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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