The Company shall provide the Authority with the financial statements attached in Appendix (1) herein according to a deadline set by the Law for the Operations of the Company in the UAE, its foreign branches and other related companies if applicable.
In case of errors noted in the submitted financial statements, the Authority will request the Company to rectify the identified mistakes and revert to the Authority within the period set by the Authority.
The Company should provide the Authority with a copy of the financial statement as per the below instructions:
a) Quarterly financial statements:
The Company should provide the Authority with quarterly financial statements signed by the Company’s General Manager and reviewed by the External Auditor. A limited review by the External Auditor is deemed to be sufficient for purposes of quarterly reporting. A forty-five (45) day period after the end of the quarter is the submission deadline.
b) Annual financial statements:
The Company should provide the Authority with annual financial statements audited by the External Auditor and signed by the Chairman of the Board of Directors and the General Manager. The submission date is determined based on the law governing the submission. The Annual report to be submitted to the Authority shall include the following:
1) The External Auditor report for the Company on audited financial statements and Disclosures based on Appendix (1) of this regulation;
2) The notes to the Financial Statements;
3) The Report of the Board of Directors;
4) The report of the Shari’a Committee;
5) The Report of the Actuary of the Company;
6) A description of the roles of the Actuary and the External Auditor in the preparation and audit of the annual financial statements; and
7) The Management Report (not applicable to branches of Foreign Takaful operators).
Further guidance on reporting requirements in Addendum (2) of the regulations herein shall be applied.