10 Hrs
Source:
عين ليبيا
Savings bank updates rules for Shariah compliance
The Ministry of Housing and Reconstruction of the National Unity Government issued a decision from the General Assembly of the Housing Savings and Investment Bank to regulate compliance with Shariah standards in contracts, transactions, and banking products. The decision requires all contracts and transactions to be reviewed by the Shariah Supervisory Board before approval to ensure they are conformant with Shariah principles. It also includes the establishment of an independent Shariah auditing unit to monitor implementation and analyze compliance. The goal of this decision is to strengthen coordination and transparency in applying Shariah standards, with an emphasis on prohibiting usury, promoting justice, and protecting the funds of participants. It aims to enhance trust in the Islamic banking products and services offered by the bank.
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