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Article (14) Responsibilities of the Internal Shari’ah Supervision Committee

14.1The ISSC must undertake the following:
  1. Set the basic Shari’ah principles for the Company’s operations.
  2. Review all the Company's transactions, the Takaful insurance products, policies, contracts, and documents which the Company uses in order to ensure compliance with the Islamic Shari’ah Provisions; and approve the same before placing them into practical use.
  3. Review the Takaful insurance transactions and the investments conducted by the Company, and show to what extent they are compliant with the Islamic Shari’ah Provisions.
  4. Approve any activity carried out by the Company or reject it, if such activity is not compliant with the Islamic Shari’ah Provisions.
  5. Issue Fatwas, resolutions, and providing opinions in relation to Company’s activities presented to the ISSC. Insurance broker, surveyor, adjustor and consultant, and actuary - associated with a specific Takaful Insurance operation in a Takaful Insurance Company - may seek the opinion of the ISSC of the Company regarding the Islamic Shari’ah Provision for the operation they are involved in, and do that through the Company. The ISSC must provide them with its opinion through the Company.
14.2The ISSC may undertake other responsibilities that may be required by the HSA and issued by the Central Bank under this Regulation.