Regulatory Alerts2023-09-08
Added · Updated
Standard Re Shari’ah Governance for Takaful Insurance Companies
The Central Bank of the UAE mandates that all incorporated Takaful Insurance Companies, including subsidiaries and international branches, establish comprehensive Shari’ah governance frameworks to ensure compliance with Islamic Shari’ah Provisions. The Standard requires these entities to appoint a qualified Internal Shari’ah Supervision Committee, establish dedicated Internal Shari’ah Control and Audit Divisions, and define clear responsibilities for the Board and Senior Management. Foreign licensed branches must adhere to this Standard or submit equivalent arrangements for approval to ensure regulatory consistency.
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