Revisión de la Revista Árabe de Negocios y Gestión

Halal Assurance for Islamic Capital Market: The Accountability of Shariah Auditors

Abstract

Kasim N, Md Noor R, Shafii Z and Abidin AZ

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.