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  • Head of Internal Shari'a Audit Function

    • SG-4.1.4

      The head of internal Shari'a audit function must be a full time employee of the Bahraini Islamic bank licensee and must be responsible for examining and evaluating the extent of the Islamic bank licensee's compliance with the following:

      (a) Shari'a principles;
      (b) The SSB's Fatawa, guidelines, pronouncements and instructions/recommendations;
      (c) Shari'a related regulations, resolutions and directives issued by the CBB;
      (d) Shari'a standards issued by AAOIFI; and
      (e) Shari'a related policies and procedures of the Bahraini Islamic bank licensee.
      August 2017

    • SG-4.1.5

      The head of internal Shari'a audit function must express his opinion on the extent of Shari'a compliance of the Bahraini Islamic bank licensee's operations through an actual audit of the business transactions.

      August 2017

    • SG-4.1.6

      The head of internal Shari'a audit function must be appointed by the management subject to the approval of the SSB in consultation with the Audit Committee and the approval of the CBB (refer to Chapter LR-1A).

      August 2017

    • SG-4.1.7

      Bahraini Islamic bank licensees must immediately notify the CBB when the head of internal Shari'a audit function, 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 2017