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Article (4) General Requirements for Issuing the Annual Shari'ah Report

N 5330/2020 Effective from 10/12/2020
  1. 4.1. The Annual Shari’ah Report represents annual disclosure of the Internal Shari’ah Supervision Committee (ISSC) on the level of IFI’s compliance with Islamic Shari’ah. Accordingly, responsibility for preparing the annual Shari’ah report rests with the ISSC of IFI within the mechanisms and requirements stipulated in the Guidance Note.
     
  2. 4.2. The Annual Shari’ah Report should be presented at the general assembly in accordance with the applicable regulatory requirements.
     
  3. 4.3. The Annual Shari’ah Report shall be submitted to HSA for review and approval prior to its submission at the general assembly.
     
  4. 4.4. The Annual Shari’ah Report must be submitted to the HSA, no later than two (2) months from end of the financial year.
     
  5. 4.5. The ISSC must verify accuracy and validity of all information in the Annual Shari’ah Report before its submission to the HSA.
     
  6. 4.6. The Board must ensure that the Annual Shari’ah Report is submitted to HSA for review and approval prior for its submission at the general assembly.
     
  7. 4.7. The ISSC must ascertain that all information required to be stated in the Annual Shari’ah Report (as stipulated in the template in article No. 5.3) are included in the designated places of the report before submitting it to HSA.
     
  8. 4.8. The ISSC must ensure that all duties fulfilled by the ISSC, as outlined in the Annual Shari’ah Report, are well documented for audit purposes.
     
  9. 4.9. IFI shall publish the Annual Shari’ah Report in the IFI’s disclosures of the financial statement and other available means.