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Article (7) Regulatory and Financial Reporting, IT Systems and Infrastructure

N 4743/2020 Effective from 26/10/2020
  1. 7.1 The Institutions housing an Islamic Window are mandated to report a separate Islamic Bank Return Form “iBRF” as per the template set out by the Central Bank.
     
  2. 7.2 The Institutions housing an Islamic Window are required to separately report the results and activities of their Islamic Window to Executive Management and the Board. Such internal reporting shall include among other items an appropriate allocation of the costs of internal services to accurately reflect the cost of offering Shari’ah compliant financial services.
     
  3. 7.3 The reports produced by the Shari’ah control department or division and by the Shari’ah Audit department or division should be submitted in accordance with the requirements stated in the Shari’ah Governance Standard for Islamic Financial Institution.
     
  4. 7.4 The institution housing an Islamic Window are encouraged to separately report the results and activities of their Islamic Window operations within the annual report to promote market disclosure, transparency and customer confidence.
     
  5. 7.5The institution housing an Islamic Window may use a single or dual core banking system to record, manage and report Shari’ah compliant activities and other activities.
     
  6. 7.6 Where a single core banking system is used, it must be adjusted to account for the unique features of Shari’ah compliant products. Such adjustments for Shari’ah compliance purposes must be approved by the ISSC.