IBANK 10.2.13 Policies — Shari'a compliance

An Islamic banking business firm must establish and implement policies to ensure that the firm's offer documents for sukuk are sufficiently clear and precise to eliminate the risk of gharar or any other activity prohibited by Shari'a.

Note Under rule 7.2.1 an Islamic banking business firm must establish and implement policies to ensure that its business is conducted in accordance with Shari'a. The policies must include effective and comprehensive procedures so that the firm complies with Shari'a (in general and in relation to the requirements for Islamic financial contracts) and with the fatwas, rulings and guidelines issued by its Shari'a supervisory board.

Inserted by QFCRA RM/2017-1 (as from 1st April 2017).