SYARIAH AND GOVERNANCE
At present Brunei Darussalam has a two-tier Syariah governance structure comprising:
- A centralized Syariah Financial Supervisory Board (SFSB), for which the Brunei Darussalam Central Bank (BDCB) is the secretariat. The SFSB is established under the Syariah Financial Supervisory Board Order, 2006. It has amandate to ascertain the Islamic law on any financial matter, to issue rulingson matters referred to it, and to advise on any Syariah issues relating to Islamic financial business, activities or transactions.
- An internal Syariah Advisory Body (SAB) within each Islamic financial institution (IFI). IFIs/SABs may consult with the SFSB, through BDCB, on Syariah matters relating to any business which is based on Syariah principles. SABs will be responsible for IFI’s adherence and implementation SFSB guidelines and regulation as and when they are developed. SABs need to maintain necessary talent and manpower for building robust risk management frameworks for adherence to SFSB guidelines on Islamic Finance.
To download a copy of the Syariah Financial Supervisory Board (SFSB) Order, 2006, click here
Members of the Syariah Financial Supervisory Board
Hakim Mahkamah Rayuan Syariah
Timbalan Mufti Kerajaan, Jabatan Mufti Kerajaan
Penolong Mufti (Buhuth), Jabatan Mufti Kerajaan
Ahli Majlis Ugama Islam
Timbalan Setiausaha Tetap
(Keselamatan Penguatkuasaan& Undang-Undang)
Jabatan Perdana Menteri
Pensyarah School of Business and Economics, UBD
BDCB, through the Syariah Finance (SyaFi) Function is the Secretariat to the SFSB. SyaFi is also responsible in ensuring that Islamic IFIs businesses are in accordance to hukum Syara'.