9.6. Policies—compliance with Shari’ah
An Islamic Bank must establish and implement policies to ensure that its business is conducted in accordance with Shari’ah. The policies must include effective and comprehensive procedures so that an Islamic Bank complies with:
- (a) Shari’ah (in general and in relation to the requirements for Islamic financial contracts); and
- (b) the fatwas, rulings and guidelines issued by its Shari’ah supervisory board.