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This paper discuss the ways and means to keep banks under the control of the provisions of the Islamic Sharee’ah. The most important proposals to active control over banks to comply with the rules of the Sharee’ah include the following: I. With regard to Regulating Sharee’ ah -compli¬ance Controls over Banks: 1. Enact a law (dubbed as Sharee' ah Control over Financial Services) that regulates controls and establishes suitable mechanisms to control Sharee' ah compliance commissions. 2. Form a higher commission for Sharee’ah compliance control over financial institutions at the state level with full independence and binding decisions over Sharee’ ah compliance commissions in financial institutions. This commission should include a group of Sharee’ah scholars specialized in financial transactions and supported by a gen¬eral secretariat provided with all necessary admin¬istrative and financial resources as well as with experts in the files of Sharee’ah, legal, banking, economic and financial fields. However, the higher commissions is not to un¬dertake study of contracts concluded by financial institutions or to approve their products, rather it should have the following authorities: a. Develop Sharee’ah complying criteria and controls of financial transactions. The compliance commissions may exercise intellectual reasoning (ijtihaad) with regard to any matters in a manner that does not contradict these criteria. b. Develop executive criteria regulating Sharee’ah compliance commissions including mechanisms for the appointment of members, their numbers and the like. c. Develop Sharee’ah-based auditing and check¬ing criteria (internal audit). d. Supervise on processes to change traditional financial institutions to Islamic ones. e. Issue Sharee’ ah-based decisions on financial subjects referred to it from various agencies. 3. The statute of any financial institution should state that it should comply with the Sharee’ah- based rules and the decisions of the Sharee’ah compliance commissions. II. With regard to Appointing Members of Sharee ah Compliance Commission 1. The member should be qualified in Sharee’ ah sciences, capable in analysis and expert in con¬temporary financial issues; 2. The member should be occupationally inde¬pendent from the financial institution; and 3. The member should be appointed by the high¬est authority in the financial institution, namely the general assembly of shareholders, with the approval of the Higher Sharee’ah Compliance Commission, if any. III. With regard to Appointing Internal Sharee’ah Auditor 1. He should have the academic qualifications and suitable experience necessary for holding such a post; and 2. He should be appointed or dismissed with the approval of the Sharee’ah compliance com¬mission to avoid any pressures that may adversely affect his auditing work. IV. With regard to Fataawaas Issued by Sharee’ah Compliance Commissions 1. These fataawaas should comply with the de¬cisions and criteria issued by collective ijtihaad commissions, especially International Islamic Fiqh Academy and Accounting and Auditing Commis¬sions of Islamic Financial Institutions. 2. The commission should avoid adopting de¬viating opinions that contradict explicit provisions of the Holy Qur’an, the Prophet’s Sunnah or con¬sensus of scholars. Moreover, the commission should not adopt an unprecedented opinion. It is better to present novel problematic cases to fiqh academies before deciding on them. 3. All contracts of the financial institution should be passed by the Sharee’ah compliance commis¬sion in their final form and not only the general structure of the contract. V. With regard to Internal Auditing Activities 1. An internal Sharee’ah compliance auditing department should be established and provided with a sufficient number of suitably qualified au¬ditors. It is not sufficient to assign Sharee’ah con¬trol to internal audit or external audit carried out by the fatwaa commission. 2. The position of the internal Sharee’ah audit¬ing department in the organizational structure shall be sufficient to carry out its duties. The organiza¬tional level of the internal Sharee’ah auditing shall not be less tan the level of the internal auditing department. 3. Sharee’ ah auditors shall be enabled to review documents and papers required by the auditing activity. 4. Sharee’ ah-bd&td auditing criteria shall be adopted to oblige the institution abide by them and to be approved by the Sharee’ah compliance com¬mission in a manner that guarantees compliance with the procedural policies of the Sharee' ah au-ditor activity. The format should draw on the lat¬est results of modern human sciences in the field of financial auditing. 5. Sharee’ah auditing reports should be activated taking into consideration proper disclosure and impartiality. They should be prepared in accordance with the acceptable technical format and should cover all activities carried out by the institution. 6. Staff of financial institutions shold be trained and educated in Sharee’ah based concepts and controls as well as the morals that the Muslim should abide by in his dealings. Moreover, they should be enabled to exercise self-control by fear¬ing Allah and respecting their trusts in the proper Sharee’ah complying way. \
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