• ISFI Chapter 5 ISFI Chapter 5 Policies, procedures, systems and controls

    Amended by QFCRA RM/2012-3 (as from 1st February 2013)

    • ISFI 5.1.1 General requirement

      An Islamic financial institution must establish, implement and maintain policies, procedures, systems and controls that ensure that its business is conducted in accordance with Shari'a.

      Amended by QFCRA RM/2012-3 (as from 1st February 2013)

    • ISFI 5.1.2 Policy and procedures manual

      An Islamic financial institution must establish, implement and maintain an Islamic financial business policy and procedures manual that addresses the following matters:

      (a) how the compliance oversight function will be undertaken in relation to compliance with Shari'a;
      (b) how the institution's Shari'a supervisory board will oversee and advise it in regard to the institution's Islamic financial business;
      (c) how fatwas, rulings and guidelines of the Shari'a supervisory board will be recorded, disseminated and implemented and the internal Shari'a review undertaken;

      Note For the requirement to conduct an internal Shari'a review, see r 6.3.1.
      (d) how disputes between the Shari'a supervisory board and the institution in relation to Shari'a compliance will be addressed;
      (e) the process for approving the internal policies, procedures, systems and controls to ensure that—
      (i) Islamic financial business is conducted in accordance with Shari'a; and
      (ii) information is disseminated to investors appropriately;
      (f) how conflicts of interest and potential conflicts of interest will be identified and managed.
      Amended by QFCRA RM/2017-3 (as from 1st April 2017).

    • ISFI 5.1 General Requirement [Deleted]

      Deleted by QFCRA RM/2012-3 (as from 1st February 2013)

    • ISFI 5.2 ISFI 5.2 Policy and Procedures Manual [Deleted]

      Deleted by QFCRA RM/2012-3 (as from 1st February 2013)

      • ISFI 5.2.1 [Deleted]

        Deleted by QFCRA RM/2012-3 (as from 1st February 2013)