Approved by the Resolution of Board of National Bank of Tajikistan of June 2, 2017, No. 61

Procedure for creation of Committee on Islamic financial services, powers and requirements to his members

The procedure for creation of Committee on Islamic financial services, powers and requirements to his members (further - the Procedure) is developed according to article 27 of the Law of the Republic of Tajikistan "About Islamic banking activity" and establishes procedure for creation by Islamic credit institutions of Committee on Islamic financial services, powers and requirements to his members. 

Chapter 1. General provisions

1. The committee on Islamic financial services (further - Committee) is collegiate and independent organ.

2. The purpose of Committee is ensuring compliance of activities of Islamic credit institution to standards of Islamic banking activity.

3. The committee in the activities is guided by the Law of the Republic of Tajikistan "About Islamic banking activity", other laws of the Republic of Tajikistan, regulatory legal acts of National Bank of Tajikistan and this Procedure.

Chapter 2. Procedure for creation of Committee

4. The committee is established by the Supervisory board (Board of trustees) of Islamic credit institution (further - the Supervisory board (Board of trustees) according to the charter of Islamic credit institution.

5. The committee is directly accountable to the Supervisory board (Board of trustees) and on regular basis provides information on respect for the principles of Islamic financing in Islamic credit institution.

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