The Bank has issued the policy document on Bai` al-Sarf. It aims to promote end-to-end Shariah compliance within the Islamic financial institutions (IFIs) by specifying Shariah and operational requirements in relation to its application in Islamic financial transactions. The Shariah requirements highlight salient features and essential conditions of a bai` al-sarf contract. The operational requirements outline the regulatory expectations with respect to the governance and oversight, structuring, risk management as well as business and market conduct of bai` al-sarf.
 
The policy document will take effect from 1 April 2019.
 
Details can be found in the following documents:

• Bai` al-Sarf (Currency Exchange)
• Feedback statement

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