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CMA LAW: Resolution No. (14) of 2014 of CMA Board of Commissioners Regarding Controls for Practice of Sharia Review & Audit Profession for Investment Funds Licensed to Operate in accordance with the provisions of Islamic Sharia
Date Publish
20 March 2014
Resolution No. (14) of 2014
of CMA Board of Commissioners
Regarding
Controls for Practice of Sharia Review & Audit Profession for Investment Funds Licensed to Operate in accordance with the provisions of Islamic Sharia
Having perused:
- Law No. ( 7 ) of 2010 regarding the Establishment of Capital Markets Authority (CMA) and Regulating Securities Activity, and the Executive Bylaw thereof and its amendments; and
- Regulations on Practice of External Sharia Review & Audit Profession for Licensed Persons to Operate in accordance with the provisions of Islamic Sharia dated 20/2/2013 ; and
- Based on CMA Board of Commissioners Resolution passed in its meeting No. (5) of 2014 held on 11/3/2014.
The Following Was Resolved
Article (1)
The external Sharia audit firm acting at the time of issuing this Resolution shall be granted a period of three years to fulfill the condition of Sharia auditor exclusive occupancy with the firm from the date of the firm's registration in the CMA registers.
Article (2)
The concerned bodies, each within its capacity, shall implement this resolution, which comes into force from the date of issuance thereof.
Saleh Mubarak Al-Falah
Chairman, CMA Board of Commissioners
Issued on 20/3/2014
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