Article 17: Islamic Window Operations2

When engaging in Islamic banking activity through Islamic window operations, the bank shall ensure that adequate internal control systems and tools are in place to properly separate Shariah-compliant assets and finance sources from those assets and finance sources that are not compliant with the Shariah principles and rules. This is in addition to the other requirements of this framework. Moreover, the bank shall comply with the following requirements: 1. The bank shall keep a separate accounting records for Islamic banking operations and ensure that these records are properly maintained. 2. The bank shall prepare separate financial statements for its Islamic banking operations along with its periodical financial statements at least on a monthly basis. 3. An internal audit is required at least once a year to assess the bank’s compliance with the requirements mentioned in Paragraphs 1 and 2 of this Article. 2 The article is for guidance and will be enforced starting from 01/01/2023.