Regulatory Alerts2023-08-24
Instruction No. 70/2023 on Sharia Compliance Boards for Islamic Finance Principles and Rules for Regional UMOA Market Actors and Issuers
The West African Monetary Union Financial Markets Authority (AMF-UMOA) issued Instruction No. 70/2023 to establish the organizational framework, operational procedures, and compliance requirements for Sharia Compliance Boards serving market actors and issuers in the regional UMOA financial market. The Instruction mandates that these entities obtain Sharia Compliance Board opinions for all structuring, origination, marketing, and distribution of Islamic finance instruments and securities. It comprehensively regulates board composition, member qualifications and terms, remuneration structures, conflict of interest protocols, meeting procedures, and the issuance, validity, and publication of Certificates of Compliance.
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