11.1 Shari’ah Compliance for Financial Services

11.1.1 Introduction

Given the critical significance of Shari’ah compliance in the Islamic finance business, Islamic Institutions the State must strive for the best international standards by incorporating Shari’ah principles in all aspects of their business comprised of operational, reporting, business conduct, risk management and oversight functions.

11.1.2 Description

1. 11.1.2.1 Islamic Financial Institutions must uphold Shari’ah principles and must be compliant with the Islamic Financial Institution’s Internal Shari’ah Supervision Committees (ISSC).
    
2. 11.1.2.2 Board and Senior Management of the Islamic Financial Institutions must monitor the activities and integrate Shari’ah compliance into the Islamic Financial Institution’s culture, processes, operation, and code of conduct.