The Company shall prepare its financial statements in accordance with the International Financial Reporting Standards and the Authority accounting policies and forms stipulated herein, and shall provide the Authority with a detailed financial report in accordance with the applicable requirements of the Authority.
The Company that is providing Takaful Insurance of Persons and Funds Accumulation operations in addition to Property and Liability Takaful insurance operations must generate separate financial statements for each type of business and consolidated financial statements according to the attached forms in Appendix (1).
The Company shall submit its annual financial and closing statements including their notes to the Authority in both languages; Arabic and English.
The Company shall submit its quarterly financial statements including notes to the Authority in Arabic. Submission in English is optional.
Further guidance on preparation of financial reports in Addendum (1) of the regulations herein shall be applied.