CTRL 9.3.13 Institution must give copy of report to Regulatory Authority

An Islamic financial institution must give the Regulatory Authority a copy of the report or reports prepared by the institution’s Shari’a supervisory board. The report or reports must be given 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 report of the Shari’a supervisory board must be given to the Regulatory Authority before 1 April in the next year. The Shari’a supervisory board’s compliance report usually forms part of the institution’s Annual Financial Report, but there could also be a second more detailed report of the compliance work undertaken addressed specifically to the Regulatory Authority.

 

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