STANDARD RE. SHARI’AH GOVERNANCE FOR ISLAMIC FINANCIAL INSTITUTIONS
TABLE OF CONTENTS
| Subject | الصفحة Page | الموضوع |
|---|---|---|
| Article (1) Introduction | 3 | المادة (1) مقدمة |
| Article (2) Objective | 4 | المادة (2) الهدف |
| # Article (1) # Introduction | # المادة (1) # مقدمة |
1.1 The Central Bank seeks to promote development of the banking activities to ensure its effectiveness and efficiency. To achieve this, financial institutions that conduct all or part of their activities and businesses in accordance with the provisions of Islamic Shari'ah (Islamic Financial Institutions "IFIs") must have in place comprehensive and effective governance frameworks to enhance the compliance with Islamic Shari'ah provisions and principles ("Islamic Shari'ah") in those institutions. to ensure their resilience, and promote general financial stability.
1.2 IFIs must have Shari'ah governance policies and mechanisms that cover all their operations and activities to ensure they are compliant with Islamic Shari'ah.
1.3 This standard is issued pursuant to the powers vested in the Central Bank under the provisions of the Decretal Federal La...