Appendix(C):Generic Guidance for Developing Product CheckList

Effective from 3/4/2025

Scope
Checklist for product review should cover all the relevant areas of a product that should be checked and their compliance with Islamic Shari’ah ascertained, including assessment of the following items:
	a.	underlying structure of the product,
	b.	templates of agreements, contracts, documentations, terms and conditions, (“Documentation Templates”)
	c.	product related operational manuals, workflows, policies, guidelines, etc., (“Product Manuals”),
	d.	relevant aspects of accounting entries/treatment,
	e.	fees and charges, (if applicable), and
	f.	compatibility of the IT system with Islamic Shari’ah in relation to operationalization of the product.
The products should be reviewed by the SCF in accordance with a standard that considers the risks associated with the products. The SCF should review each product at least once every five (5) years.
Aspects
Items specified in the Scope should be assessed from the below listed aspects (as applicable):
	a.	Existence of well-maintained and complete record of all relevant and adequate ISSC’s approvals (and where applicable no objection letters from HSA or Central Bank) regarding Shari’ah compliance of the product prior to its launch, including approval of any amendments to the products before they are offered to the customers.
	b.	Consistency of ISSC’s Resolutions with the regulatory requirements, which requires mapping details of the ISSC’s Resolutions regarding the product and their comparison with the regulatory requirements.
	c.	Compliance of all items specified in the Scope with the regulatory requirements and ISSC’s Resolutions. This would include an assessment of the product details against the regulatory requirements and the ISSC’s Resolutions.
	d.	Compliance of executed transactions with the regulatory requirements and the ISSC’s Resolutions.