World Bank Document

Bahrain
3 
3 
unspecified 
3 
3 
DIFC* 
3 
3 
unspecified 
3 
3 
Indonesia 
3 
unspecified unspecified 
3 
3 
Jordan 
3 
3 
3 
3 
unspecified 
Kuwait 
3 
3 
3 
unspecified unspecified 
Lebanon 
3 
3 
unspecified 
3 
unspecified 
Malaysia 
3 
unspecified unspecified unspecified 
3 
Pakistan 
3 
3 
unspecified 
3 
3 
Philippines 
3 
3 
unspecified unspecified 
3 
Thailand 
3 
3 
unspecified 
3 
3 
U.A.E. 
3 
3 
unspecified 
3 
unspecified 
∗ Dubai International Financial Centre 
** Annex III details the legal bases and the provisions of these regulations 
Source: Official country websites and central bank Annual Reports
In addition to Shariah boards, most IIFS, particularly those complying with 
AAOIFI standards, have established another internal Shariah review structure, namely, 
Shariah Review units.
52
These units are independent of other departments or are an 
integral part of the Internal Audit and Control Department. The array of tasks that they 
perform is parallel to that of audit departments: reviewers generally use all necessary 
powers to ascertain that all financial transactions implemented by management comply 
with SSB rulings.
53
In some instances Shariah review units have exclusive competence 
52
In AAOIFI member countries and banks adhering to the organization, internal Shariah review is 
prescribed by Governance standard 3. In Pakistan, it is regulated by Annexure-III to IBD Circular No. 02 of 
2004. 
53
In this respect, the role of the internal review unit is limited to a complementary ex-post monitoring. This 
makes its task secondary, if more focused and defined, to that of the SSBs, which are the ultimate arbiters 
in matters of Shariah compliance. 

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19
on ex-post facto monitoring.
54
These units and SSBs face similar challenges, relating, in