1.1 This Standard Re Annual Shari’ah Report of Internal Shari’ah Supervision Committee for Takaful Insurance Companies (“Standard”) complements the requirements outlined in the Regulation Regarding Takaful Insurance (“Regulation”), and the Standard Re Shari’ah Governance for Takaful Insurance Companies issued by the Central Bank, with the aim to promote development of the insurance system and to ensure its effectiveness and efficiency.
1.2 Takaful Insurance Companies (“Company/Companies”) are required to have in place Shari’ah governance policies and mechanisms to ascertain that Annual Shari’ah Report that is issued by the Internal Shari’ah Supervision Committee (“Annual Shari’ah Report”) is compliant with requirements outlined in this Standard, and applicable standards and regulations.
1.3 Where the Standard requires providing information, or undertake certain measures, or address particular provisions, as a minimum requirement, the Central Bank may impose (new) requirements additional to those specified in the relevant article (of the Standa...