Islamic Financial Services Act 2013 · s 38

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38.
Appointment of person by Bank to conduct audit on Shariah compliance
(1) Without prejudice to section 37, the Bank may appoint for an institution any person to conduct an audit on Shariah compliance—
(a) if the institution fails to appoint a person under subsection 37(1);
(b) in addition to the person appointed under subsection 37(1);
or
(c) under any other circumstances as the Bank deems appropriate for the purposes of compliance with Shariah by the institution, and the remuneration and expenses relating to such appointment shall be borne by the institution.
(2) The person appointed under subsection (1) shall have such duties and functions as may be specified by the Bank and shall submit a report to the Bank on the audit carried out pursuant to this section.
(3) A person appointed under subsection (1) shall not be liable for a breach of duty of confidentiality between such person and the institution in respect of matters reported to the Bank pursuant to an audit on Shariah compliance under this section.

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s 38Appointment of person by Bank to conduct audit on Shariah compliance

(1)

Without prejudice to section 37, the Bank may appoint for an institution any person to conduct an audit on Shariah compliance—

(a)

if the institution fails to appoint a person under subsection 37(1);

(b)

in addition to the person appointed under subsection 37(1);

(c)

under any other circumstances as the Bank deems appropriate for the purposes of compliance with Shariah by the institution, and the remuneration and expenses relating to such appointment shall be borne by the institution.

(2)

The person appointed under subsection (1) shall have such duties and functions as may be specified by the Bank and shall submit a report to the Bank on the audit carried out pursuant to this section.

(3)

A person appointed under subsection (1) shall not be liable for a breach of duty of confidentiality between such person and the institution in respect of matters reported to the Bank pursuant to an audit on Shariah compliance under this section.

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