ISFI 5.1.2 Policy and procedures manual

An Islamic financial institution must establish, implement and maintain an Islamic financial business policy and procedures manual that addresses the following matters:

(a) how the compliance oversight function will be undertaken in relation to compliance with Shari'a;
(b) how the institution's Shari'a supervisory board will oversee and advise it in regard to the institution's Islamic financial business;
(c) how fatwas, rulings and guidelines of the Shari'a supervisory board will be recorded, disseminated and implemented and the internal Shari'a review undertaken;

Note For the requirement to conduct an internal Shari'a review, see r 6.3.1.
(d) how disputes between the Shari'a supervisory board and the institution in relation to Shari'a compliance will be addressed;
(e) the process for approving the internal policies, procedures, systems and controls to ensure that—
(i) Islamic financial business is conducted in accordance with Shari'a; and
(ii) information is disseminated to investors appropriately;
(f) how conflicts of interest and potential conflicts of interest will be identified and managed.
Amended by QFCRA RM/2017-3 (as from 1st April 2017).