Regulatory Alerts2025-06-10
Guidelines on Shariah Governance Framework for Islamic Commercial Banks (ICBs) in Somalia
The Central Bank of Somalia has issued guidelines establishing minimum standards for a Shariah Governance Framework that all Islamic Commercial Banks must implement. The framework mandates an internal one-tier governance structure requiring each bank to appoint a qualified Shariah Committee, alongside clearly defined oversight responsibilities for the Board of Directors and management. It further requires robust Shariah review, audit, and research functions to ensure end-to-end compliance with Islamic principles across all banking operations and product development.
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