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Thursday, 28 March 2019

FRA agrees to membership requirements for planned sukuk supervisor

REGULATION WATCH- FRA agrees to membership requirements for planned sukuk supervisory committee: The Financial Regulatory Authority’s (FRA) board of directors has agreed to the requirements needed to sit on the planned sukuk supervisory committee, it said in a statement. The central supervisory committee would be made up of nine top shari’a experts as well as legal and financial advisors that would ensure sukuks are compliant with Islamic law. Anyone who has been a main shareholder or board member of any of the companies regulated by the Capital Markets Act in the past two years will be prohibited from sitting on the committee to avoid conflicts of interest.

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