The Management Report shall contain the following:

1. Confirmation regarding the continued validity of the registration granted by the Authority;
    
2. Certification that all the dues payable to the statutory authorities have been duly paid/accrued;
    
3. Confirmation to the effect that the shareholding structure and any transfer of shares during the year are in accordance with the statutory or regulatory requirements;
    
4. Confirmation that the required solvency margin has been maintained in compliance with the Regulations Pertinent to the Solvency Margin and Minimum Guarantee Fund - Takaful issued by the Authority as per Section (2) herein;
    
5. Confirmation that the assets have been valued in compliance with the Regulations Pertinent to Determining the Takaful Operator’s Assets that Meet the Accrued Insurance Liabilities issued by the Authority as per Section (4) herein;
    
6. Confirmation to the effect that no part of the various funds maintained by the Company have been directly or indirectly applied in contravention of the Regulations Pertinent to the Basis of Investing the Rights of the Participants - Takaful issued by the Authority as per Section (1) herein;
    
7. The Company’s risk management strategies and practices, to be disclosed separately for participants and shareholders, must include the following:
   
   a) A summary of the significant internal and external risks facing the Company;
   
   b) A summary of the Company’s risk management policies (including, but not limited to, underwriting, credit, investment, reserving, legal, operational and group risks); and
   
   c) A summary of the Company’s risk monitoring organization and processes, including details on the Company’s risk management and internal audit functions; the use of reinsurance; and controls on underwriting, credit and investment risk.
    
8. Operations in other countries, if any, with a separate statement providing management’s estimate of country risk, exposure risk and the hedging strategy adopted by country;
    
9. Aging of claims indicating the trends in average claim settlement time and amount during the preceding five years;
    
10. Review of asset quality and performance of investment portfolios relevant to real estate, loans, investments, etc., disclosed separately for participants' funds and shareholders' funds.
     
11. A responsibility statement from the management indicating therein that:
    
    a) In the preparation of financial statements, IFRS have been followed along with proper explanations relating to material departures, if any;
    
    b) The management has adopted accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the operating profit or loss and of the profit or loss of the Company for the year;
    
    c) The management has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the applicable provisions of the Authority, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
    
    d) The management has prepared the financial statements on a going concern basis; and
    
    e) The management has ensured that an internal audit system commensurate with the size and nature of the business exists and is operating effectively.
     
12. Details of any shares in the company held by its Directors and Chief Executive Officer/General Manager shall be disclosed.
     
13. The following information relating to corporate governance shall be included:
    
    a) Information on the corporate governance (including IT Governance) rules and framework adopted within the Company;
    
    b) Information about the Board of Directors and Board of Directors’ Committees (if any). This must include details of Board of Directors membership (including a summary of each Board of Directors member’s professional experience, qualifications, date of appointment, remuneration paid and other Directorships held); details of the membership and mandates of any Board of Directors’ Committees; and the number of Board of Directors meetings and any Board of Directors’ committee meetings held during the financial year in question;
    
    c) Information on the composition and role of various other Board of Directors and Management Committees;
    
    d) Information about the managerial structure. This must include a summary of the Chief Executive Officer’s/General Manager’s professional experience, qualifications and date of appointment; a summary of any management committees, their mandates and membership; and a summary of the senior management structure and reporting lines; and
    
    e) Information about the Company’s basic organizational structure, including a clear description of the lines of business and legal entity structures.