Regulatory Alerts2022-01-01
Regulation No. 20/2022/BCC/DSBR on Special Provisions for Credit Institutions Engaging in Islamic Finance in the Union of the Comoros
The Central Bank of the Comores issued Regulation No. 20/2022/BCC/DSBR to establish the specific regulatory framework for credit institutions conducting Islamic finance activities. The regulation defines Islamic banks and Islamic windows, mandates the creation of independent Sharia Comités, and requires prior authorization for market entry. It further imposes strict governance, internal control, and Sharia compliance audit obligations on all participating financial entities.
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