9. Subcommittees Of The ISSC
N 882/2024 Effective from 9/2/2024To facilitate the decision-making process in urgent matters, the ISSC may choose to authorize an executive member or an executive sub-committee, from among its members, and determine their responsibilities. Resolutions of the executive member or the executive subcommittee shall be presented to the ISSC at its subsequent meeting. Neither the executive member nor the executive committee has the right to issue a resolution on:
| a. | transactions that contain new structures, business models, mechanisms, or documentation that have not previously been endorsed by the ISSC, | ||
| b. | transactions that may negatively impact some of the participants e.g., approving a particular policy for surplus distribution, or | ||
| c. | adopting a plan of internal Shari’ah audit or endorsing reports submitted by the internal Shari’ah audit. |