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Article (12) Formation of the Internal Shari’ah Supervision Committee

12.1The Company must form a committee to be called the Internal Shari’ah Supervision Committee (“ISSC”). The ISSC must consist of at least three members nominated and appointed as follows:
  1. The ISSC members must be nominated by the Company’s board of directors.
  2. The candidates' names and qualifications must be presented to the HSA at the Central Bank for approval at least forty-five days prior to the meeting of the Company's general assembly. In case the approval request is declined, the Company must nominate a substitute to the disapproved candidate.
  3. The candidates' names must be presented to the Company's general assembly to approve their appointment as ISSC members and must inform the Central Bank of the names of those appointed as ISSC members within ten days after the general assembly meeting.
  4. The ISSC membership term must be three years, which can be renewable.
  5. The ISSC members must elect a chairman and vice-chairman from amongst them. The chairman shall represent the ISSC before the Company’s board of directors, its general assembly, the Central Bank, and the HSA.
12.2In case a ISSC membership seat becomes vacant, the Company's board of directors must appoint a member to fill in the vacant membership to complete the duration stated in the Article (12.1/d), after presenting the nominee’s name and qualification to the HSA for approval. Such appointment must be presented to the general assembly of the Company in its first subsequent meeting for approval.