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SHARIAH GOVERNANCE FRAMEWORK (HOW IT IS USEFUL TO THE MANAGEMENT FOR…
SHARIAH GOVERNANCE FRAMEWORK
HOW IT IS USEFUL TO THE MANAGEMENT FOR ISLAMIC BANK
responsible to provide continuous learning and training programs to the key internal stakeholders including the board, the Shariah Committee, and the relevant staff in Shariah and finance matters
ensure that Shariah policies and procedures are accessible at all times to those involved in the implementation of Shariah governance
to allocate adequate resources and manpower to support the Shariah governance framework that commensurate with the size, complexity and nature of the IFI’s business
expected to provide information and disclosure which are complete and accurate to the Shariah Committee in a timely manner, and shall be transparent on any areas to discharge its duties effectively
responsible for observing and implementing Shariah rulings and decisions made by the SAC and the Shariah Committee respectively
ORGANS AND FUNCTIONS
SHARIAH COMMITTEE
Oversight accountability on
Shariah related matters
MANAGEMENT
Ensure executions of business & operations
are in accordance with Shariah principles
Provide necessary support to the Shariah
Committee
BOARD
Overall oversight on Shariah governance structure & Shariah compliance
OBJECTIVES
:
sets out the expectations of the Bank on an IFI’s Shariah governance structures, processes and arrangements to ensure that all its operations and business activities are in accordance with Shariah
provides a comprehensive guidance to the board, Shariah Committee and management of the IFI in discharging its duties in matters relating to Shariah
outlines the functions relating to Shariah review, Shariah audit, Shariah risk management and Shariah research
SHARIAH FUNCTIONS THAT I COULD PERFORM
Shariah Risk Management Control Function
Identify, control, measure, monitor and report Shariah non-compliance risk
Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once I identified the risks, as the manager, I will create a plan to minimize or eliminate the impacts of negative events.