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Shariah Committee Chairman Responsibilities

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Shariah Committee Chairman Responsibilities

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Questions and Answers

What is the minimum frequency for holding Shariah committee meetings for an IFI?

Once every six months
Once a year
Twice a year
Once every two months (correct)

What is the attendance requirement for a Shariah committee member in a financial year?

100% of the meetings
50% of the meetings
At least 25% of the meetings
At least 75% of the meetings (correct)

What responsibility does the chairman of the Shariah committee have in relation to decision-making?

To make all decisions independently
To ensure decisions are made on a well-informed basis (correct)
To avoid dissenting views
To appoint another person to participate in meetings

Who is responsible for the effective functioning of the Shariah committee?

The chairman of the Shariah committee (D) Signup and view all the answers

When must a Shariah committee member disclose conflicts of interest?

As soon as there is any conflict or potential conflict of interest (C) Signup and view all the answers

What is the responsibility of the chairman of the Shariah committee in terms of developmental plans?

To lead efforts to manage the Shariah committee's developmental plans (C) Signup and view all the answers

What must an Islamic financial institution (IFI) do if the Shariah committee delegates its responsibilities?

Clearly set out the mandate, areas of delegated authority, and operating procedures in the Shariah committee’s charter and IFI’s internal policies (A) Signup and view all the answers

What must a Shariah committee member ensure when exercising judgment for a Shariah decision or advice?

Judgment is not affected by other professional commitments (C) Signup and view all the answers

What is a requirement for a Shariah committee member in relation to attending meetings?

Devote sufficient time to prepare for and attend Shariah committee meetings (A) Signup and view all the answers

What must a Shariah committee member ensure in providing views on Shariah matters?

Ensure consistency in providing views (D) Signup and view all the answers