Annex 6 to OIC/COMCEC/36-20/REP
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Policy Advice 3: Developing guidelines for ensuring/facilitating the active involvement
of Investment Account Holders (IAHs) in IFIs’ management in accordance with their
contribution to the mudaraba pool.
Rationale:
Comprehensive guidelines about Shariah Governance Framework can be developed to
enable all stakeholders (i.e. customers, management, shareholders, supervisory authorities)
perform their roles in accomplishing the Shariah Governance objectives, and to promote
soundness and stability of IFIs. In this regard, the following mechanisms, among others,
might be taken into consideration during the preparation of the concerned guidelines:
- Voting in the general assembly and board of directors should be distributed
between shareholders and IAHs in proportion to their resources,
- The resources provided by IAHs might be measured as of the beginning of the
financial year,
- IAHs might be allowed to assign their representatives in the general assembly
of IFIs,
- BoD seats might be assigned to the IAHs with the largest accounts, in a proportion
of their resources.
Policy Advice 4: Encouraging talent development through training and professional
certification programs and increasing the awareness of stakeholders about Shariah
Governance.
Rationale:
In many cases, there might be a need for improving the qualifications of SSB’s members
and a shortage of qualified Shariah experts. The practice of assigning SSBs membership
exclusively from among Shariah
specialists without identifying the necessary qualifications such as academic
degree, research and teaching experience etc. is a major challenge. In this respect, a
set of criteria may be identified for the appointment of the SSB members. In addition,
training and professional certification programs can be conducted for talent development in
this crucial area.
Policy Advice 5: Promoting the integration of Islamic Finance sector into whole
economy with a view to making monetary policy more inclusive.
Rationale:
In order to integrate the Islamic finance sector into the macro- economy and make
monetary policy more inclusive, monetary authorities are advised to do the following:
- To issue Central Deposit Certificates (CDC) in proportion to the ratio of
total Islamic finance assets to the total financial assets in the whole economy, against
their cash value which would be placed as Central Deposits in IFIs. Accordingly, the