IBANK 12.1.8 Policy and Procedures Manual

An Islamic banking business firm must maintain a policy and procedures manual that addresses the following matters:

(a) how the compliance oversight function will be exercised in relation to compliance with Shari'a;
(b) how the Shari'a supervisory board will oversee and advise the firm regarding the firm's business;
(c) how fatwas, rulings and guidelines issued by the board will be recorded, disseminated and implemented;
(d) how an internal Shari'a review will be carried out;

Note For the requirement to carry out an internal Shari'a review, see rule 12.1.12.
(e) how disputes and differences of opinion between the Shari'a supervisory board and the governing body in relation to Shari'a compliance will be addressed;
(f) how significant policies and any changes to them (other than formal changes) are approved;
(g) how information will be disclosed to customers;
(h) how conflicts of interest and potential conflicts of interest will be identified and managed.
Derived from QFCRA RM/2015-2 (as from 1st January 2016).