The Presidents/CEOs
All Islamic Banking Institutions

Dear Sir,

Presentation of Shariah Compliance Report to the Board of Directors

                   Please refer to Para C ‘Report of Shariah Advisor’, Annexure - 1 Instructions for Shariah Compliance, notified through IBD Circular No. 2 dated 28th March, 2008, wherein the Shariah Advisor is required to prepare a report regarding Shariah compliance, which is published in the Islamic Banking Institutions’ (IBIs) annual report.

In order to provide the opportunity to the Shariah Advisor to present the report so prepared to the Board of Directors (BoD) and apprise the BoD about his assessment on the overall Shariah compliance levels and environment in the Institution, the IBIs are advised to invite their respective Shariah Advisor for discussion on the Shariah Compliance Report in the BOD meetings in which annual audited accounts and Shariah Advisor’s report are discussed and approved.

Please acknowledge the receipt.