bahrain introduces mandatory iesca
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Bahrain introduces mandatory IESCA

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Arab Today, arab today Bahrain introduces mandatory IESCA

the Central Bank of Bahrain (CBB)
Manama - Arab Today

In a major attempt to establish industry leading Sharia governance principles and practices in Bahrain, the Central Bank of Bahrain (CBB) has released a new Sharia Governance (SG) module.
The landmark module, issued after extensive consultation with the industry and with the CBB’s Centralized Sharia Supervisory Board (CSSB), is likely to result in a paradigm shift in improving the Sharia compliance and governance standards among Islamic banks in Bahrain and shall set proper benchmarks for global Sharia governance practices. It is expected to serve as an example for the region and the global Islamic banking market.

The new regulations will be applicable from 30th June 2018 on all Islamic retail and wholesale banks in Bahrain. For the first time an Independent External Sharia Compliance Audit (IESCA) has been made mandatory. The first IESCA report is to be issued in 2020 based on the transactions, structures and activities of 2019. It marks a significant new step in independent confirmation of whether Sharia governance is embedded in the day-to-day functioning of an Islamic bank.

"The Sharia Governance module sets higher standards of transparency, governance and competence for Islamic banks in Bahrain. It clarifies the roles and responsibilities of the management and the Board of Directors towards Sharia compliance. Adhering to high standards of sharia governance also provides additional protection to investors and other stakeholders," said Khalid Hamad, Executive Director of Banking Supervision at the CBB.

Below are some of the most important provisions of the SG module:

The Sharia governance structure of an Islamic bank must consist of four important components or elements – the Sharia Supervisory Board (SSB), Sharia Coordination and Implementation function, Internal Sharia Audit function and External Independent Sharia Compliance Audit.

The module discusses the authority vested in the SSB and ensures their independence through various measures. It also discusses their eligibility criteria, roles and responsibilities and calls for more interaction with the board of directors.

SSB’s rulings of standard products and the jurisprudential or other bases of such rulings must be made available for the customers and the general public by publishing it online and in the annual report.

The module requires both Sharia Coordination and Implementation function and Internal Sharia Audit function to independently report to the SSB.

The SG module can be viewed on the CBB website www.cbb.gov.bh

Source:BNA

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