IBANK 12.1.2 Appointment of Shari'a Supervisory Board
(1) An Islamic banking business firm must have a Shari'a supervisory board that is made up of at least 3 members.
(2) A person must not be appointed as a member of the Shari'a supervisory board unless the person is fit and proper to exercise the functions of such a member. Each member must be capable of exercising strong and independent oversight, and adequate objective judgment, of Shari'a-related matters.
(3) In assessing a person's fitness and propriety, the firm's governing body must take into account:
(a) the person's good character (honesty, integrity, fairness and reputation);
(b) the person's competence, diligence, capability and soundness of judgment; and
(c) any other relevant criteria.
(4) The following are not eligible for appointment as a member of the Shari'a supervisory board of an Islamic banking business firm:
(a) a controller (within the meaning of the General Rules 2005) of the firm;
(b) a member of the firm's governing body.
(5) Any appointment, dismissal or other change of a member of the Shari'a supervisory board must be approved by the firm's governing body.
|Derived from QFCRA RM/2015-2 (as from 1st January 2016).|