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8 Methodology of ISSC's Functions

N 5325/2020 Effective from 10/12/2020
  1. 8.1.a.The ISSC must thoroughly investigate matters on its agenda to establish adequate (fact-based) understanding related to nature of the presented matter. If a matter does not become clear to the ISSC, it may postpone issuance of the resolution or request additional information or supporting studies, and accordingly (in this case) the subject matter shall be presented again after the request is addressed.
    1. b.The IFIs must provide the ISSC with adequate time to:
      1. i.investigate the matters submitted to the ISSC, and
      2. ii.review any contracts and documents that may relate to the presented matters.
  2. 8.2.The ISSC should trace the Shari’ah ruling on the matter it is examining by:
    1. a.leveraging the legal opinions of Shari’ah jurists in the credible schools of law, and
    2. b.ensuring that the Shari’ah ruling does not contradict the Shari’ah standards or resolutions adopted by the HSA, even if such ruling differs from rulings issued by the ISSC in the past.
  3. 8.3.Fatwas issued by ISSCs of other institutions (i) are not binding on the IFI’s ISSC, and (ii) existence of those fatwas do not obviate the need for a resolution from the IFI’s ISSC, even if the members are same.
  4. 8.4.The resolutions of the ISSC are binding on its respective IFI in accordance with the applicable laws and standards.
  5. 8.5.The IFI must comply with interpretations of the ISSC regarding the HSA’s resolutions and standards or their implementation.