Regulatory Alerts2020-10-26
Standard Re. Regulatory Requirements for Financial Institutions Housing an Islamic Window
The Central Bank of the UAE issued this Standard to establish minimum regulatory requirements for the Shari’ah compliant activities of financial institutions housing an Islamic Window. The document mandates robust governance structures, including independent Shari’ah supervision, dedicated senior management, and strict adherence to the three lines of defense model. It further outlines specific obligations for asset and liability management, regulatory reporting, and IT infrastructure to ensure financial stability and consumer protection.
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