Skip to Content
TS-FS-08 Trust & Stewardship Financial Stewardship CORE Compliance v2.9.7

Qualified Finance Function & Oversight

Assessing whether the organization has a finance function (in-house or outsourced) with appropriate qualifications, experience, and governance oversight, it ensures that staff or providers possess the necessary competence for financial management, compliance (including fraud and data protection), and strategic planning, supported by active board-level financial expertise. This reflects the Islamic principle of kafa'ah (competence) and the maqasid objective of hifz al-mal (preservation of wealth), ensuring institutional resources are diligently safeguarded as a sacred amanah (trust).

Compliance 1
  • Formal verification of qualifications, memberships, right-to-work, and HMRC Fit & Proper declarations
    Compliance Essential
Basic 1
  • Clear job descriptions with required competencies
    Documentation Essential
Good 7
  • Role-based competency standards (e.g., Qualified Accountant for FD)
    Quality Essential
  • Specialized expertise triggers (VAT, Payroll, Grants, Islamic Finance)
    Quality Essential
  • Documented segregation of duties and absence cover for key processes
    Infrastructure Essential
  • Board-level oversight with at least one trustee/co-opted member with recent relevant financial experience
    Governance Essential
  • Competence to manage and oversee outsourced providers (SLAs, KPIs)
    Governance Essential
  • Ongoing professional development (CPD) including fraud and data protection
    Training Important
  • Structured CPD program including fraud awareness
    Continuous Improvement High
Better 5
  • Succession planning for key finance positions
    Governance Important
  • Professional accounting qualifications for senior finance staff
    Excellence High
  • Standardised month-end close timetable with KPI dashboard
    Continuous Improvement High
  • Formal audit/IE findings closure within agreed timelines
    Excellence High
  • RACI and cross-cover map maintained and tested annually
    Sustainability Medium
Best 1
  • Reserves policy modelling (CC19) and scenario planning
    Strategy High

Related Criteria

TS-FS-01 Trustees review management accounts TS-FS-02 Banking, procurement & AML controls TS-FS-03 Robust accounting system TS-FS-04 Segregate and control Zakat vs Sadaqah (ledgers, banking, donor intent) TS-FS-05 Fundraising costs fairly reported
Version
2.9.7 2025-11-05

Discussion (1)

Administrator 2026-03-07 11:07:48.605807

📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Updated islamic_references from mizan-297.json

Sign in to post a comment.

Back to Criteria