Shari'a Officer
SG-3.1.3
The Shari'a Officer must be a full time employee of the
Bahraini Islamic bank licensee and must be responsible at the product design/development stage for assisting the SSB in the issuance of Shari'a pronouncements/resolutions, fatawa, guidelines and instructions about the products and services offered by theBahraini Islamic bank licensee. August 2017SG-3.1.4
The Shari'a Officer must be appointed by the management subject to the approval of the SSB and the approval of the CBB (See Chapter LR-1A).
August 2017SG-3.1.5
Bahraini Islamic bank licensees must immediately notify the CBB when the Shari'a Officer, for whatever reason, ceases to hold the position (i.e. has resigned, been suspended or dismissed). In case of suspension or dismissal, the notification must include the reasons for the action taken (See Chapter LR-1A).August 2017SG-3.1.6
The Shari'a Officer or the Head of Internal Shari'a Audit function must be appointed as the secretary to the SSB.
August 2017
