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SG-2.4.8

The level of knowledge expected from a member serving on a Shari'a board may vary according to the level of responsibility and the type of regulated activity to be carried out by the Bahraini Islamic bank licensee. However, a member of the Shari'a board is generally expected to be able to display an understanding of the:

(a) Shari'a rules and principles that apply to the Bahraini Islamic bank licensee's proposed activities;
(b) General legal and regulatory framework that may apply to the functions that he performs; and
(c) Broad impact of introducing financial products to the market and the public taking into account Maqasid al-Shari'a.
August 2017