ISFI 8.1.6 Performance of internal Shari'a review

(1) An authorised firm that operates an Islamic window must, to the extent possible, perform the internal Shari'a review in accordance with the AAOIFI Standards on Governance (GSIFI No. 3).

Note An authorised firm that operates an Islamic window must perform an internal Shari'a review of the firm's compliance with fatwas, rulings and guidelines issued by its Shari'a supervisory board — see r 6.3.1, as applied by r 8.1.5.
(2) If the firm cannot perform its entire internal Shari'a review in accordance with those standards, it must document how it will perform the remainder of that review.
Inserted by QFCRA RM/2012-3 (as from 1st February 2013)