Section 39J: Penalities

39J. Penalties.__ The State Bank shall impose separate penalties on Islamic banking institutions and Islamic financial institutions, specifically with reference to non-compliance with the Principles of Shariah. Further, the State Bank may take penal action against members of Board of Directors, management, and personnel of other organs of governance, including Shariah governance, for violation of their fiduciary duties and other obligations.

Effective date: 1962-06-07

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