Syariah audit has become an integral part of the Islamic finance institutions (IFI) ecosystem worldwide.
According to the Global Islamic Finance Markets Report 2019 by ResearchAndMarkets.com’s, Islamic Banking is the largest sector contributing to 71% or USD 1.72 Trillion, of the Islamic finance industry’s assets.
The global Islamic finance market is growing moderately, because of the strong investments in the Halal Sectors, infrastructure, and Sukuk bonds, especially through electronic modes in all products and services.
The factors driving the growth of the market are directing investment toward the tremendous growth opportunities in the promising Islamic sectors.
The market share of Islamic banking assets in Malaysia leap to a high of 28% in 2016 from 7.1% in 2010, And Malaysia’s Islamic banking industry will achieve a 40% market share by 2020, that covers different aspects, like Islamic Banking, Takaful: Islamic Insurance, Sukuk: Islamic Bonds, and Shariah Capital Market: Islamic funds.
The global Islamic finance market is fragmented with a large number of players trying to grab a significant chunk of the developing market. In some regions, like Asia and Africa, it is moderately growing with the presence of a large number of local players and some major players. However, GCC is still a highly competitive market, with the presence of a large number of international players.
*SYARIAH AUDIT PROSPECTS*
Prospects of external Shariah audit for Shariah-compliant business:
● IFIs: IB and takaful
● 800 over Shariah-compliant companies listed on Bursa Malaysia
● Islamic coop
● Halal certified companies-7204, as of Jan 2019
As we are sitting on the great potential of growth of Islamic finance and halal industry, the demand for Shariah audit function; internal and external is vast.
The robust growth of the industry requires many Islamic finance professionals including accountants and auditors who possess related Islamic finance knowledge and exposures. Huge opportunity awaits.
Guest of Honor on Konvension Akauntan Nasional 2.0
Inaugural Graduation of the FIRST batch of Certified Professional Syariah Auditor (CPSA) by IBFIM