Skip to Content
Whole SectionText only Print Print Manager Link


The Board must establish an audit committee of at least three directors of which the majority must be independent including the Chairman. The committee must:

(a) Review the Islamic bank licensee'sG accounting and financial practices;
(b) Review the integrity of the Islamic bank licensee'sG financial and internal controls and financial statements (particularly with reference to information passed to the Board — see HC-1.2.10). The information needs of the Board to perform its monitoring responsibilities must be defined in writing, and regularly monitored by the Audit Committee;
(c) Review the Islamic bank licensee'sG compliance with legal requirements;
(d) Recommend the appointment, compensation and oversight of the Islamic bank licensee'sG external auditor; and
(e) Recommend the appointment of the internal auditor.
Amended: January 2012
Amended: January 2011
October 2010
Back to top