Regulatory Alerts2024-02-09
Added · Updated
Standard Re Annual Shari’ah Report of Internal Shari’ah Supervision Committee for Takaful Insurance Companies
The Central Bank of the UAE mandates that all licensed Takaful Insurance Companies ensure their Internal Shari’ah Supervision Committee prepares an Annual Shari’ah Report in strict accordance with the prescribed template and regulatory requirements. The report must be submitted to the Higher Shari’ah Authority for review and approval at least one month prior to the company's general assembly meeting. IssC members are required to verify the accuracy of all information, ensure all duties are documented for audit purposes, and confirm that the report includes all mandatory disclosures regarding Shari’ah compliance, independence, and operational activities.
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