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Announcement of the application for the appointment of the Higher Sharia Advisory Committee DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Announcement of the application for the appointment of the Higher Sharia Advisory Committee

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Announcement of the application for the appointment of the Higher Sharia Advisory Committee Empty Announcement of the application for the appointment of the Higher Sharia Advisory Committee

Post by claud39 on Fri Oct 18, 2019 7:38 am

Announcement of the application for the appointment of the Higher Sharia Advisory Committee

October 16, 2019

Announcement of the application for the appointment of the Higher Sharia Advisory Committee News-157120799159729

Due to the development of Islamic banking in Iraq and for the purpose of keeping pace with this development and based on the decision of the Board of Directors of the Central Bank of Iraq No. (136) for the year 2019, it was decided to form a Higher Advisory Committee in the Central Bank of Iraq . Issues of advisory opinion to submit his candidacy to this bank in accordance with the conditions set out in the list of appointments and controls of the said committee and attached attached.
Nomination shall be made by submitting a CV to the administrative department of this bank within a maximum period of (30) days from the date of publication of the announcement on the official website of this bank.

»To review the rules of appointment of the Supreme Sharia Advisory Committee ... click here


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Announcement of the application for the appointment of the Higher Sharia Advisory Committee Empty Re: Announcement of the application for the appointment of the Higher Sharia Advisory Committee

Post by claud39 on Fri Oct 18, 2019 8:25 am

Central Bank of Iraq
 Banking Control Service
Islamic Banking Control Section
 Division of instructions and controls

Controls of the Higher Sharia Advisory Committee


First: Terms and definitions
1. The Shari'a Advisory Committee is the committee established by the Bank to provide Shari'a advice
Binding the Bank and Islamic financial institutions and issuing decisions that fall within its
Set forth in these controls wherever stated in these controls (the Committee).
2. Bank: Central Bank of Iraq.
3. Financial Institution: Any financial institution engaged in Islamic banking or financial activity licensed by this
The Bank and the Takaful Insurance Companies affiliated to these institutions are in accordance with the principles and provisions of Shari'a.
4. Board of Directors: The Board of Directors of the Central Bank of Iraq.
5 - Decision: Is the decision of the Shariah Advisory Committee, which has the force of obligation.
6. Islamic Banking Control Section: This is the division of the Banking Control Department responsible for all business activities
Regulating, monitoring and supervising Islamic banks.
7. Shari'a Supervisory Board: The Shari'a Supervisory Board of each Islamic financial institution.
Second: Formation of the Committee
 The committee is composed of (5) academic professors, provided that their academic achievement is not less than a PhD in jurisprudence
Islamic transactions, finance, economy or finance provided that he is the chairman of the committee
Specialized in Islamic finance.
Third: Specifications of the Chairman of the Committee and members
 The members of the Committee should have practical experience, teaching, research skills and well-known biography
Good professionalism, high integrity, efficiency and piety.
Fourth: the link
 The committee is affiliated with the board of directors of this bank and is responsible for establishing controls including the conditions of their selection
Their appointment shall be in accordance with the regulations attached to these regulations, and their term of office shall be five years, renewable for one time only.

