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  • SSB Competence/ Fit and Proper Criteria

    • HC-9.4.4

      The Board of directors of the insurance licensee must carry out a background check and consider the following criteria when assessing the fitness and propriety of individuals to serve on the SSB:

      a) Have a clean background, a good character and conduct by being recognised for honesty, integrity and good reputation in their professional business and/or financial dealings, and not previously been convicted of any moral turpitude, felony or criminal offence;
      b) Have competence, diligence, capability and soundness of judgement;
      c) Have strong proficiency in Arabic, as they need to be very conversant with the primary sources of the Shari’a;
      d) Have at least a bachelor degree (or its equivalent) in Islamic Shari’a;
      e) Have a certified degree in Fiqh al Muamalat (Islamic commercial jurisprudence) with strong understanding of Usul Al Fiqh (rules of Islamic jurisprudence);
      f) Have adequate understanding of Takaful/retakaful and accounting;
      g) Have accumulated overall experience of at least seven years in Shari’a related scholarly pursuits (e.g. teaching, research, fatawa issuance, etc).
      Added: October 2020

    • HC-9.4.5

      For purposes of Paragraph HC-9.4.1, at least one SSB member should have a fair understanding of the legal and regulatory framework applicable to the functions of the insurance licensee.

      Added: October 2020