The Company is not allowed to outsource the Internal Shari’ah Audit to external parties. However, the Internal Shari’ah Audit Division may, with the approval of the audit committee of the Board and the ISSC, seek the assistance of external Shari’ah audit firm after obtaining approval of the Central Bank and the HSA.
14.2
If the Company does not appoint a head of the Internal Shari’ah Audit Division for reasons agreed upon with the Central Bank and the HSA, the Company must appoint an external Shari’ah audit firm to carry out the duties of the head of the Internal Shari’ah Audit, with the participation of the internal Shari’ah auditor (other than the head). The external Shari’ah audit firm shall be compatible with Article (7) of this Standard, and shall carry out the tasks of the head of the Internal Shari’ah Audit, as stipulated in the Shari’ah Governance Standard for Takaful Insurance Companies (Shari’ah Governance Standard). The appointment and dismissal of the Firm shall be subject to the requirements of the Shari’ah Governance Standard and the relevant requirements of this Standard. This appointment shall be for a maximum period of five years.
14.3
The Company must not appoint the same external Shari’ah audit firm to carry out the role of head of the Internal Shari’ah Audit Division and carry out the external Shari’ah audit.