Controlled asset & liability register with reconciliations/verification; annual board review of insurance, security and encumbrances
This criterion assesses the diligent maintenance of a complete asset and liability register, reviewed annually by the board. This embodies faithful stewardship (riʿāyah) over entrusted resources, ensuring financial transparency for stakeholders, mitigating risk, and safeguarding operational sustainability. The annual review culminates in a documented board attestation and an action log covering insurance adequacy, security control gaps, covenant/charge compliance, and remediation deadlines.
ḥifẓ al-māl
A core objective (maqāṣid) of Sharia focused on the preservation and protection of wealth.
Amānah
The fiduciary duty and sacred trust to safeguard and manage communal resources responsibly.
Bayt al-Māl
The historical Islamic treasury responsible for the administration of public funds.
Al-kharāj bi al-ḍamān
The maxim links benefit to risk-bearing; a full record of assets, liabilities, and guarantees ensures accountability for who bears risks and enjoys returns.
Sadd al-dharā’iʿ
Blocking the means to harm; justifies preventative controls like segregation of duties to prevent misappropriation.
Ḍamān
Liability/risk-bearing; emphasises clarity over who bears liability for guarantees and charged assets.
Riʿāyah
The principle of faithful care, guardianship, and stewardship over responsibilities.
Maqāṣid
The higher objectives and underlying goals of Islamic law.
Discussion (1)
📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Updated islamic_references from mizan-297.json
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