Shari'a Supervision Committee
HC-1.3.14
The Agency requires all banks to establish an independent Shari'a Supervision Committee complying with AAOIFI's governance standards for Islamic Financial Institutions No. 1 and No. 2.
HC-1.3.15
All banks must comply with all AAOIFI issued accounting standards as well as the Shari'a pronouncement issued by the Shari'a Board of AAOIFI. The bank must have a separate function of Shari'a review to verify compliance with the above. This internal Shari'a review must be carried out in accordance with AAOIFI's governance standard No. 3. The Shari'a review function may be located in the Internal Audit function of the bank.
