Article Five: Responsibilities of the Board of Directors
No: 42071901
Date(g): 26/5/2021 | Date(h): 15/10/1442
Status: In-Force
Translated Document
1.
The Board of Directors is primarily responsible for the financing activities conducted by the finance company and ensuring that these activities comply with the principles and rulings of Islamic Shariah in accordance with the committee's decisions. Specifically, it is responsible for the following:
A.
Overseeing the finance company's adherence to and implementation of the Shariah rulings issued by the committee.
B.
Ensuring the existence of an effective communication policy and mechanism between the key units of the finance company, enabling these units to communicate with senior management on matters related to the compliance of financing activities with the principles and rulings of Islamic Shariah in accordance with the committee's decisions.
C.
Establishing appropriate compensation and remuneration for the members of the committee based on the recommendation of the Nomination and Remuneration Committee in accordance with the scope of their duties and responsibilities.
D.
Evaluating the performance of the committee members based on their competence, knowledge, contribution, and effectiveness.
2.
The committee is directly linked to the Board of Directors.
3.
The Board approves on all policies and procedures governing the work of the committee and oversees their implementation.
