From Themalaysianinsider.com: The idea that syariah advisors are subject to supervision is not exactly something new. At the international level, for example, the Auditing and Accounting Organisation of Islamic Financial Institutions (AAOIFI) in Bahrain already publishes a syariah standard on stipulations and ethics of fatwa (Islamic law ruling) for Islamic financial institutions as well as several governance standards on the role of syariah supervisory boards (currently being reviewed by AAOIFI).
The Islamic Fiqh Academy of the Organisation for Islamic Conference in Saudi Arabia in April 2009 issued a resolution on syariah supervision for Islamic banks, while the Islamic Financial Services Board in Malaysia in December 2009 published a standard on syariah governance systems for Islamic financial institutions……………………………………….Full Article: Source