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Article (1) Introduction

N 5330/2020 Effective from 10/12/2020
  1. 1.1. This Guidance Note Re Annual Shari’ah Report of Internal Shari’ah Supervision Committee (“Guidance Note” or “Note”) complements the requirements outlined in:
     
    1. Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities; and
    2. Standard Re Shari’ah Governance for Islamic Financial Institutions issued by the Central Bank.

    with the aim to promote development of the banking system and to ensure its effectiveness and efficiency.

  2. 1.2. Islamic Financial Institutions (“IFIs”) are required to have Shari’ah governance policies and mechanisms to ascertain that Annual Shari’ah Report that is issued by the Internal Shari’ah Supervision Committee (“Annual Shari’ah Report”) is compliant with requirements outlined in this Guidance Note, and applicable standards and regulations.
     
  3. 1.3. Where the Guidance Note contains a stipulation (in an article) to provide information, or undertake certain measures, or address particular terms, as a minimum requirement, the Central Bank may impose (new) requirements additional to those specified in the relevant article (of the Guidance Note).