Regulatory Alerts2023-11-14
Risk Management Framework for Shari’ah Compliant Banking
The central banking authority mandates a standardized risk management framework for all Shari’ah-compliant banking institutions. Regulated entities must establish dedicated governance committees, implement continuous Shari’ah risk assessment protocols, and align internal controls with regulatory standards. Compliance requires formal submission of updated frameworks within twelve months of the circular’s issuance.
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