Regulatory Alerts2024-12-06
Added · Updated
Standard Re External Shari’ah Audit for Takaful Insurance Companies
The Central Bank of the UAE mandates that all incorporated Takaful Insurance Companies appoint a Central Bank-approved external firm to conduct External Shari’ah Audits, whether voluntarily or as a regulatory requirement. The standard establishes strict eligibility criteria for audit firms, including a minimum of three years' experience and Central Bank approval, while requiring audit team members to possess at least seven years of experience and specific professional certifications. Companies must rotate their external audit firm every six years and the responsible partner every three years, and are prohibited from engaging auditors who provide compromising consulting services or hold conflicting financial interests.
Topics
islamic-finance
insurance
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