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  • BC-B.7 BC-B.7 Principle 7: Shari'a Compliance

    • BC-B.7.1

      An Islamic bank licensee must be able to demonstrate that its operations are governed by an effective system of Shari'a governance and that it conducts its business in a socially responsible manner.

      Added: July 2015

    • BC-B.7.2

      An Islamic bank licensee must comply with all applicable legal and regulatory requirements and Shari'a requirements.

      Added: July 2015

    • BC-B.7.3

      An Islamic bank licensee must employ a highly competent head of Shari'a review (Refer to Principle 3, BC-B.3: Capabilities) having a sufficient level of authority to make compliance with all applicable legal, regulatory and Shari'a requirements a key management policy that is applied effectively in practice. Banks must also refer to Module LR (Licensing Requirements), LR-1A for requirements on the appointment of head of Shari'a review and Appendix TC-1 in Module TC (Training and Competency).

      Added: July 2015