The Shariah Committee of Tawuniya was formed on 25/02/2007 and it is composed of their Eminence: H.E. Sheikh Abdullah Bin Suliman Bin Manie (Chairman), Dr. Mohammed Bin Ali Al-Qari (member) and Sheikh Yousef Bin Abdul Aziz Al-Farraj (member). The Committee started its actual activity on 02/04/2007 for reviewing Tawuniya insurance business and investment policy in order to realize the entire compliance with the provisions of Islamic law. Tawuniya Board of Directors approved the renewal to the members of the Shariah Committee in its fourth session from 01/04/2010 to 31/03/2011.
Members
1 – H.E. Sheikh / Abdullah Bin Sulaiman Al Manea
- Member of the Council of Senior Scholars (Ulama)
- Member of the Supreme Council of Endowments
- Member of the Supreme Council for Communities Care
- Member of the Supreme Council of the Dar Al-Hadith Charity in Makkah Al-Mukaramah
- Member of Supervision and Legal Opinions (Fatwa) in a number of Islamic banks.
2 – His Eminence Sheikh/ Dr. Mohammed bin Ali Al Qari Bin Eid
- Professor of Islamic Economics at King Abdul Aziz University in Jeddah.
- Director of Islamic Economics Research Center at the same university (formerly).
- Member of the Scientific Committee in the International Islamic Fiqh Academy, Muslim World League (Makkah Academy)
- Expert in the International Islamic Fiqh Academy, the Organization of Islamic Conference (Jeddah complex).
- Member of the Scientific Committee at the Islamic Institute for Research and Training, the Islamic Development Bank, Jeddah
- Member of Supervision and Fatwa in a number of Islamic banks.
3 – His Eminence Sheikh / Yousef Bin Abdul Aziz Al-Farraj
- Worked in the Judiciary and an adviser in the Office of the Ministry of Justice as well as judicial inspector.
- Chairman of the Disciplinary Committee for Lawyers.
- Member of the committee preparing the implementing regulations of the pleadings, legal systems, penal procedure and real estate registration.
- Chairman of the Committee on the Application of Real Estate Registration System.
- A member of the Shariah Committee of several banks and insurance companies.
Tasks and objectives
The Committee assumes the legal revision for insurance business and investment polices to realize the strict compliance with the rules of Islamic law. It also adopts the legal review to the company articles of association and internal regulations relevant to the insurance and investment operations. The Committee explains the correct legal opinion on all transactions of the company in that area and the subsequent transactions, agreements, forms, manuals and procedures and provide the legal resolutions in these issues. In addition, the Committee reviews the new formulas and products presented to it and make decisions and legal opinions about them.
Achievements
The Sharaiah Committee held fifty-five meetings since its formation until the end of the second quarter of year 2010 in which it thoroughly reviewed and approved Tawuniya insurance policies. The Committee approved 31 insurance products to be consistent with the legal requirements and stipulations.It also approved, during these meetings, the Employees Saving and Investment Plan and proposed holding a seminar or training course for Tawuniya staff during which it will explain the legal aspects relating to proper insurance business.
List of insurance products approved by the Committee
1- SANAD Insurance Policy
2- SANAD Plus insurance Policy
3- Al-Shamel Commercial Motor Vehicles Insurance Policy
4- Al-Shamel Private Motor Vehicles Insurance Policy
5- Rukhsa Insurance Policy
6- Medical Malpractice and Public Liability Insurance Policy
7- Manasek Policy for Hajj and Umrah
8- International Travel Insurance Policy
9- Theft Insurance Policy
10- Money Insurance Policy
11- Medical Insurance for Individuals and Families
12- Cooperative Health Insurance Insurance Policy (BALSAM)
13- WAFA Takaful Insurance Policy
14- Workmen's Compensation Insurance Policy
15- Personal Accident Insurance Policy
16- Public Liability and Products Insurance Policy
17- Fidelity Insurance Policy
18- Goods in Transit Insurance Policy
19- Fixed Glass Insurance Policy
20- Shop owners' Insurance Policy
21- Home Insurance Policy
22- Loss of Profits following Machinery Breakdown Policy
23- Erection "All Risk" Policy
24- Contractors' All Risk Insurance Policy
25- Boiler and Pressure Vessel Insurance Policy
26- Deterioration of Stock in Cold Storage Insurance Policy
27- Electronic Equipment Insurance Policy
28- Contractors' Plant & Machinery Insurance Policy
29- Machinery Breakdown Insurance Policy
30- Fire Insurance Policy