Kuwait's Insurance Regulatory Unit (IRU) has issued a resolution to establish a Shariah supervisory advisory committee to review regulatory decisions related to takaful insurance and Shariah-compliant insurance activities.
The Committee, chaired by Mr Abdulaziz Ahmed Al-Nahedh, is responsible for providing Shariah-related legal advice on claims, creating insurance documents, and proposing regulatory provisions, according to local media reports.
The IRU is an independent unit that supervises the insurance industry. Although the IRU operates under the direct supervision of the Ministry of Commerce and Industry, it is financially and administratively independent.
Capital Market Authority (CMA)
Separately, the government has issued a ministerial resolution stipulating that a Supreme Shariah Supervisory Committee shall be formed at the CMA to oversee the Authority’s activities in the field of Islamic finance and to ensure their compliance with the principles and rules of Islamic Shariah.
The four-member Committee shall also express opinions on new Islamic financial instruments or products before their approval by the Authority, Shariah rulings or standards when requested, and any issues referred to it that are related to Islamic finance.