CTRL 9.3.4 Assessing good character of proposed members of Shari’a supervisory board

In assessing an individual’s good character for rule 9.3.3, an Islamic financial institution’s governing body must consider:

(a) whether the individual:
(i) has ever been convicted of a criminal offence, particularly an offence relating to dishonesty, fraud or financial crime;
Note For the meaning of financial crime, see the Glossary.
(ii) has been the subject of any adverse findings or any settlement in civil proceedings, particularly in connection with banking or other financial business, misconduct or fraud;
(iii) has been the owner, manager or director of a company, partnership or other entity that:
(A) has been refused registration, authorisation, membership or a licence to conduct a trade, business or profession; or
(B) has had that registration, authorisation, membership or licence revoked, withdrawn or terminated;
resulting in the individual being refused the right to carry on a trade, business or profession requiring such a licence, registration or other authorisation;
(iv) has been a director, partner or otherwise involved in the management of a business that has gone into receivership, insolvency or compulsory liquidation while the individual was connected with that business or within 1 year after the individual’s departure from it;
(v) has been dismissed or asked to resign, or has resigned, from employment or from a position of trust, fiduciary appointment or similar position because of questions about his or her honesty and integrity;
(vi) has ever been disqualified from acting as a director or serving in a managerial capacity because of wrongdoing; or
(vii) has not been fair, truthful and forthcoming in dealings with customers, superiors, auditors and regulatory authorities in the past and has been the subject of any justified complaint relating to regulated activities;
(b) whether the individual shows readiness and willingness to comply with the requirements and standards of the regulatory system in the QFC and other legal, regulatory, or professional requirements and standards;
(c) whether the individual (or any business in which he or she is a controlling shareholder or has a controlling interest or exercises significant influence) has been investigated and disciplined or suspended by a regulatory or professional body, a court or a tribunal, whether publicly or privately; and
(d) anything else that the governing body considers relevant.

 

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