Fifth: The Committee's remuneration
 The Board of Directors shall determine the remuneration of the Shari'a Advisory Committee, including the representatives of the entities hired
According to them in the decision-making process of the meeting schedule to be implemented by them.
Sixth: Functions of the Committee
1. Providing Shari'ah advice to the Bank, Islamic banks, relevant financial institutions, judiciary and entities
Which the Bank agrees to advise on the request made by them through the official channel
Department of Banking Control / Islamic Banking Control Section.
2. Carrying out any functions stipulated in the Islamic Investment Sukuk Law (the draft law is currently presented)
The State Council).
3. Submitting an annual report to the Board of Directors of this bank including all matters related to the Committee's work and achievements.
4. Review and approve the annual reports issued by the Shari'a Supervisory Boards of Islamic Banks before
Present to the general assembly of each bank.
5. Review and approve Shariah compliant products / tools developed by this bank
For monetary policy purposes and to achieve its objectives.
6. Introduce new international standards or adapt existing ones and develop normative documents for best practices
Regulations or standards for financial activities compliant with the provisions of
Shari'a and its principles.
7. Communicate, cooperate and coordinate with the international organizations currently in charge of establishing the Shari'ah standards of institutions
Islamic Finance.
8. Prepare Shari'a researches and studies on issues related to Islamic banking and finance.
9. Formulate standard contracts for operations and services provided by Islamic financial institutions.
10. Adapting international Shari'a standards and introducing normative documents for best practices relevant to institutions
Islamic Finance.
11. Perform any other tasks assigned to it by the Board of Directors in a manner that ensures the smooth and regular performance of the system
Islamic Finance.
12 - Follow-up and issuance of Shari'a decisions in matters that are controversial in the banking and financial work
Islamic Takaful and any activity related to the Islamic economy as a whole, especially the emerging ones, and the decisions of bodies
Legitimate censorship that is the subject of contention and which need to be clarified, and the issues presented
Approved by the Islamic Banking Control Section.

Seventh: Decisions of the Committee
 The Committee shall take its decisions by majority and shall have the binding status of Islamic financial or banking institutions
That you requested.
Eighth: The Secretariat of the Committee
 A committee secretariat shall be formed in the main branch of the bank. The management of the secretariat is entrusted to a staff member of the Department
Monitoring Islamic Banks. All the requirements for the success of the Committee's work are presented.
Ninth: Compliance with the principles and provisions of Shari'a
 The Bank must comply with the Committee's request for Shari'ah advice on procedures, decisions and anything
It would be subject to the possibility of violating the principles and provisions of Sharia in the framework of its implementation of the Banking Law
Islamic law and all related matters, and laws governing Islamic financial business and all related matters.
Tenth: The work of the Committee
 The Committee may draw up regulations for the organization of its work and shall be approved by the Board of Directors
The regulations of the committee meeting at least once a month, and the authority of the Board, Governor and Control Department
Banking in convening the Committee.
Eleven: Bank independence and secrecy
 The provisions of the Central Bank of Iraq Law, the Banking Law and the Islamic Banking Law shall be observed
Other relevant law and the instructions and controls in force in respect of conflicts of interest and bank secrecy
Legitimacy, as well as the conditions of independence referred to in paragraph (II for the members of the Advisory Committee)
Of the appointment of members of the Sharia Advisory Committee.
 -is over -

Appointment of Sharia Advisory Committee
First: Personal qualifications
He must have the legal capacity and be a decent and qualified person as stated in the Banking Law
No. (94) for the year 2004, and not be an article by any institution inside or outside Iraq for reasons
Related to job behavior.
2. Be at least 40 years of age.
3 - He must have a PhD in Islamic jurisprudence, financial transactions or economics
Islamic finance or financing.
He must have a minimum of (5) years of experience in issuing fatwas and Shariah judgments.
5 - Have at least 10 years experience in teaching and scientific research in the jurisprudence of transactions
Islamic finance, Islamic economy or Islamic finance.
6. To have extensive knowledge of the International Islamic Standards issued by the Accounting Authority
Review of Islamic Financial Institutions (AAOIFI) and Standards issued by the Services Council
Islamic Finance (IFSB).
7 - He has published at least (5) researches in sober scientific journals in the field of jurisprudence or transactions.
Islamic finance or economy or Islamic finance.

Second: Conditions of independence
On a board of directors or conducts executive work in any bank or financial institution
Not to be a member
Islamism inside Iraq during the third of previous years.
In any Shari'a supervisory body of local banks or external banks that have a branch
Not to be a member
Worker in Iraq or any Islamic financial institutions during the third one of previous years.
3. He does not have a qualified holding rate in any local bank or any foreign bank with a branch operating in the country
4. He shall not directly or indirectly own more than 5% of the shares of any subsidiary of a local bank
Or a foreign bank with a branch operating inside Iraq.
5. He is not related to any of the members of the Board of Directors or senior management in this bank
Banks operating in Iraq and Islamic financial institutions up to the third degree.
During one of the previous three years, an external audit firm has.
Or an employee
6. Not to be a partner

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