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Effective from Aug 09 2020 - Aug 08 2020 To view other versions open the versions tab on the right
The committee members shall be properly qualified to carry out the duties assigned to them. They shall have a clear understanding of their tasks and responsibilities and be able to exercise sound judgment with objectivity. These members shall also possess various professional, practical and administrative skills as well as experience in Shariah and financial matters. They shall have appropriate personal qualities, especially honesty and commitment in addition to a high degree of good reputation, competence and responsibility.The effectiveness of the committee depends on the experience and ability of its members to judge comprehensively as well as their participation in the committee’s discussions and familiarity with the topics raised before making any related decision. Moreover, a member's qualifications should include the following:
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Leadership: A Committee member should have leadership skills and be able to grant powers that lead to stimulating performance, applying best practices in the field of effective management, and adhering to professional values and ethics.
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Independence: It is the ability of a committee member to be impartial and objective in making a decision without any influence from the management or from other external entities.
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Competence: This is reflected by the level of education, training, skills, and the desire to continue learning as well as the diversified experience of at least five years in various fields, including Islamic banking, compliance, and Shariah audit of financial transactions.
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Shariah and financial knowledge: A member should have adequate Shariah knowledge in addition to the ability to read and understand financial statements and reports.
