Syariah Governance
Syariah Financial Supervisory Board (SFSB)
A centralised Syariah Financial Supervisory Board (SFSB), for which BDCB is the secretariat. The SFSB is established under the Syariah Financial Supervisory Board Act (Cap 295) (“SFSB Act”). It has a mandate to ascertain the Islamic law on any financial matter, to issue rulings on matters referred to it, and to advise on any Syariah issues relating to Islamic financial business, activities or transactions.
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The Syariah Advisory Body (SAB) at the institutional level plays a complementary role to the SFSB. Its role is to advise the Islamic financial institutions on the Syariah compliance of their operations.
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