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REGISTRAR APPROVED: FIT AND PROPER REQUIREMENTS FOR SHAREHOLDERS, DIRECTORS AND SENIOR MANAGEMENT OFFICIALS OF BANKS

PART II - GOVERNANCE AND INTERNAL AUDIT

3.1 Governance Requirements

The Board of Directors shall be responsible for the oversight and management of all non-interest banking products offered by the bank.

3.1.2 Shariah Governance Policy Framework

A bank engaged in non-interest banking shall establish a governance policy framework for the management of its non-interest banking products, in line with Shariah principles.

3.1.4 Appointment of Shariah Advisor

The bank shall appoint a Shariah advisor to ensure compliance with Islamic financial principles and standards.

3.2 Internal Audit

The bank shall have an internal audit function that is independent of the operations and reporting lines, and shall conduct regular audits to ensure compliance with regulatory requirements and Shariah principles.

PART III - PRODUCT APPROVAL AND REGULATORY TREATMENT

4.1 Non-Interest Banking Products

The bank may offer non-interest banking products, including but not limited to: * Murabaha * Mudaraba * Musaharaka * Diminishing Musharaka * Ijarah * Istisna

4.2 Regulatory Treatment

Non-interest banking products shall be mapped to conventional products for regulatory treatment, as set out in the guidelines issued by the Registrar.

PART IV - ACCOUNTING, REPORTING AND DISCLOSURE

5.1 Accounting Standards

A bank engaged in non-interest banking shall comply with: * International Financial Reporting Standards (IFRS) * International Accounting Standards (IAS)

5.2 Reporting Requirements

The bank shall report its banking activities to the Registrar in the form and frequency as prescribed in the Financial Services (Submission of information by banks) Directive, 2012.

PART V - AML/ CFT COMPLIANCE

6.1 Anti-Money Laundering Compliance

A bank engaged in non-interest banking shall comply with: * The Financial Crimes Act, 2017 * All relevant regulations and directives

By order of the Registrar

[Signature] Registrar of Banks