IBANK 12.1.6 Firm's Obligations to Shari'a Supervisory Board

(1) An Islamic banking business firm must take reasonable steps to ensure that the members of its Shari'a supervisory board are independent of the firm, and not subject to any conflict of interest with it.


A Shari'a supervisory board can only be considered independent if none of its members has a blood or close relationship with the firm, the firm's officers or related parties, that could interfere (or be reasonably perceived to interfere) with the exercise by the board of independent judgment.
(2) The firm and its employees:
(a) must provide such assistance as the Shari'a supervisory board reasonably requires to perform its duties;
(b) must give the board right of access at all reasonable times to relevant records and information;
(c) must not interfere with the board's ability to perform its duties; and
(d) must not provide false or misleading information to the board.
Derived from QFCRA RM/2015-2 (as from 1st January 2016).