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  • HC-9.4 HC-9.4 Terms of Appointment and Competence of the Shari’a Supervisory Board (SSB)

    • HC-9.4.1

      The appointment of the SSB must be made formally in writing, by way of a contract for service for a minimum period of three years.

      Added: October 2020

    • HC-9.4.2

      Benefits and remuneration of the SSB must be set in aggregate by the general assembly.

      Added: October 2020

    • HC-9.4.3

      Where the Takaful/retakaful licensee fails to appoint the SSB within 3 months of the annual general meeting or to extend the term of the previous SSB, the CBB has the right to appoint a temporary SSB for which all costs related to the appointment will be borne by the Takaful/retakaful licensee in addition to any liabilities related to the delay in the appointment of the SSB.

      Added: October 2020