Alqanoni

Article Six: Responsibilities of Senior Management

Art. Six
Status unknownSaudi ArabiaRegulation

Issued by Saudi Central Bank (SAMA) Rulebook

Identify Shariah-related issues and refer them to the committee for a decision, providing the necessary information and disclosures in a timely manner. Follow up on and implement the Shariah decisions issued by the committee. Provide continuous education and training programs for key internal stakeholders, including the Board, the committee, and employees involved in Shariah and financial matters 1 . Ensure that financing activities comply with the principles and rulings of Islamic Shariah as outlined in the committee's decisions and recommendations. Inform the Board and the committee about products suspected of not complying with Shariah principles through official reports, and immediately halt any products found to be non-compliant with Shariah principles. Promote a culture of adherence to the provisions and principles of Islamic Shariah within the finance company, and educate relevant employees about Shariah-compliant financing products. Develop financing products that align with Shariah principles and rulings. 1 The paragraph is for guidance purposes.

The Arabic text is the legally binding version. The English translation is provided for guidance only.

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