1.1 The Central Bank seeks to enhance the development of Takaful Insurance and ensure that its operations are carried out efficiently and effectively. The Standard relates to the controls and procedures for the establishment of Takaful Insurance Fund (“the Standard”) has been issued pursuant to the powers granted to the Central Bank under Federal Decree-Law No. 6 of 2025 regarding Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business (“the Central Bank Law”).
1.2 The Company that is licensed to conduct Takaful Insurance business and activities in accordance with the principles and provisions of Islamic Shari`ah (“the Company”) must operate in accordance with the controls and procedures stipulated in this Standard, and the Company ensures its compliance with the requirements stipulated in the Central Bank Law, regulations, standards, resolutions and guidelines issued by the Central Bank and the Higher Shari’ah Authority (“the HSA”).
1.3 Where this Standard includes a requirement to provide information, to take certain measures, or to address ce...