SAMA issues Sharia governance rules for Islamic banks

The Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank, laid out a supervisory framework for the banks providing Islamic banking services.

This came in line with the increasing growth in Sharia-compliant banking services and products, SAMA said in a statement.

The Islamic governance framework seeks to define the authorities of the board of directors, executive management, Sharia committee, and the internal monitoring committees.