The Central Bank seeks to promote development of the Takaful Insurance activities to ensure its effectiveness and efficiency. To achieve this, Takaful Insurance Companies must have in place comprehensive and effective governance frameworks to enhance the compliance with Islamic Shari’ah Provisions to ensure their resilience, and promote general financial stability.
1.2
This Standard Re Shari’ah Governance For Takaful Insurance Companies (“the Standard”) is issued pursuant to the powers vested in the Central Bank under the provisions of the Federal Law No. (6) of 2007 on Organization of Insurance Operations and its amendments, and the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities and its amendments.
This Standard complements the requirements outlined in the Regulation Regarding Takaful Insurance and the Corporate Governance Regulation for Insurance Companies.
1.3
Where this Standard includes a requirement to provide information, to take certain measures, or to address certain items listed as a minimum, the Central Bank may impose requirements, which are additional to the requirements provided in the relevant article.