The Board of Directors shall, within the limitations imposed by the provisions of this decretal law, exercise all powers required for achieving the objectives for which the Central Bank has been established. The Board of Directors shall, in particular, exercise the following:

1. Issue regulations, rules, standards, instructions and business controls to perform its functions and jurisdictions, and take all measures and actions necessary to enforce the provisions of this decretal law.
2. Establish and oversee implementation of polices for deployment and management of the Central Bank’s Own Funds and assets.
3. Decide on matters relating to issuance of the Currency and its withdrawal from circulation.
4. Issue regulations relating to organization of Licensed Financial Activities and decide on related matters, including regulations and procedures relating to supervision and oversight thereof, and determine conditions and rules for granting licenses to Licensed Financial Institutions to carry on Licensed Financial Activities and authorizations to undertake Designated Functions.
5. Issue regulations, rules, standards, instructions, and work controls for insurance, reinsurance, insurance agents, and the professions and activities associated therewith.
6. Establish regulations and standards for protection of customers of Licensed Financial Institutions.
7.  Issue regulations, controls, and procedures for encountering money laundering and combating terrorism financing and unlawful organizations.
8. Take necessary actions, procedures and impose administrative penalties against any Person violating the provisions of this decretal law, and regulations issued in implementation thereof.
9. Approve rules and regulations for maintaining integrity and efficiency of Financial Infrastructure Systems licensed, established, developed, or operated by the Central Bank.
10. Approve risk management and compliance policies at the Central Bank.
11. Approve Central Bank’s bylaws, issue the organizational structure and the administrative, financial and technical regulations, and determine powers and competencies, within the limitations of the provisions of this decretal law.
12.  Approve human resources policies at the Central Bank.
13. Approve rules for the Central Bank institutional governance, including a set of rules and regulations aimed at achieving performance quality and excellence, in line with the Government’s strategic plans and objectives.
14. Decide on loans and advances granted to the Government, in accordance with the provisions of this decretal law.
15. Approve settlements and reconciliations relating to Central Bank’s businesses.
16. Approve the Central Bank’s annual budget and any variations thereof during the year.
17. Approve the Central Bank’s annual final accounts and the amount of net annual profits.
18. Regulate the mechanism of objections related to the insurance activity in accordance with the regulating legislations in this regard.
19. Deal with all other matters deemed within its powers, and are conducive to achievement of the objectives of the Central Bank and the discharge of its functions, in accordance with the provisions of this decretal law.

The Board of Directors shall, within the limitations imposed by the provisions of this decretal law, exercise all powers required for achieving the objectives for which the Central Bank has been established.

The Board of Directors shall, in particular, exercise the following:

1) Issue regulations, rules, standards, instructions and business controls to perform its functions and jurisdictions, and take all measures and actions necessary to enforce the provisions of this decretal law.

2) Establish and oversee implementation of polices for deployment and management of the Central Bank’s Own Funds and assets.

3) Decide on matters relating to issuance of the Currency and its withdrawal from circulation.

4) Issue regulations relating to organization of Licensed Financial Activities and decide on related matters, including regulations and procedures relating to supervision and oversight thereof, and determine conditions and rules for granting licenses to Licensed Financial Institutions to carry on Licensed Financial Activities and authorizations to undertake Designated Functions.

5) Establish policies, and issue regulations relating to prudential supervision, and the standards and guidelines relating to Licensed Financial Activities.

6) Establish regulations and standards for protection of customers of Licensed Financial Institutions.

7) Issue regulations, controls, and procedures for encountering money laundering and combating terrorism financing and unlawful organizations.

8) Take necessary actions, procedures and impose administrative penalties against any Person violating the provisions of this decretal law, and regulations issued in implementation thereof.

9) Approve rules and regulations for maintaining integrity and efficiency of Financial Infrastructure Systems licensed, established, developed, or operated by the Central Bank.

10) Approve risk management and compliance policies at the Central Bank.

11) Approve Central Bank’s bylaws, issue the organizational structure and the administrative, financial and technical regulations, and determine powers and competencies, within the limitations of the provisions of this decretal law.

12) Approve human resources policies at the Central Bank.

13) Approve rules for the Central Bank institutional governance, including a set of rules and regulations aimed at achieving performance quality and excellence, in line with the Government’s strategic plans and objectives.

14) Decide on loans and advances granted to the Government, in accordance with the provisions of this decretal law.

15) Approve settlements and reconciliations relating to Central Bank’s businesses.

16) Approve the Central Bank’s annual budget and any variations thereof during the year.

17) Approve the Central Bank’s annual final accounts and the amount of net annual profits.

18) Deal with all other matters deemed within its powers, and are conducive to achievement of the objectives of the Central Bank and the discharge of its functions, in accordance with the provisions of this decretal law.

1) Pursuant to this decretal law, an authority named “Higher Shari`ah Authority” shall be established with a membership not less than five (5) members and not exceeding seven (7) members, of sufficient knowledge and experience in the jurisprudence of Islamic financial transactions.

2) The Board of Directors shall issue a decision to form the authority and appoint its members. The decision shall determine the work mechanism of the authority, its functions, and responsibilities of its members and their term of office. This authority shall be affiliated to the Central Bank.

3) Licensed Financial Institutions, which carry on the whole or part of their businesses and activities in compliance with Islamic Shari`ah shall bear all expenses of the Authority referred to in item (1) of this article, including remunerations, allowances and expenses of its members and the mechanism of funding its establishment and continuity of its functioning, as determined by the Board of Directors.

4) The Higher Shari`ah Authority shall determine the rules, standards, and general principles applicable to Shari`ah-compliant businesses and Licensed Financial Activities, and shall undertake supervision and oversight of the internal Shari`ah supervisory committees of Licensed Financial Institutions, referred to in Article (79) of this decretal law.

5) The Higher Shari`ah Authority shall approve Islamic monetary and financial tools issued and developed by the Central Bank to manage monetary policy operations in the State, and provide its opinion regarding the specific regulatory rules and instructions relating to the operations and activities of Licensed Financial Institutions which conduct the whole or part of their business and activities in accordance with the provisions of Islamic Shari`ah.

6) The Fatwas and opinions of the Higher Shari`ah Authority shall be binding on the internal Shari`ah supervisory committees, referred to in Article (79) of this decretal law, as well as on Licensed Financial Institutions which conduct the whole or part of their business and activities in accordance with the provisions of Islamic Shari`ah.

7) The Higher Shari`ah Authority may seek assistance of a specialized party, if necessary, to conduct Shari`ah external audit of the business of any Licensed Financial Institution, which carry on the whole or part of their businesses and activities in accordance with the provisions of Islamic Shari`ah, and the conditions and procedures determined by the Authority, at the expense of the concerned institution.

1) Five (5) members of the Board of Directors including the Chairman of the Board of Directors, his deputy, or the Governor, shall constitute quorum for any meeting.

2) Decisions of the Board of Directors shall be adopted by a majority vote of the members present. In case of a tie, the Chairman of the session shall have the casting vote