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Shariah governance has become an important requirement in the Islamic banking industry. Its effectiveness can lead to achieving a number of benefits, the most important of which are:
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Limiting the risk of non-compliance with Shariah principles and rules.
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Supporting the Islamic banking industry stability and economic growth.
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Improving operational efficiency and decision making of the Islamic banking industry.
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Attracting foreign investment in Shariah-compliant assets.
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Increasing efficiency of internal capital management.
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Enhancing trust among key stakeholders.
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Strengthening relations with depositors, investors, and financiers.
In order to implement the effective Shariah governance requirements for banks and ensure that Islamic banking transactions in Saudi Arabia are Shariah compliant, SAMA issued this framework. To establish a robust and effective Shari’ah Governance Framework (SGF) for the banks conducting Shari’ah compliant banking, a minimum set of regulations and guidelines are issued for compliance by the banks. SGF does not contradict the requirements of other regulations rather it compliment already issued regulations and guidelines.
