1.1. This Standard Re Charter of Internal Shari’ah Supervision Committee for Takaful Insurance Companies (“Standard”) complements the Standard Re Shari’ah Governance for Takaful Insurance Companies that conduct their activities and businesses in accordance with the provisions of Islamic Shari’ah (“Company”/ “Companies”).
1.2. The Companies must establish Shari’ah governance policies and governance mechanisms to ascertain that the adopted Charter of the Internal Shari’ah Supervision Committee (“Charter”) is compliant with requirements outlined in this Standard and the relevant requirements outlined in the regulations, standards and resolutions issued by the Central Bank and the Higher Shari’ah Authority (“Regulations, Standards and Resolutions”).
1.3. Where the Standard requires providing information, or undertaking certain (measures, or addressing particular provisions as a minimum requirement, the Central Bank may impose (new) requirements additional to those specified in the relevant article (of the Standard).
2.1. This Standard cont...