A Company offering Takaful Insurance products must ensure that its Corporate Governance framework complies with the Takaful Regulation, and provides for:
a.
Internal Shari'ah controls review and Shari'ah governance reporting to ensure compliance with Shari'ah rules;
b.
The processes and controls for protecting the rights of the participants in line with the general terms and conditions and Shari'ah requirements;
c.
Establishment of the ISSC in the governance of the Company; and
d.
Transparency of financial reporting in respect of the participants' rights.
2.
A Company offering Takaful Insurance must ensure compliance with the Takaful Regulation and any direction or guidance issued by the Higher Shari'ah Authority with respect to its Shari'ah governance framework.
3.
A Company offering Takaful Insurance must immediately notify the Central Bank if it becomes aware of any material information that may negatively affect the fit and proper assessment or independence of an ISSC member.
4.
A Company offering Takaful Insurance must issue an annual Shari'ah report stating the extent of the company's Compliance with Islamic Shari'ah and publish it within the financial statement in the Company's disclosures and other available means.