Continuation
Therefore, having an end-to-end Shari’ah-compliant process is
crucial with regard to mitigating operational risk.
This would include having systems that recognise the
specificities of Islamic contracts.
That systems talent that:
-
understands
-
and executes:
o
Islamic contracts in the correct manner
o
and internal processes
that mitigate the risks associated with any potential
non-compliance.
Legal risk
Legal risk can also be categorised as part of operational
risk.
It refers to the potential loss.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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