The role of MIDF Shariah Compliance function is to support the Shariah Committee and Shariah Adviser, and ensure that all Islamic operations and business activities of MIDF Group are Shariah-compliant. The Shariah Compliance function is also accountable for ensuring that rulings and decisions made by the regulators, Shariah Committee and Shariah Adviser are observed and implemented. It holds a myriad of functions, and at all times shall forward and refer any Shariah issues to the Shariah Committee and Shariah Adviser for decisions, views and opinions.
MIDF Shariah Compliance functions and duties are:-
| 1. | Shariah Review function |
| Responsible for conducting regular assessments on Shariah compliance in the activities and operations of MIDF, with the objective of ensuring that the activities and operations carried out by MIDF do not contravene with Shariah. | |
| 2. | Internal Shariah Audit function |
| Perform periodical assessments from time to time, and provide an independent assessment and objective assurance designed to add value and improve the degree of compliance in relation to MIDF business operations, with the main objective of ensuring a sound and effective internal control system for Shariah compliance. | |
| 3. | Shariah Risk Management function |
| Identify, measure, monitor and control Shariah non-compliance risks, so as to mitigate any possible non-compliance events, to enable MIDF to run its operations and activities effectively without exposing to unexpected levels of risk. | |
| 4. | Shariah Research and Advisory function |
| Conduct pre-product approval process, research and vetting of issues for submission to the Shariah Committee. This is done by the Internal Shariah Research Team, comprising qualified Shariah officers and related Islamic business operations officers. | |
| 5. | Shariah Secretariat function |
| Provides secretarial function to the Shariah Committee, as well as to the Shariah Adviser for MIDF Group. The role of the Shariah Secretariat includes coordinating meetings, compiling proposal papers, disseminating Shariah decisions to relevant stakeholders and engaging with relevant parties who seek further deliberations of issues from the Shariah Committee. |
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