IBANK 10.2.12 Role of governing body — securitisation

(1) An Islamic banking business firm's governing body must oversee the firm's securitisation exposures.
(2) The governing body:
(a) must understand, and set the scope and purpose of, the firm's sukuk securitisation; and
(b) must be aware of the risks and other implications associated with sukuk securitisation.
(3) The governing body must ensure that the firm's senior management establishes and implements securitisation policies that include:
(a) appropriate risk management systems to identify, measure, monitor, report on and control or mitigate the risks arising from the firm's involvement in securitisation; and
(b) how the firm monitors, and reports on, the effect of securitisation on its risk profile.
Inserted by QFCRA RM/2017-1 (as from 1st April 2017).