Auditing an Islamic Multinational Bank

Author: Wafaa El Dars, CAMS-Audit

The challenges that a compliance auditor meets are many and for professional compliance auditors some of those are almost unknown. However, as the compliance auditor of a multinational bank faces different challenges, the auditor of a multinational Islamic bank faces even more challenges.

What will be discussed here are the extra risks of a multinational bank and those of an Islamic bank. We will discuss and assess the risks of a multinational bank and those of an Islamic bank and how to help mitigate those risks. Understanding the business and structure of a multinational Islamic bank is essential. Once the business is understood, the risks can be assessed and accordingly, the mitigation of the risk could be worked on. The expectations of the regulators in a multinational Bank that offers Islamic products are also different from a compliance point of view.

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