Regulatory Alerts2020-12-10
Guidance Note Re Annual Shari'ah Report of Internal Shari'ah Supervision Committee
The Central Bank of the UAE issues this guidance to standardize the preparation and submission of the Annual Shari'ah Report by the Internal Shari'ah Supervision Committee of Islamic Financial Institutions. The document mandates that the report be submitted to the Higher Shari'ah Authority for approval within two months of the financial year-end and presented to the general assembly. It further establishes a mandatory template requiring detailed disclosures on the committee's duties, independence, and the institution's compliance with Islamic Shari'ah standards.
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