IBANK 12.1.13 Firm must Give Copy of Report

An Islamic banking business firm must give the Regulatory Authority a copy of the report or reports prepared by the firm's Shari'a supervisory board under rule 1.1.15(1)(d). The report or reports must be given within 3 months after the day the relevant financial year of the firm ends.

Example

If a financial year of an Islamic banking business firm ends on 31 December in a year, the report of the Shari'a supervisory board must be given to the Regulatory Authority before 1 April in the next year. The Shari'a supervisory board's compliance report usually forms part of the firm's Annual Financial Report, but there could also be a second more detailed report of the compliance work undertaken addressed specifically to the Regulatory Authority.

Derived from QFCRA RM/2015-2 (as from 1st January 2016).