CTRL 9.3.7 Records of assessment of suitability of Shari’a supervisory board members

(1) An Islamic financial institution must retain a record, for each individual who is or has been a member of its Shari’a supervisory board, of:
(a) its assessment of the individual’s suitability to be such a member; and
(b) the agreed terms of engagement of the individual as such a member.
(2) The record for a member must include:
(a) the factors that were taken into account when assessing the member’s suitability;
(b) the qualifications and experience of the member;
(c) the basis upon which the institution considered that the member was suitable; and
(d) details of any other Shari’a supervisory boards of which the member is, or has been, a member.
(3) The institution must retain the record for a former member of its Shari’a supervisory board for at least 6 years after the date on which he or she ceased to be such a member.

 

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