LR-1A.1.9A

Past version: Effective from 01 Oct 2013 to 30 Sep 2018
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The head of Shari'a review in an Islamic bank licensee, dealing with Islamic products and services, is responsible for the examination of the extent of an Islamic bank licensee's compliance, in all its activities, with the Shari'a. This examination includes contracts, agreements, policies, products, transactions memorandum and articles of association, financial statements, reports (especially internal audit and central bank inspection), circulars, etc. The objective of the Shari'a review is to ensure that the activities carried out by an Islamic bank licensee do not contravene the Shari'a.

Added: October 2013