SG-2.9.3
For purposes of Subparagraph SG-2.9.2(b),
(a) Disbursement of Shari'ah non-compliant income must be made to independent and reputed charity organizations not related directly or indirectly to the Bahraini Islamic bank licensee's approved persons and the SSB. Such disbursement must be made within 12 months unless approved by the SSB, and no more than 24 months in any circumstances.
(b) The SSB, Shari'ah officer, Internal Shari'ah Auditor and External Independent Shari'ah Compliance Auditor are responsible to review the nature of charity transactions, the causes of non-compliance and establish procedures and processes to ensure that such cases are not repeated in the future.
August 2017