Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (14): Islamic Banking

C 83/2019 Effective from 18/7/2019
  1. A Bank offering Islamic financial services must ensure that its corporate governance framework adequately provides for:
     
    1. Internal Shari`ah review and Shari`ah governance reporting to ensure compliance with Shari`ah rules;
       
    2. The role of the internal Shari`ah control committee in the governance of the Bank;
       
    3. The rights of investment account holders and the processes and controls for protecting their rights in line with the general terms and conditions for accounts and Islamic financial services; and
       
    4. Transparency of financial reporting in respect of investment accounts.
       
  2. A Bank offering Islamic financial services must ensure compliance with any direction or guidance issued by the Higher Shari`ah Authority with respect to its Shari`ah governance framework.
     
  3. A Bank offering Islamic financial services must immediately notify the Central Bank if it becomes aware of any material information that may negatively affect the fitness and probity or independence of an internal Shari`ah control committee member.