The Board and the senior management approve the Annual Plan that relate to Shari’ah Compliance Function (“SCF”) review exercises and ascertain smooth realization and implementation of the approved Annual Plan, including but not limited to, full cooperation and support from the relevant department heads at the IFI.
4.2
The IFI should prioritize what needs to be included in the Annual Plan, and develop a prioritization matrix that takes into account the relevant parameters, including:
a.
frequency of reviews,
b.
historical incidents, and
c.
size and complexity of products.
Appendix (A) contains generic guidance on developing the prioritization matrix that aims to assist IFIs in identifying segments of operations and activities that should undergo review in a financial year.