Regulatory Alerts2013-03-27
Guidelines for Approval of Products by the Sharī‘ah Council of MMA
The Maldives Monetary Authority issued these guidelines to establish the procedures and expectations for the Sharī‘ah Council's approval of Islamic banking products. The framework mandates that institutions obtain prior Council approval while empowering internal Sharī‘ah Committees to vet and endorse product structures and documentation. It outlines a comprehensive development process requiring robust compliance checks, standard manual submissions, and post-approval monitoring to ensure ongoing Sharī‘ah compatibility.
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