Islamic Financial Services Act 2013 · s 58

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 58Institution, director and officer to comply with standards

(1)

Every institution shall at all times—

(a)

comply with the standards as may be specified by the

Bank under subsection 57(1) which are applicable to such institution;

(b)

ensure that its internal policies and procedures are consistent with the standards as may be specified by the

Bank under subsection 57(1); and

(c)

whether or not standards have been specified by the Bank under subsection 57(1), manage its business, affairs and activities in a manner consistent with sound risk management and governance practices which are effective, accountable and transparent.

(2)

Every director and officer of an institution shall at all times comply with the internal policies and procedures adopted by such institution including internal policies and procedures to implement the standards as may be specified by the Bank under subsection 57(1).