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Shariah Governance of IFIs in Malaysia (SHARIAH ADVISORY COUNCIL (SAC)…
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- Islamic jurisprudence (Usul al-Fiqh)
- Islamic transaction/commercial law (Fiqh al-Mu'amalat)
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❍ Explains the Shariah provisions on all transactions of the company and its products in the field of insurance, and reinsurance, and investment, and issuing Shariah decisions accordingly
❍ Verification of the company’s commitment to the decisions of the Shariah committee and to ensure their implementation properly.
❍ The Shariah Board shall submit annual report to the Board of Directors shows Shariah performance of the company, and must recite this report in the regular meetings of the General Assembly.
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The list is updated twice a year, in May and November
Reviewing the companies' annual financial reports, responses to a survey aimed at obtaining detailed company information and through specific inquiries made to the respective company's management.
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- Explains the Shariah provisions on all transactions of the company and its products in the field of insurance, and reinsurance, and investment, and issuing Shariah decisions accordingly.
- Verification of the company’s commitment to the decisions of the Shariah committee and to ensure their implementation properly.
- The Shariah Board shall submit annual report to the Board of Directors shows Shariah performance of the company, and must recite this report in the regular meetings of the General Assembly.
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