Transcription of Shariah Governance - BNM
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Shariah Governance - BNM
Issued on: 20 September 2019 BNM/RH/PD 028-100 Shariah Governance Applicable to: 1. Licensed Islamic banks 2. Licensed takaful operators including professional retakaful operators 3. Licensed banks and licensed investment banks approved to carry on Islamic banking business 4. Prescribed development financial institutions approved to carry on Islamic financial business 5. Shariah committee members Shariah Governance TABLE OF CONTENTS part A OVERVIEW .. 1 1 introduction .. 1 2 Applicability .. 1 3 Legal 2 4 Effective date .. 2 5 Interpretation .. 2 6 Related legal instruments and policy documents .. 3 7 Policy documents superseded .. 4 part B THE BOARD .. 5 8 Key responsibilities .. 5 9 Interaction with the Shariah committee .. 5 part C Shariah COMMITTEE .. 7 10 Key responsibilities .. 7 11 Shariah committee meetings .. 8 12 Appointment, cessation and disqualification.
Shariah Governance 1 of 22 PART A OVERVIEW 1 Introduction 1.1 Shariah governance is integral to Islamic financial system stability. The institutionalisation of a sound Shariah governance framework strengthens public confidence in the integrity, management and business operations of the Islamic financial institutions.
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