Solidarity Saudi Takaful Company is committed to, continuously; improve its corporate governance practices in order to remain an ethics driven organization, focused on the equal treatment of all stakeholders. Solidarity Saudi Takaful Company is dedicated to act in its stakeholders' best interest, maximizing customer base and optimizing shareholder value while providing the best work environment to its employees and ethical business dealing with its services providers and partners.
Corporate governance policy framework
Application form for nomination to the Board of Directors
Since its establishment, Solidarity Saudi Takaful Co. has committed to implementing Sharia in its activities and transactions. In order to achieve this objective, the Company has committed itself to having a Sharia Supervisory Commission independent of all the Company's departments.
The Company also organized all its affairs related to the Sharia aspect in regulations approved by the highest regulatory reference of the Company, called: (Company Sharia Policy and Sharia Supervisory Commission Regulations).
The importance of this regulations stems from the fact that it draws clear lines for all parties related to the Sharia aspects of the Company. This makes commitment to the Sharia rulings unrelated to individuals, but rather a clear law and mechanism to be followed and implemented.
Sharia Affairs Department prepared the draft of this regulations in the first quarter of 2011, and after the adoption of its draft by Sharia Supervisory Commission at its meeting held on 21/04/1431 A.H. corresponding to 26/03/2011 A.D., the draft was approved by the Commission of Directors to be approved by the shareholders first Extraordinary General Assembly held on 06/08/1433 A.H. corresponding to 26/06/2012 A.D. Thus, becoming a part of the Company's applicable laws and regulations.
Members of the Commission are renowned for their competence, experience, and specialization in the Islamic economy. They have provided many researches in contemporary financial transactions such as banks and insurance, in addition to their membership in many local, regional, and international Sharia bodies. The Commission ensures the Company's compliance to Sharia rules and regulations in its transactions. Company Sharia Policy stated that the decisions of the Sharia Supervisory Commission are binding on all the Company's departments. The Company does not apply any product or agreement that affects the legality of the insurance performance unless it is submitted to the Sharia Supervisory Commission and approved by it. It also stated that the Commission is directly related to the General Assembly of the Company and is independent of all its departments.
Sharia Affairs Department is subordinate to Sharia Supervisory Commission. It is a full-time body which supports the Commission in achieving its objectives and performing its duties. Sharia Affairs Department is administratively and financially a department subordinate to the Company's departments and is treated upon this regard according to the practice of the Company. However, it is technically linked to the Sharia Supervisory Commission, and in this regard, it is independent of all departments of the Company.
Sharia Affairs Department supports Sharia Supervisory Commission in performing the powers and carrying out the tasks entrusted to it in accordance with the policies and procedures prescribed by the Commission, including but not limited to:
Due to the fact that Solidarity Takaful complies with Sharia rules according to the jurisprudence of its Sharia Commission in all its products, and in accordance with the Sharia Supervisory Board Decision No. (3), Solidarity Saudi Takaful is committed to the following:
The Company maintains separate accounts for the insurance operations for the accounts related to the shareholders, as stipulated in the Implementation Regulations of the Cooperative Insurance Companies Control Law.
The Company is committed to investing all the money whether in relation to the shareholders or the policyholders in a manner that does not violates the provisions of Sharia Law, and in accordance with the Company’s investment policy approved by the Saudi Arabian Monetary Authority. The policyholders’ share of the investment income will be added to the total surplus of the insurance account or deducted from it after the calculation of the policyholders’ revenues and the deduction of their expenses realized.
The Company shall, in its capacity as Director of Insurance Operations, perform all the insurance activities provided for in this document for the benefit of the policyholders. In the event of a net surplus in the insurance account, it shall be distributed in the following order:
The remaining net surplus, if any, may be retained by the Company in the insurance account or distributed in whole or in part to the policyholders after the approval of the Saudi Arabian Monetary Authority and the Company’s General Assembly.
Solidarity Takaful has provided a channel of communication to investors in order to answer their queries, provide a radical analysis of the topics addressed, and help find appropriate solutions to maintain the desired level of investor satisfaction. Solidarity Takaful believes that knowing the expectations of the investor and the level of meeting those expectations is the way to improve and develop their services.Investors Complaints policy
In compliance with Saudi Arabian Monetary Authority’s (SAMA) implementation regulations concerning the surplus distribution of insurance operations, Solidarity Takaful is committed to announcing the date of the surplus distribution to the beneficiaries in due course.
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