CTRL 9.2.1 Policies — compliance with Shari’a

An Islamic financial institution must establish and implement policies to ensure that its business is conducted in accordance with Shari’a. The policies must include effective and comprehensive procedures to ensure that the firm complies with:

(a) Shari’a (in general and in relation to the requirements for Islamic financial contracts); and
(b) the fatwas, rulings and guidelines issued by its Shari’a supervisory board.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)