Corporate Governance

Sharia Supervisory Board

The Sharia supervisory board of Al-Jazira Takaful Cooperative Company reviews and approves the legality of all the company's products and services. The body consists of senior specialists in Islamic jurisprudence and financial transactions. The following are the names of the members of the Sharia Supervisory Board:

• His Eminence Sheikh Dr. Muhammad bin Ali Al-Qari
• His Eminence Sheikh Dr. Yusuf bin Abdullah Al-Shubaily
• His Eminence Sheikh Dr. Abdullah bin Abdulaziz Al-Musleh

Monitor the funds' performance

• Al Jazira diversified balanced fund
• Al Jazira Miscellaneous Bridge Fund
• Al Jazira Diverse Reserve fund

The concept behind Takaful:

A system based on cooperation between groups or individuals pledging to compensate for the damages that occur to any of them when the risks are realized. The concept of Takaful goes back to the year 3000 BC, when there were many families and tribes in the Arabian Peninsula who were contributing their financial resources to a common fund as a way to help the needy. The idea of Takaful continued until after the advent of Islam, as it was in several forms:

• Makkah merchants established funds to help victims of natural disasters and the risks of commercial trips.
• They used to impose a guarantee on merchants called a road hazard guarantee against trip losses resulting from trade routes.
• They used to provide aid to the prisoners and the families of the murder victims, through what was called “Aqla”.
• There were contracts called loyalty contracts to strengthen mutual understanding and put an end to mutual enmity and revenge.
• There has been a union through what is called an alliance, which is an agreement on mutual aid between people.

Conventional and Takaful Insurance

The difference between conventional insurance and Takaful insurance:

• Returns on premiums investment in takaful insurance go to the account of the insured, while returns on investment in conventional insurance accrue to the benefit of the company only.
• The aim of Takaful insurance is the cooperation of community members, while the opposite conventional insurance companies aim is to create maximum profit.
• At Takaful it is possible for the insurers to keep their money in their own accounts, while in other conventional insurance companies the insurer cannot do that because all the installments become the property of the company once the payment is made.
• In takaful insurance, the insured characterizes in the contract that he is an agent for policyholders, and the insurer is a principal party in the contract in conventional insurance, so the insurance contract is concluded for herself, in her name and for her

The Company’s Board of Directors

• Abdul Majeed Ibrahim Al Sultan - Chairman of the Board of Directors
• Abdul Latif Mohammed bin Ghaith - Vice Chairman of the Board of Directors
• Ziad Tariq Abdullah Aba Al-Khail - Member of the Board of Directors
• Khalid bin Othman Al-Othman - Member of the Board of Directors
• Saad Ibrahim Saad Al-Mashouh - Member of the Board of Directors
• Saqr Abdul Latif Nadershah - CEO and Managing Director

• Financial Statements and Auditors' Report
• Report of the Audit Committee for the year ended 31 December 2017
• Board of Directors Report
• Board of Directors Report