Regulatory Alerts2024-06-23
Shari’ah Governance Related Disclosure Requirements for the Banks Conducting Shari’ah Compliant Banking
The Saudi Central Bank (SAMA) issued minimum Shari’ah governance disclosure requirements applicable to all domestic banks licensed under the Banking Control Law that conduct Islamic banking activities. The circular mandates these institutions to publish specific annual disclosures, including Shari’ah Committee independence statements, member curricula vitae, committee changes, and annual resolutions with rationales, primarily via their websites. These requirements take effect on 31 December 2024 and apply to domestic operations as well as majority-owned subsidiaries and branches abroad, prioritizing host country regulations in case of conflict.
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