CTRL 9.3.5 Guidance

1 The Regulatory Authority expects an Islamic financial institution to carry out background checks, and to verify that a person to be appointed as a member of the institution’s Shari’a supervisory board has at least the minimum qualifications and experience set out in Appendix 4 of IFSB 10: Guiding Principles on Shari’a Governance Systems for Institutions offering Islamic Financial Services.
2 So far as possible, such an institution should use the suitability criteria and factors in this Division when appointing an individual to exercise the Shari’a compliance function and internal Shari’a review function. In addition, such an individual is expected to have:
• adequate training in Shari’a
• additional qualifications in finance
• good communication skills to enable him or her to liaise and work effectively with the Shari’a supervisory board
• organisational skills.

 

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