Halal Assurance for Islamic Capital Market: The Accountability of Shariah Auditors
- *Corresponding Author:
- Kasim N
Accounting Research Institute, Faculty of Accountancy
University Technology MARA, 40450 Shah Alam, Selangor, Malaysia
Tel: +60 3-5544 2000
E-mail: [email protected]
Received date: June 02, 2015 Accepted date: August 20, 2015 Published date: August 29, 2015
Citation: Kasim N, Md Noor R, Shafii Z, Abidin AZ (2015) Halal Assurance for Islamic Capital Market: The Accountability of Shariah Auditors. Arabian J Bus Manag Review 5:161.
Copyright: © 2015 Kasim N, et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
The large potential of the halal business and the continuous unique position and strength of the halal hubs demand more from an audit function for halal assurance. Hence there is a need for a properly in place monitoring and controlling system to be in tandem with the drastic development of the industry. This paper examines the role of Shariah auditors in discharging their accountability towards halal assurance. The paper attempts to relate the concept of accountability to the reality of a Shariah auditor by referring to the concept of “Taklif”in Al-Quran through its Surah Al-Baqarah (2:282). Further, the role of the Shariah auditor for halal assurance is argued to be in defects without the criteria of having the Islamic identity, being knowledgeable in Shariah Islamiah and having the value of integrity embedded in him/her which relates to the characteristics of independence, objectivity, honesty and sincerity. The paper concludes that the accountability of a Shariah auditor in halal assurance is believed to result in achieving the conformity with the objectives of the Shariah Islamiah as a whole.