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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > HC High-Level Controls > HC-10 Insurance Consultants, Insurance Managers, Insurance Aggregators and Captive Insurance Firms > HC-10.9 Captive Takaful Firms
  • HC-10.9 Captive Takaful Firms

    • HC-10.9.1

      Companies which refer to themselves as "Islamic" should follow the principles of Islamic Shari'a.

      January 2011

    • Governance and Disclosure per Shari'a Principles

      • HC-10.9.2

        Captive Takaful firms which are guided by the principles of Islamic Shari'a have additional responsibilities to their stakeholders. Captive Takaful firms which refer to themselves as "Islamic" are subject to additional governance requirements and disclosures to provide assurance to stakeholders that they are following Shari'a Principles. In ensuring compliance with Shari'a principles, each captive Takaful firm should establish a Shari'a Supervisory Board consisting of at least three Shari'a scholars.

        January 2011

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