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Article 6: Responsibilities of the Executive Management
No: 41042498
Date(g): 12/2/2020 | Date(h): 18/6/1441
Effective from Aug 09 2020 - Aug 08 2020 To view other versions open the versions tab on the right
1.
The management shall identify and refer any Shariah issues to the Shariah committee for decisions and provide the committee with the required information and disclosures in a timely manner.
2.
The management shall monitor and implement the Shariah decisions issued by the committee.
3.
The management shall provide continuous education and training programs to key internal stakeholders, including the board, the Shariah committee, and the employees related to Shariah and finance matters. This is to ensure that all departments/units associated with the Shariah governance framework of the bank are sufficiently exposed to current developments in Shariah related matters.
4.
The management shall develop and adopt a holistic culture of Shariah compliance within the bank to comply with the Shariah principles and rules in its overall Islamic banking activities. In addition, all relevant employees are expected to be familiar with the Shariah-compliant products offered by the bank as well as similarities and differences between Shariah-compliant banking products and services and others that are conventional.
5.
The management must ensure that Shariah policies and procedures are accessible to employees involved in the implementation of the Shariah governance framework.
6.
The management shall ensure that all Islamic banking operations are carried out according to the bank’s Shariah policies and procedures and shall constantly review and update the policies and procedures to reflect market practices and developments.
7.
If the management becomes aware that certain financial or Islamic banking transactions appear to involve operations that are not Shariah-compliant, the management shall:
a)
Immediately inform the board and the committee.
b)
Immediately stop providing any banking services or products in that business line related to the Shariah non-compliant operation.
Within (30) business days of becoming aware of such non-compliance, submit a plan to rectify the state of non-compliance with the Shariah principles and rules, to be approved by the board and endorsed by the committee.
