Shariah Governance Framework for Local Banks Operating in Saudi Arabia

Release Date:	1441-06-18
Release Tool:	Councils and commissions decisions
Issuance Instrument Number:	41042498
Validity:	Valid
Summary:	By AI The text addresses the framework for Sharia governance of Islamic banks in the Kingdom of Saudi Arabia, which was issued in February 2020, and aims to enhance compliance with Sharia provisions in the banking industry. The framework defines the responsibilities of the Board of Directors, executive management, and the Sharia Committee, and includes supervisory requirements to ensure that transactions comply with Sharia, thereby enhancing the stability of the industry and reducing the risks of non-...

Release Date:

1441-06-18

Release Tool:

Councils and commissions decisions

Issuance Instrument Number:

41042498

Validity:

Valid

Summary:

By AI

The text addresses the framework for Sharia governance of Islamic banks in the Kingdom of Saudi Arabia, which was issued in February 2020, and aims to enhance compliance with Sharia provisions in the banking industry. The framework defines the responsibilities of the Board of Directors, executive management, and the Sharia Committee, and includes supervisory requirements to ensure that transactions comply with Sharia, thereby enhancing the stability of the industry and reducing the risks of non-...