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BC-B.3.2

This principle requires that the board of directors, senior management, staff and representatives (such as agents) of an Islamic bank licensee must be capable of discharging their duties competently. The required capabilities must include having an understanding of the rules and principles of Shari'a that is appropriate to their responsibilities, including Shari'a-compliant characteristics of the financial products and services offered by the Islamic bank licensee.

Added: July 2015