Regulatory Alerts2011-03-06
Islamic Banking Regulation 2011
The Maldives Monetary Authority issued the Islamic Banking Regulation 2011 to establish a comprehensive legal framework for the licensing, supervision, and operation of Islamic financial institutions. The regulation mandates the formation of a Shariah Supervisory Committee for all entities, defines prohibited financial activities, and sets strict requirements for capital adequacy, internal controls, and corporate governance. It further outlines the procedures for appointing key personnel, managing business continuity, and ensuring compliance with anti-money laundering and counter-terrorism financing standards.
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