SG-5.3.1

The Bahraini Islamic bank licensee must prepare, on an annual basis, a management report titled "Management's Shari'a compliance and governance report" on control procedures relating to Shari'a compliance and governance structure at the Bahraini Islamic bank licensee and the management's assertion on the design and operating effectiveness of these controls. This report will form the basis on which the IESCA would issue his independent assurance report (See SG-5.2.1).