Regulatory Alerts2020-12-10
Guidance Note Re Charter of Internal Shari'ah Supervision Committee
The Central Bank of the UAE issued this guidance to ensure Islamic Financial Institutions establish Internal Shari’ah Supervision Committee charters compliant with the Shari’ah Governance Standard. The document mandates adherence to a specific template effective April 21, 2021, which defines committee independence, member qualifications, and binding resolution procedures. It further stipulates operational requirements including meeting frequencies, quorum rules, and the prohibition of relying on external fatwas for decision-making.
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