Shariah Standards & Operational Requirement
The Shariah Standards consist of two components – the Shariah Standards and the Operational Requirements.
Shariah Standards outline the principles, pillars and conditions of specific Shariah contracts to ensure end-to-end compliance with Shariah rulings in the structuring of Islamic financial products and services. The Standards also contain optional practices to guide industry players, particularly in relation to practices.
Operational requirements outline core principles underpinning sound banking practices, expectations for good governance, robust documentation, fair market practices and effective risk management.
There are 12 Shariah Standards that have been issued: