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  • SSB Report

    • SG-2.3.26

      The SSB must submit its report as part of the annual report (See also Paragraph SG-6.1.1) to the shareholders with a copy to the Board of directors and the CBB as per AAOIFI, on the Bahraini Islamic bank licensee's Shari'a compliance. The SSB report must also include any non-compliance issues, if present, to the Shari'a rules and principles.

      August 2017

    • SG-2.3.27

      The SSB's report must contain, at the minimum, the following basic elements:

      (a) Title;
      (b) Addressee;
      (c) Opening or introductory paragraph;
      (d) Scope paragraph describing the nature of the work performed;
      (e) Opinion paragraph containing an expression of opinion on the compliance of the Bahraini Islamic bank licensee with Islamic Shari's Rules and Principles;
      (f) Date of report;
      (g) Signature of the members of the SSB.
      August 2017

    • SG-2.3.28

      The opinion paragraph of the report must at least contain the following:

      (a) Whether or not in the SSB's opinion, the contracts, transactions and dealings entered into by the Bahraini Islamic bank licensee are in compliance with the rules and principles of Shari'a;
      (b) Whether or not in the SSB's opinion, the allocation of funds, weightages, profit sharing ratios, profits and charging of losses (if any) relating to investment accounts conform to the basis given by the SSB in accordance with Shari'a rules and principles;
      (c) Whether or not in the SSB's opinion, any earnings that have been realised from sources or means prohibited by Shari'a rules and principles have been disposed to charitable causes;
      (d) Whether or not in the SSB's opinion, the calculation of Zakah is in compliance with Islamic Shari'a rules and principles; and
      (e) If the SSB has ascertained that the management of the Bahraini Islamic bank licensee has not complied with Shari'a rules and principles or the fatawa, rulings and guidelines issued by the SSB, then the SSB has to report the non-compliance issues in the opinion paragraph of its report.
      August 2017

    • SG-2.3.29

      The SSB report must be read by a SSB member at the annual general meeting of the Bahraini Islamic bank licensee.

      August 2017