Regulatory Alerts2019-10-14
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Central Bank of Tunisia Circular to Banks and Financial Institutions No. 2019-08 dated October 14, 2019
The Central Bank of Tunisia issued Circular No. 9102-08 to formally define Islamic banking operations and establish the operational terms, conditions, and regulatory compliance requirements for banks and financial institutions. The circular categorizes these operations into commercial financing (Mourabaha, Ijara, Salam, Istisna’a), participatory financing (Moucharaka, Mudharaba), and investment deposits, while mandating adherence to international AAOIFI standards and Sharia compliance committee approvals. It further requires institutions to report product commercializations, submit annual control reports, and transparently communicate investment statuses, risk allocations, and profit-loss distributions to clients.
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