Regulatory Alerts2025-09-28
Added
IBRPD Circular No. 01: Formation, appointment and removal of Shariah Supervisory Committee (SSC) members along with their roles and responsibilities for bank-company providing Islamic banking services
Bangladesh Bank mandates that all scheduled banks offering Islamic banking services establish a Shariah Supervisory Committee (SSC) with specific qualifications, including a minimum of two years of relevant experience and a degree in Islamic studies or law. The circular sets the SSC size at three or five members, establishes a monthly honorarium of 25,000 BDT plus meeting fees, and defines strict procedures for appointment, removal, and conflict of interest. Banks are required to submit annual Shariah compliance reports to the regulator and publish them on their websites, with the directive taking effect on January 1, 2026.
Topics
islamic-finance
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