Considering the evolutionary stage of the industry, we are continuously engaged in refining and improving the legal and regulatory framework to ensure: a) its responsiveness to the evolving industry dynamics and b) its effectiveness in identifying, measuring and mitigating the risks associated with Islamic finance.
In the recently concluded fiscal year we issued detailed instructions for Profit & Loss Distribution and Pool Management to bring standardization, improve transparency and safeguard interests of Investment Account Holders (the savings depositors). The instructions developed through rigorous consultations with the industry have been well received both domestically and globally.