COMPETENCY OF SHARIAH AUDITORS ISSUES AND CHALLENGES IN PAKISTAN

Abstract

Since the country's first Islamic bank launched its full-fledged commercial banking operation in March 2002, Pakistan has witnessed an increase in customer demand for Islamic banking services. Although the demand for highly qualified and professional labour in the Islamic banking sector is widely known, the fundamental problem is actually a mismatch in the talent pool between what the banks need and what the market has to give. Therefore, this study promotes the creation of a competency framework for shariah auditors in Pakistan. Prior study demonstrates that despite the need, the competency standards forshariah auditors have not yet been defined. According to recent survey, the majority of shariah auditors have either had shariah or auditing training. In order to provide an appropriate supply of qualified shariah auditors to meet the growing market demand, it is necessary to create the competency standards that would contain the knowledge, skills, and other characteristics requirements. In order to develop improvements that are both cost-effective and compliant with Shariah rules, legislation, and all other standards agreed to be the broad framework on which IFIs operate globally, the study also uses a PERT chart to examine Islamic banking.