, there aren't many audit professionals who are accredited in
both traditional auditing and Shariah auditing. An investigation by N. M. and Kasim. Sanusi
discovered that professionals with accounting degrees aren't necessarily qualified to practise
Shariah. The lack of auditing experts with training or experience in both conventional and
Shariah audits may have a negative influence on the expansion of Shariah auditing and the
Islamic Financial Industry as a whole. The IFIs could be unable to determine Islam's mission
and vision as a result. Therefore, it is imperative to address the pressing need for Shariah-
qualified auditors with accounting and auditing experience as soon as is practical.

iii. Lack of literatures

As is well known, Islamic finance first emerged on the global banking scene a few decades
ago. Actually, after experiencing significant expansion, the industry just recently achieved its
present level during the first decade of this century. Only after the global financial crisis of
2008 did Muslim and non-Muslim countries start to take notice. Traditional finance, on the
other hand, has been around for millennia. It has evolved over many years of practise, but it
has also grown into a highly researched area that is studied and taught in academic institutions
and research facilities all over the world. The many components of conventional finance are
advanced and encouraged by key centers for teaching, training, and research. Because of this,
despite its explosive expansion over the past ten years, Islamic finance has significantly less
12
literature than mainstream finance. To say that the literature on Islamic finance would continue
to trail far behind when it is asserted that Islamic financing has gained one percent of world
finance would likely not be an exaggeration. Sadly, none of these fields has yet paid adequate
attention to shariah auditing. Shariah audit is either not performed at all or is assigned only
marginal relevance because regulators have not yet acknowledged and put into practise Shariah
audit as a critical pillar, practitioners, or the industry itself. This issue hasn't entirely received
less scientific attention as a result.

Additionally, Islamic financing has grown the greatest during the past decade or so
years. During this period, it also began to draw attention as a discipline, and many of its
numerous elements are currently being looked into. It is also true that Shariah auditing has not
received enough attention from academics, professionals, and regulators. It is impossible in
this circumstance to even begin reading the pertinent Shariah audit literature. Shariah audit is
an exception, but the literature on, say, Islamic banking is sufficient to understand the current
state of affairs and the scope of the problem without the need for further study. The sparse
literature on the topic is also of such poor quality that it cannot be trusted, and its sources are
questionable. Because there is a lack of literature, any attempt to progress the field through
academic study is complicated and difficult.

3.0 SOLUTION AND RECOMMENDATION

Although there still some challenges exist and faced by Islamic finance while putting a
massive effort on being in line with shariah compliance, we believe that good intention of
contracting parties is a basic factor, Contravening the Shari'ah's special goal of forbidding riba'
by using bay' al-Inah for case is against the prohibition of riba'. Nevertheless, individuals who
argue that such transactions are acceptable under the pretence of realising maqasid al-shariah
are successfully working against the true spirit of maqasid al-shariah. Following a thorough
discussion of the arguments, we conclude that, in accordance with the maqasid al-shariah,
Islamic banking and finance institutions must make sure that all of their transactions are
compliant with the law, not just in terms of form and legal details but also, and more
importantly, in terms of their economic substance, which is based on the goals stated by the
shariah.

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 As a result, numerous approaches to comprehending Shariah principles and laws have
been created. In the other words, something that a certain nation or Shariah board may deem
to be Shariah compatible may be deemed Haram by a different Shariah board. Financial
institutions may search for relevant Fatwas to have their products certified as Shariah compliant
due to the patchy regulatory environment. This practice, known as "Fatwa shopping," is the
origin of the word "forum shopping," which characterizes the practice of litigants requesting
to have their case heard by a court that may be predisposed to rule in their favor. Regulators
and the industry itself may need to consider the practice of "Fatwa shopping" in order to
safeguard industry standards. This is especially relevant considering that excessive Fatwa
shopping could undermine Islamic finance and banking's steadfast adherence to moral
standards.

Conducting a Shariah audit is not an easy task because the Shariah law has a wide range
of application, particularly when it comes to accomplishing profit maximization objectives and
competing in the mainstream banking business. There are a variety of open questions regarding
Shariah auditing, auditing methods, and the objectivity and knowledge of Shariah auditors.
However, partnership between Shariah specialists and auditors is conceivable in order to
properly utilize Shariah auditing techniques. Additionally, the shariah auditor should be
proficient in two crucial areas: accounting and auditing as well as specific shariah knowledge
as it relates to Islamic banking and finance. Two possible groups to enrol in shariah audit
education and training are graduates in accounting and shariah. Given the long-term growth of
Islamic banking and finance, a degree with a specialty in the area would be required.

