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Shariah-Board Approval

(i) If a conventional bank borrows funds from an Islamic bank with excess funds for 30 days based on an FX Commodity Murabaha, will the conventional bank require a Shariah board? (ii) A bank short of funds in the FX Commodity Murabaha is involved in both conventional and Islamic banking. If its conventional banking arm borrows funds from a purely Islamic bank will the transaction require the borrowing bank's Shariah board approval? For both (i) and (ii): Only an institution claiming to be Islamic, have Islamic products, or conduct Islamic transactions, whether such an institution is Islamic or conventional, requires an opinion from a Shariah board.

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