The Higher Shari’ah Authority
Article (19) The Higher Shari’ah Authority
19.1 The HSA shall establish the Shari’ah general rules, standards, and Shari’ah principles for the businesses and activities of Companies. It shall undertake supervision and oversight on the ISSCs and the Shari’ah controls of Companies. 19.2 The HSA shall state its opinion regarding the regulations and standards issued by the Central Bank pertaining to the Companies’ activities. Article (20) The Higher Shari’ah Authority Expenses
Companies subject to the provisions of this Regulation must bear the expenses of the HSA, including remunerations, allowances and expenses of its members, and the mechanism of funding its establishment and continuity of its functioning, as determined by the board of directors of the Central Bank.