Regulatory Alerts2025-04-03
Guidance Note Re Shari’Ah Compliance Function At Islamic Financial Institutions
The Central Bank of the UAE issues this Guidance Note to facilitate the implementation of Shari’ah Compliance requirements for licensed Islamic Financial Institutions. It mandates a structured annual review plan, detailed field review methodologies including sampling and internal control assessments, and rigorous reporting protocols. The document establishes strict monitoring procedures for tracking the resolution of identified non-compliance issues and ensuring ongoing staff awareness.
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