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Article (17) Supreme Fatwa and Shariah Supervision Committee

  1. A supreme commitee called (the Supreme Fatwa and Shariah Supervision Committee) shall be formed within the Insurance Authority of at least three members and no more than five members, to be referred to for the purpose of these Regulations as (the Supreme Committee).
     
  2. Members of the Supreme Committee shall be appointed by a resolution of the Authority’s board of directors. The members shall elect one of them as the chairman and another as vice-chairman.
     
  3. To be appointed as a member in this Board, the candidate shall meet the same requirements provided for in article (11) herein, in addition to having experience in Shariah business in Takaful insurance or Islamic finance for a period of no less than three years.
     
  4. The membership term shall be three renewable years.
     
  5. A member in this committee may not be a member in any other Shariah Committee in Takaful insurance companies.