CTRL 9.3.2 Appointment etc of members of Shari’a supervisory board

(1) An individual must not be appointed as a member of an Islamic financial institution’s Shari’a supervisory board unless the individual is suitable to exercise the functions of such a member.
(2) The following are not eligible for appointment as a member of the Shari’a supervisory board of an Islamic financial institution:
(a) a controller (within the meaning of GENE, rule 8.1.3 (1)) of the institution;
(b) a member of the institution’s governing body.
(3) Any appointment, dismissal or other change of a member of the Shari’a supervisory board must be approved by the institution’s governing body.


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