Regulatory Alerts2020-04-21
Standard Re. Shari’ah Governance for Islamic Financial Institutions
The Central Bank of the UAE issued this standard to establish minimum Shari’ah governance requirements for all Islamic Financial Institutions operating in the country. The document mandates that Boards of Directors assume ultimate responsibility for Shari’ah compliance and requires the establishment of independent Internal Shari’ah Supervision Committees, control divisions, and audit functions. It further outlines specific obligations for senior management, risk committees, and external audits to ensure robust adherence to Islamic principles across all operations.
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