SG-2.8 SG-2.8 Management Duties to the SSB
SG-2.8.1
Bahraini Islamic bank licensees must not dismiss any member of the SB without the CBB's prior approval and the approval of the general assembly.August 2017SG-2.8.2
Bahraini Islamic bank licensees must ensure that its SSB has:(a) Clear terms of reference regarding its mandate and responsibility;(b) Well-defined operating procedures and reporting lines; and(c) Good understanding of, and familiarity with, professional ethics and conduct.August 2017SG-2.8.3
Bahraini Islamic bank licensees must equip their SSB with:(a) A mandate that grants it appropriate powers to carry out its role and functions;(b) Well-organised operating procedures with regard to meetings, the recording of meetings, the manner in which a submission or request for Shari'a pronouncements/resolutions should be made to the SSB, decision-making processes and to whom its decisions will be passed for effective implementation, including processes to review those decisions whenever necessary;(c) A sound code of ethics and conduct that would enhance the integrity, professionalism and credibility of the members of the SSB; and(d) A procedure either for each individual member or as a group, in the furtherance of their duties, to take independent professional advice, such as on legal, accounting, financial or valuation issues, if necessary, at theBahraini Islamic bank licensee's expense.August 2017SG-2.8.4
The management of a
Bahraini Islamic bank licensee must provide the SSB with complete, adequate and timely information prior to all meetings and on an ongoing basis.August 2017SG-2.8.5
The SSB must have complete and unhindered access to all records, transactions, and information from all sources including professional advisors and the
Bahraini Islamic bank licensees' employees.August 2017SG-2.8.6
Information provided must include background or explanatory information relating to matters to be brought before the SSB, copies of disclosure documents, financial statements, legal agreements and opinions given, product and/or transaction structure, promotional materials, and risk assessment reports. As far as possible, such information must be presented in a manner that would assist the SSB to analyse not only the form of, but also the substance surrounding, the issues brought before them.
August 2017
