The Council
is a collegial body of the Central Bank responsible for coordinating Islamic
financial activities carried out by banks providing Islamic banking services,
microfinance organizations providing Islamic finance services, the Deposit
Guarantee Agency, as well as other organizations under the supervision of the
Central Bank.
The Council
consists of 5 members, including experts in the field of Islamic law and
technical experts.
The main
objectives of the Council are:
development
of draft standards in the field of Islamic finance, taking into account
international requirements and national practices;
preparation
of recommendations and clarifications for banks and microfinance organizations
on Islamic finance, as well as regular consultations with market participants;
participation
on behalf of the Central Bank in meetings of the AAOIFI (Organization for
Accounting and Auditing of Islamic Financial Institutions), as well as
submission of proposals and comments on draft documents developed by this
organization;
providing
the Central Bank with expert opinions and recommendations on the regulation and
supervision of activities in the field of Islamic finance;
participation
in the preparation of drafts of regulatory legal acts regulating this area;
consideration
of controversial issues and preparation of explanations on problematic
situations arising in the field of Islamic finance.
In
addition, the Council will assist in improving the regulatory framework aimed
at developing Islamic finance in the country.
The Council
will annually submit a report on the results of its activities to the Central
Bank's Board.
