Regulatory Alerts2014-01-01
EFSA Board of Directors Decision No. (8) of 2014 Regulating Sharia Supervisory Boards for Islamic Financial Products
The Egyptian Financial Supervisory Authority (EFSA) issued Decision No. 8 of 2014 to mandate the establishment of Sharia Supervisory Boards for investment funds, Takaful companies, and other regulated entities issuing Islamic financial products. The regulation stipulates that these boards must comprise an odd number of at least three members, including specialists in Islamic jurisprudence and finance or accounting, who must meet strict academic, publication, and criminal record requirements or qualify for specific exemptions. Registered members serve renewable three-year terms subject to a nominal fee, and all existing boards were required to formalize their compliance with the new registry standards by June 30, 2014.
Share