IBANK 12.1.4 Assessing Competence
(1) To be eligible for appointment as a member of the Shari'a supervisory board, a person must be able to demonstrate competence and ability to understand the technical requirements of the business, the risks inherent to the firm, and the processes required to conduct the firm's operations effectively.
(2) In assessing a person's competence and capability, the firm's governing body must consider:
(a) whether the person has demonstrated, through qualifications and experience, the capacity to successfully undertake the responsibilities of the position;
(b) whether the person is physically, mentally and emotionally fit to perform the duties of the position;
(c) whether the person has ever been disciplined by a professional, trade or regulatory body, or dismissed or requested to resign from any position or office for negligence, incompetence, fraud or mismanagement;
(d) whether the person has a sound knowledge of the business and the responsibilities of the position; and
(e) anything else the firm considers relevant.
|Derived from QFCRA RM/2015-2 (as from 1st January 2016).|