*This document was drafted in Arabic and translated to English. In case of any differences in interpretation, the Arabic version shall prevail.
| جدول المحتويات | ||
|---|---|---|
| TABLE OF CONTENTS | ||
| Subject | الصفحة Page | الموضوع |
| Article 1: Introduction | 2 | المادة (1): مقدمة |
| Article 2: Objectives | 2 | المادة (2): الأهداف |
Introduction
1.1 This Guidance Note Re Charter of Internal Shari'ah Supervision Committee ("Guidance Note" or "Note") complements the Standard Re Shari'ah Governance for licensed financial institutions that conduct all or part of their activities and businesses in accordance with the provisions of Islamic Shari'ah ("Islamic Financial Institutions" or "IFIs") that was issued by the Central Bank ("Shari'ah Governance Standard" or "SGS") with the aim to promote development of the banking system and to ensure its effectiveness and efficiency.
1.2 IFIs must establish Shari'ah governance policies and governance mechanisms to ascertain that the adopted Charter of Internal Shari'ah Supervision Committee ("Charter") is compliant with requirements outlined in the Guidance Note and requirements outlin...