Functions of the Shari-ah Supervisory Board and Qualifications of Its Members. – Without prejudice to the crafting of the Bangsamoro Islamic banking and finance framework by the Parliament, the following are the functions and qualifications of the Shari-ah Supervisory Board:
Functions of the Shari-ah Supervisory Board and Qualifications of Its Members. – Without prejudice to the crafting of the Bangsamoro Islamic banking and finance framework by the Parliament, the following are the functions and qualifications of the Shari-ah Supervisory Board:
(a) Functions, – The Shari-ah Supervisory Board shall be responsible for monitoring the compliance of Shari’ah rules in banking and finance transactions and issuance of Shari’ah products. Furthermore, as representative of the various Ulama, it shall have the authority to issue fatwas regarding the products and practices employed by banks and other institutions. (b) Qualifications. Subject to other qualifications that the Parliament may enact, the members of the Board shall have the necessary knowledge of both Islamic jurisprudence and conventional banking and finance
(a) Functions, – The Shari-ah Supervisory Board shall be responsible for monitoring the compliance of Shari’ah rules in banking and finance transactions and issuance of Shari’ah products. Furthermore, as representative of the various Ulama, it shall have the authority to issue fatwas regarding the products and practices employed by banks and other institutions. (b) Qualifications. Subject to other qualifications that the Parliament may enact, the members of the Board shall have the necessary knowledge of both Islamic jurisprudence and conventional banking and finance
