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Article (7) Responsibilities of the Senior Management

Effective from 8/9/2023
7.1The Senior Management must execute and manage the Company’s businesses and activities in compliance with Islamic Shari’ah Provisions.
 
7.2The Senior Management is responsible before the Board for:
 
a.submitting Shari’ah matters related to all Company’s businesses and activities, including its policies, internal regulations, code of conduct, services and products to the ISSC, and should not consider approval of any of the Group’s Shari’ah supervision committees (or equivalent committees) outside the UAE as substitution to approval of the ISSC, and
 
b.ensuring implementation of the ISSC’s Resolutions.
 
7.3The Senior Management must fully disclose all relevant information required by the ISSC in a transparent, accurate and timely manner.
 
7.4The Senior Management shall provide the ISSC with financial and human resources that are commensurate with the Company size and the nature of its business.
 
7.5The Senior Management must:
 
a.facilitate work of the Internal Shari’ah Control Division, Internal Shari’ah Audit Division and External Shari’ah Audit (if applicable),
 
b.ascertain that the Shari’ah auditors are not obstructed in their work,
 
c.enable Shari’ah auditors to access information or staff, from all different levels.
 
7.6The Senior Management is responsible to establish sufficient knowledge regarding the compliance with Islamic Shari’ah Provisions in the Company.
 
7.7The Senior Management must report to the Board regarding Company’s compliance with Islamic Shari’ah Provisions in all of its businesses, activities, policies, internal regulations, and code of conduct.