CTRL 9.3.10 Annual Shari’a supervisory board report

(1) An Islamic financial institution must commission, from its Shari’a supervisory board, an annual report that complies with AAOIFI Standards on Governance, GSIFI No 1.
(2) The institution must give the Regulatory Authority a copy of each such annual report within 3 months after the day the relevant financial year of the institution ends.
Example
If a financial year of an Islamic financial institution ends on 31 December in a year, the annual report of the institution’s Shari’a supervisory board must be given to the Regulatory Authority before 1 April in the next year.

 

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