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  • Definitions

    • LR-1A.1.5

      Board members collectively are responsible for the business performance and strategy of the Islamic bank licensee, as outlined in more details in Section HC-1.2.

      Amended: October 2013
      October 2010

    • LR-1A.1.6

      When taken as a whole, the board of directors of an Islamic bank licensee must be able to demonstrate that it has the necessary skills and expertise, as outlined in Paragraph HC-1.2.10.

      Amended: October 2013
      October 2010

    • LR-1A.1.7

      The Chief Executive or General Manager means a person who is responsible for the conduct of the licensee (regardless of actual title). The Chief Executive or General Manager must be resident in Bahrain. The scope of authority of the CEO and his deputies is outlined in more detail in Subparagraph HC-6.3.2 (a).

      Amended: July 2017
      Amended: October 2013
      October 2010

    • LR-1A.1.8

      The head of risk management is responsible for the management and control of all risk exposures arising from the activities of the Islamic bank licensee.

      Amended: October 2013
      October 2010

    • LR-1A.1.9

      The head of internal audit is responsible for providing independent and objective review on the adequacy and effectiveness of the holistic internal control environment within the Islamic bank licensee. The duties of the head of internal audit are outlined in more detail in Subparagraph HC-6.3.2 (d).

      Amended: October 2013
      October 2010

    • LR-1A.1.9A

      The Shari'a Officer in an Islamic bank licensee is responsible for the product design / development stage to assist the Shari'a Supervisory Board (SSB) in the issuance of Shari'a pronouncements / resolutions, Fatawas, guidelines and instructions about the products and services offered. He is also responsible for assisting the management in implementing the Fatawa and rulings of the SSB in the day to day functioning of the licensee. The Shari'a Officer must also assist the Human Resources department in arranging for Shari'a training of the licensee's employees. Refer to SG-3.1 and SG-3.2 for a detailed description of his responsibilities.

      Amended: October 2018
      Added: October 2013