إطار عمل إدارة المخاطر للخدمات المصرفية المتوافقة مع الشريعة الإسلامية

This Risk Management Framework for Shari'ah compliant Banking is issued by SAMA in exercise of the powers vested upon it under its charter issued by the Royal Decree No. M/36 on 11-04-1442H (26 Nov 2020G) and the Banking Control Law issued by the Royal Decree No. M/5 on 22-02-1386H (26 June 1966G) and the rules for Enforcing its Provisions issued by Ministerial Decision No 3/2149 on 14-10-1406AH.

In February 2020, SAMA has issued Shari'ah Governance Framework for enhancing governance, risk management and compliance practices of Banks conducting Shari'ah compliant

2. Definitions:

The following terms and phrases used in this document shall have the corresponding meanings unless otherwise stated:

SAMA: Saudi Central Bank.

Rules: Principles and regulations mentioned in the Risk Management Framework for Shari’ah compliant Banking.

Bank: For the purpose of these rules, the Bank means a Bank conducting Shari’ah compliant Banking either as a full fledged Islamic Bank or through an Islamic window.

Full Fledged Islamic Bank: A Bank that conducts only Shari’ah compliant Banking.

Islamic Window: That part of a conventional Bank (which

Murabahah: A sale contract whereby the bank sells to a customer a specified asset, where the selling price is the sum of the cost price and an agreed profit margin. The Murabahah contract can be preceded by a promise to purchase from the customer.

Commodity Murabahah (Tawarruq): A Murābaḥah transaction based on the purchase of a commodity from a seller or a broker and its resale to the customer on the basis of deferred Murābaḥah, followed by the sale of the commodity by the customer for a spot price to a third party for the purpose of obtaining liquidity, provided that there are no links