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Article Four: General Provisions

No: 42071901 Date(g): 26/5/2021 | Date(h): 15/10/1442 Status: In-Force

Translated Document

  1. The finance company must establish policies and procedures that govern the work of the Shariah committee and provide a copy to SAMA. This includes specifying how meetings are held, the decision-making and documentation process, and the process for preparing and submitting reports.
  2. The finance company must ensure that the committee's reports are submitted effectively and in a timely manner to the Board of Directors.
  3. The Board must carry out its responsibilities and duties effectively, ensure the independence of the committee, verify the qualifications of its members, and ensure the effectiveness of Shariah compliance supervision.
  4. The finance company must disclose the resumes of all committee members on the company's website so that stakeholders can assess their competence and ability to perform their duties effectively.