AAOIFI CPAAGE Practice Questions - AAOIFI Certificate Of Proficiency In Audit, Assurance, Governance And Ethics (CPAAGE) Exam

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Under AAOIFI Shari'ah governance principles for an Islamic financial institution (IFI), what is the Shari'ah Supervisory Board (SSB) primarily entrusted to do?

Direct, review, and supervise the IFI's activities to ensure compliance with Shari'ah principles and rules Set the IFI's overnight interest rate policy for all products Replace the board of directors in approving conventional loans Prepare the IFI's statutory financial statements under IFRS only

Correct Answer:

Direct, review, and supervise the IFI's activities to ensure compliance with Shari'ah principles and rules

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