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Concept Paper on Shariah Governance Framework for Islamic Financial Institutions

Concept Paper on Shariah Governance Framework for Islamic Financial Institutions
Bank Negara Malaysia, May 2010

This concept paper was released recently and its proposed framework is divided into six sections:

Section I - General Requirements of Shariah Governance Framework
General requirements of the Shariah governance structure that describes the essential key functional or key organs

Section II - Oversight, Accountability & Responsibility
Outlines the level of accountability and responsibility of the board of directors, Shariah committee and management of the IFI.

Section III - Independence
Aims at safeguarding the independence of the Shariah committee in ensuring sound Shariah decision, and emphasis on the role of the board of directors in recognizing the independence of the Shariah committee.

Section IV - Competency
Highlights requirements and expected competencies to ensure key functions are capable of implementing Shariah governance.

Section V - Confidentiality & Consistency
Minimum set of rules that emphasis on the importance of observing and preserving confidentiality and improving consistency by the Shariah committee.

Section VI - Shariah Compliance & Research Functions
Prescribe the functions of the internal Shariah review, Shariah audit, Shariah risk management process and the Shariah research functions.

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