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Article (10) Formation of the Commitee

  1. The company undertakes to form a committee to be called "the Shariah Supervision Commitee". The committee shall consist of three members nominated and appointed as follows:
     
    1. The committee members shall be nominated by the company’s board of directors.
       
    2. The candidates' names and qualifications shall be presented to the Insurance Authority forty five days prior to the meeting of the company's general assembly which will consider the nominations.
      After soliciting the opinion of the Supreme Fatwa and Shariah Supervision Committee at the Authority, the company shall be notified of the Authority’s approval or objection. In case of objection, the company shall nominate a substitute to the disapproved candidate.
       
    3. The candidates' names shall be presented to the company's general assembly to approve their appointment as committee members and to inform the Authority of the names of those appointed as committee members within ten days after the general assembly meeting.
       
    4. The Committee membership term shall be three renewable years.
       
    5. The committee members shall elect a chairman and vice-chairman from amongst them. The chairman shall represent the committee before the company’s board of directors, its general assembly, the Insurance Authority, and the Supreme Fatwa and Shariah Supervision Committee.

     
  2. In case a committee membership seat becomes vacant, the company's board of directors shall appoint a member fill in the vacant membership to complete the term provided for in item (D), clause (1) herein; and shall inform the Authority accordingly. Such appointment shall be presented to the general assembly in its first subsequent meeting for approval.