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  • Competence and Capability

    • SG-2.4.7

      The Bahraini Islamic bank licensee should ensure that members of the SSB demonstrate the competence and ability to understand the technical requirements of the business, the inherent risks therein, and the management processes required to conduct its operations effectively, with due regard to the interests of all stakeholders. In assessing the competence and capability of a person, all relevant factors should be considered, including, but not limited to whether the person:

      (a) Has demonstrated, through qualifications and experience, the capacity to successfully undertake the responsibilities of the position;
      (b) Is physically and mentally fit to perform his duties;
      (c) Has sound knowledge of the business; and
      (d) Can allocate sufficient time and attention to the licensee taking into account his existing Shari'a board memberships with other organizations.
      August 2017

    • SG-2.4.8

      The level of knowledge expected from a member serving on a Shari'a board may vary according to the level of responsibility and the type of regulated activity to be carried out by the Bahraini Islamic bank licensee. However, a member of the Shari'a board is generally expected to be able to display an understanding of the:

      (a) Shari'a rules and principles that apply to the Bahraini Islamic bank licensee's proposed activities;
      (b) General legal and regulatory framework that may apply to the functions that he performs; and
      (c) Broad impact of introducing financial products to the market and the public taking into account Maqasid al-Shari'a.
      August 2017