1)

An independent internal Sharia’ah supervisory Committee shall be formed in every Takaful Insurance Company called “the Internal Sharia’ah Supervisory Committee”, comprising experts and specialists in Islamic financial transactions jurisprudence. Such committee shall supervise and approve all business, activities, products, services, contracts, documents, and charters of the Company’s business, and shall set the necessary Sharia’ah controls for the same under rules, principles and standards set by the Higher Sharia’ah Authority, in order to ensure their compliance with the provisions of Islamic Sharia’ah. Fatwas or opinions issued by the Committee shall be binding on the Company.

2)

The general assembly of the Takaful Insurance Company shall appoint members of the internal Sharia’ah Supervisory Committee, pursuant to provisions of Decree Law No. (32) of 2021, referred to hereinabove, and the names of the members of the Internal Sharia Supervisory Committee shall be presented to the Higher Sharia’ah Authority for approval before being submitted to the general assembly and a decision is issued approving the appointment.

3)

Members of the Internal Sharia’ah Supervisory Committee may not hold any executive position in a Takaful Insurance Company, or provide services beyond the scope of the Committee’s work, or be shareholders in it or have or their relatives up to the second degree have any interests related thereto.

4)

Should a disagreement arise over a Sharia’ah opinion between members of the Internal Sharia’ah Supervisory Committee, or in case of a disagreement regarding a Sharia’ah matter between the Internal Sharia’ah Supervisory Committee and the relevant Company’s board of directors, the matter shall be referred to the Higher Sharia’ah Authority, whose opinion shall be final in this regard.

5)

An internal department shall be established in every Takaful Insurance Company to carry out internal Sharia’ah auditing and monitor the Company’s compliance with fatwas and opinions of the Internal Sharia’ah Supervisory Committee. This department shall report directly to the Company’s Board of Directors, and its employees shall have no powers or executive responsibilities vis-à-vis the business, activities and contracts reviewed or supervised by them from a Sharia’ah viewpoint.