PB-1 PB-1 Principles
PB-1.1 PB-1.1 Integrity
PB-1.1.1
All relevant persons should be straightforward and honest in their services and conduct. Integrity is not just limited to honesty but also includes fair dealing and full disclosure of all relevant information. Banks' management must safeguard not only the interests of shareholders of the bank, but also those of the Profit Sharing Investment Account (PSIA) holders.
PB-1.2 PB-1.2 Objectivity
PB-1.2.1
All relevant persons should be fair and should not allow prejudice, bias,
conflict of interest or influence to override their objectivity. Again the bank's management must bear in mind the interests of shareholders and PSIA holders.PB-1.3 PB-1.3 Competence, skill care and due diligence
PB-1.3.1
All relevant persons should perform services with competence, due care and diligence and have a continuing duty to maintain professional knowledge and skill at a level required to ensure that a client or employer receives the advantage of competent professional services based on up-to-date developments in practice, legislation and techniques.
PB-1.4 PB-1.4 Confidentiality
PB-1.4.1
All relevant persons should treat client information with the strictest of confidentiality unless disclosure is warranted under specific authority or there is a legal or professional duty to disclose.
PB-1.5 PB-1.5 Management and control
PB-1.5.1
The Board of Directors and Shari'a Board (where applicable) and management must take reasonable care to organise and control the affairs of the licensee responsibly and effectively with adequate risk management systems. The organisational structure should be clearly delineated and reporting lines completely transparent to promote full disclosure.
PB-1.6 PB-1.6 Market conduct
PB-1.6.1
All relevant persons should observe proper standards of market conduct. In particular, the Agency requires that banks comply with all AAOIFI issued accounting standards as well as the Shari'a pronouncements issued by the Shari'a Board of AAOIFI.
PB-1.7 PB-1.7 Communications with client
PB-1.7.1
All relevant persons must pay due regard to the information needs of their clients and communicate information to them in a manner which is clear, fair and not misleading.
PB-1.8 PB-1.8 Relationship of trust
PB-1.8.1
All relevant persons must take reasonable care to ensure the suitability of their advice and discretionary decisions for any customer who is entitled to rely upon their judgment.