CBUAE Standard Re Risk Management Requirements for Islamic Banks

TABLE OF CONTENTS

Article (1)

Introduction

1.1 This Standard re risk management requirements for Islamic banks (“the Standard”) forms part of the Risk Management Regulation (Circular 153/2018) issued by the Central Bank on 27th May 2018. Licensed banks that conduct all or part of their activities in accordance with the provisions of Islamic Shari’ah (“Islamic Banks and Banks Housing an Islamic Window” both referred to hereafter as “IBs”) must comply with this Standard. This Standard is mandatory and enforceable in the same manner as the Regulation.

1.2 Banks housing an Islamic Window should comply with the provisions of this Standard in relation to the Shari’ah compliant businesses and activities. Banks housing an Islamic Window must integrate the risk management requirements stated in this Standard within the existing risk management framework and apply these requirements to the existing modes and contracts within the Islamic Window.

1.3 This Standard should be read in conjunction with the other risk management stand...