1.1 The Central Bank seeks to promote the development of banking activities to ensure their effectiveness and efficiency. To achieve this, licensed financial institutions that conduct part of their activities and businesses in accordance with the provisions of Islamic Shari’ah (“Institution housing an Islamic Window”) must establish a framework to ensure that the Shari’ah compliant activities and businesses are conducted in a manner that complies with the requirements set in this Standard and other Regulations and Standards issued by the Central Bank.
1.2 This Standard articulates the minimum requirements that Institutions housing an Islamic Window are required to comply with.
1.4 Where this Standard specifies requirements to provide information, undertake certain measures, or address certain terms listed as a minimum, the Central Bank may impose requirements which are additional to those outlined in the relevant article.