Corporate Governance Code of Conduct
Takaful International Company commits to ensure high standards of Corporate Governance practices and the Implementation of the policies and procedures in line with the measures set by the Central Bank of Bahrain “ CBB “ and the Ministry of Industry and Commerce “ MOIC “.
The Company is controlled through its Board of Directors, The board of directors’ key purpose is to ensure the company’s prosperity by collectively directing the company’s affairs, whilst meeting the appropriate interests of its shareholders and stakeholders. In addition to business and financial issues, boards of directors deal with challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics.
In order to meet its objectives the Board of directors has formed 3 sub-committees – the Audit Committee, the Executive Committee and the Nomination & Remuneration Committee. The roles and responsibilities have been defined by the Board of Directors as per the CBB Corporate governance guidelines.
The Business of Takaful is conducted by the senior management under continuous supervision and command from the Board of Directors. Strategies, business plans, monitoring authority and evaluation of the policies and procedures implemented are under the leadership of the Executive Management.
Policies and Procedures of the company are developed and reviewed on regular basis by the management to address all the issues set by the CBB’s “Volume 3 “rulebook including addressing the Anti-Money Laundering requirements and the Financial Crime module of the rulebook issued by the Central Bank of Bahrain. The role of the Internal Audit Function that is established under the authority of the Audit Committee, is to provide independent assurance that the organization’s risk management, governance and internal control processes are operating effectively.