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4.0 CONCLUSIONS

As we discussed in preceding paragraphs, if the given transactions’ economic substance

is identical to prohibited transaction, where the financier or bank acts as a creditor pursuing an
income according to his own interest not as a trader then the contract must be terminated as
voidable regardless of its legality. The decision to practice such transactions based on maqasid
al-shariah is legally incorrect, causes more harm than good, and has deadly implications. To
sum up, we have to know that Maqasid al-shariah is Islamic law and it guides people to obtain
welfare, goodness. Additionally, it prevents from loss, evil and harm. The core contention of
the essay centres on the influence of fatwas, the ability of Sharia law to influence and change
current financial instruments, and the functioning of modern Islamic financial organizations.
On the foundation of sharia, Islam and Islamic finance can innovate and adapt. It is not based
on rigid concepts unconnected to societal or economic needs. The activity of "fatwa shopping,"
where different points of view amplify possibilities for diversity and change, is an example of
this legal pluralism. The argument emphasizes the value of fatwa shopping as a means of
creating a legal framework for modern Islamic finance and as a valid technique of establishing
sound Islamic finance law.

As a component of the global financial system, Islamic finance is subject to national

and international banking and financial regulations, with some adjustments made to take into
consideration specific Islamic characteristics. Fatwas issued by the Sharia Advisory Boards
provide the basis of Islamic finance. The production of goods and services for the market
depends on these fatwas. For instance, in addition to the normative features of the contractual
components of financial instruments, contemporary Muslim scholars take into account the
necessity of risk management when producing the halal certification for those products. This
shows that, in contrast to popular belief in the West, fatwas can function as a dynamic
modernizing force to modify Islamic law to shifting present situation. This thesis explores the
ways in which some Sharia laws and other mediaeval legal precedents, particularly those from
the Sunni tradition, have been used to modernize Islamic law.

Despite the fact that Shariah audit is a vital part of Shariah governance in IFIs, it is
still regarded as a fresh field in Islamic finance research and teaching, even though it has been
employed in Islamic financial institutions in a variety of ways. Shariah auditing is especially
important since Islamic organisations are increasingly cognizant of the need for everyone to

15
strive toward advancing the aims of Islamic law, or maqasid al shariah (Shahul and Yaya,2005).
People are apparently turning away from a culture where everything is believed, and nothing
is audited due to the requirement for regular independent syariah audits at IFIs. In order to
ensure the success of the objectives of shariah compliance in IFIs, which in turn can serve the
ummah as a whole, a proper syariah audit structure must be developed.

16
 5.0 REFERENCES

Bakar, m. d. (2021). The Face and Voice of Shariah Embedded with Big Data Analytics &
Artificial Intelligence. In m. d. bakar, The Face and Voice of Shariah Embedded with
Big Data Analytics & Artificial Intelligence (p. 560). kuala lumpur: Amanie Media Sdn
Bhd.

Lahsasna, A. (2016). shariah audit in islamic finance. In A. Lahsasna, shariah audit in

islamic finance (p. 454). kuala lumpur : IBFIM.

Standardization of regulations and Fatwa Shopping. IslamicMarkets.com. (n.d.). Retrieved

November 18, 2022, from https://islamicmarkets.com/publications/standardization-of-
regulations-and-fatwa-shopping

Western Sydney University researchdirect. Western Sydney University ResearchDirect.

(n.d.). Retrieved November 18, 2022, from https://researchdirect.westernsydney.edu.au/

Dr. Abdulazeem Abozaid, & Dr. Asyraf Wajdi Dusuki. (n.d.). The challenges of realizing
Maqasid al-Shari`ah in Islamic banking and ... The Challenges of Realizing Maqasid
al-Shari`ah in Islamic Banking and Finance. Retrieved November 18, 2022, from
https://iaif.ir/images/khareji/articles/other/60.pdf

Abdul Rahman, A. R. (1970, January 1). Shariah audit for Islamic financial services: The needs
and challenges. Home. Retrieved November 16, 2022, from
https://oarep.usim.edu.my/jspui/handle/123456789/4889

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