Attention! This Standard is not in effect. It will come into force on July 15, 2027.
1.1 The Central Bank seeks to promote the development of Takaful insurance and to ensure that its operations are conducted efficiently and effectively. To this end, all licensed companies carrying out Takaful insurance business and activities in accordance with the principles and provisions of Islamic Shari'ah (‘the Company’) must comply with the applicable legislation, as well as the regulations, standards, controls, and Shari'ah and procedural requirements adopted or issued by the Supreme Shari'ah Board (“the Board”), particularly those relating to agency business, in order to ensure compliance with the provisions of Islamic Shari'ah and to promote financial stability.
1.2 The Company must have Shari'ah governance policies and mechanisms in place covering operations and activities relating to agency business to ensure compliance with the provisions of Islamic Shari'ah and, in particular, conformity with the Standard for Shari'ah and Procedural Requirements for Agency...