Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. (61) of 2019
The Financial Regulatory Authority Board of Directors issued Decision No. (61) of 2019 to amend the membership and formation rules for Sharia Supervisory Boards overseeing Sharia-compliant Sukuk issuances. The amendment mandates that the committee consist of five prominent Islamic Sharia scholars alongside legal, financial, and banking specialists, all of whom must be formally registered in an official Authority database upon Board approval. Additionally, it explicitly prohibits any member of the Central Sharia Supervisory Board from concurrently serving on subsidiary Sharia boards of Sukuk-issuing entities.
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