Internal audit of an Islamic bank has its own unique features, which arise from compliance with Sharia principles, unique financial products and specialized set of knowledge on the part of internal auditors. These aspects allow Islamic banks to remain in line with their values and commitments to customers and investors.
One of the largest banks in the Gulf region engaged several employees of Grant Thornton Kazakhstan (hereinafter referred to as the Consultant) to conduct internal audit in its subsidiary bank in Kazakhstan.
Services provided (co-sourcing)
The internal audit was conducted at the time of new sanctions being imposed against Russia, with the parent bank’s restrictions and sanctions being more extensive than the ones in Kazakhstan at the time. The report issued tried to be as objective as possible considering the novelty of the situation. As a result of the internal audit of the Islamic Bank conducted, a report was issued, including information on the identified problems and recommendations, which serve as the basis for further improvements in its activities.
Internal Audit Manager on the Client's side:
“All work was completed within 20-21 days. The result was exceptionally good, with Grant Thornton's consultants showing commitment and dedication, working overtime, making sure we were always within the project timeline. Before the start of the project, we had concerns about the assigned specialists having enough banking sector experience, however, they showed exceptional results, completed all the tasks assigned, proved to have good understanding of banking and learned very quickly”.
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