41
Source: Extracts of corporate mission and goals obtained from websites or annual reports.
Annex III: Legal Basis and Nature of Regulations on Internal SSBs in Selected
Countries
Country
Legal base for
SSB
SSB competences as
spelled out by existing
laws
SSB
compositi
on
SSB decision
making
SSB Appointment
and Dismissal rules
Fit and proper
criteria for SSB
members
Bahrain
BMA Rulebook -
Volume 2- Islamic
Banks - The BMA
(2005) and all
AAOIFI standards
General duty to verify
Shariah
compliance and issue an annual
report. Binding advice The
shareholders
shall decide how
SSB will discharge this duty.
Al least three
members
(according to
AAOIFI)
Unspecified (to be
decided by
shareholders)
Appointed by Shareholders.
Dismissal is proposed by
Board and approved by
shareholders (according to
AAOIFI standards)
Conflict of interest and
competence clauses
(According to AAOIFI
governance standards).
DIFC
∗
Law regulating
Islamic financial
business, DIFC Law
No. 13 of 2004 and
the Islamic Financial
Business Module of
the DFSA Rulebook
Oversees and advises on
Shariah
compliance. Specific duties to be
established
and documented by
the BIFS.
No less than
three
members.
Unspecified.
Appointed and dismissed by
the bank’s governing body
They must be competent
(based on previous
experience and
qualifications) and are not
directors
or controllers of
the BIFS
Do'stlaringiz bilan baham: