Kingdom of Saudi Arabia – Capital Markets Authority

Kingdom of Saudi Arabia – Capital Markets Authority – KSA – CMA – Corporate Instructions for Shariah Governance in Capital Market Institutions – 22-6-2022. Covering:

Part 1 – General Provisions

Article 1: Preliminary

Article 2: Definitions

Part 2: Responsibilities of the Board of Directors or Equivalent and the Executive Management

Article 3: Responsibilities of the Board of Directors or Equivalent

Article 4: Responsibilities of the Executive Management

Part 3: Shariah Committee

Article 5: Formation of the Shariah Committee

Article 6: Membership of the Shariah Committee

Article 7: Meetings of the Shariah Committee

Article 8: Responsibilities of the Shariah Committee

Article 9: Functions and Tasks of the Chairperson of the Shariah Committee

Article 10: Tasks and Duties of the Members of the Shariah Committee

Part 4: Independence and Information Confidentiality

Article 11: Independence of the Shariah Committee

Article 12: Information Confidentiality

Part 5: Internal Control

Article 13: Shariah Compliance

Article 14: Internal Shariah Audit

Part 6: Developing Shariah Compliant Products and Services

Article 15: Process of Developing Shariah Compliant Products and Services

Part 7: Publication and Entry into Force

Article 16: Publication and Entry into Force