Regulatory Alerts2025-04-03
Standard Re Shari’ah Compliance Function At Islamic Financial Institutions
The Central Bank of the UAE issued this Standard to establish supervisory expectations for the Shari’ah Compliance Function as the second line of defense within licensed Islamic Financial Institutions. The document mandates that institutions implement a structured review process comprising annual planning, scoping, field reviews, and rigorous reporting of findings to the Internal Shari’ah Supervision Committee and Board. It further requires continuous monitoring of remedial actions and full compliance with these requirements within one year of issuance.
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