- +965-1837837
- +965-52558124
- info@tazur.com.kw
Risk Management & Internal Audit
Risk Unit – t’azur Takaful Insurance Company
The Risk Unit is responsible for identifying all types of risks that may face the company, whether financial, operational, Sharia-related, legal, or environmental. It establishes a system for evaluating these risks based on the likelihood of their occurrence and their potential impact on the company. This contributes to enhancing the company’s stability, its ability to address potential risks, ensures compliance with laws and regulations, and affirms the protection of the interests of both policyholders and the company.
Pursuant to Resolution No. 58 of 2023 issued by the Insurance Regulatory Unit of the State of Kuwait regarding the governance rules for all insurance companies—which requires the establishment of a Risk Management Unit reporting to the Risk Committee of the Board of Directors within a framework that enables the company to achieve its objectives efficiently and avoid risks that may affect its operations and stability, while observing the Sharia principles of Takaful insurance t’azur Takaful Insurance Company has established the Risk Unit as an independent oversight unit.
In line with the company’s commitment to applying the highest standards of governance and internal control, the Risk Unit has developed policies and procedures that define its operational framework. This includes managing all types of risks—individual and aggregated, actual, emerging, and potential—and identifying all categories of risk such as market, credit, liquidity, operational, and Sharia compliance risks. It also involves formulating contingency and response plans to address these risks by avoiding, mitigating, transferring, or, in certain cases, accepting them, while working towards their resolution
Internal Audit Unit – t’azur Takaful Insurance Company
The Internal Audit Department is a fundamental component of internal control systems. In this regard, the Insurance Regulatory Unit has mandated that all insurance companies establish an Internal Audit Unit reporting directly to the Audit Committee of the Board of Directors, in accordance with Resolution No. 58 of 2023 concerning the Governance Rules for Insurance Companies.
The aim of the Insurance Regulatory Unit, through the establishment of internal audit departments in insurance companies, is to assess and guide financial, administrative, and control aspects, and to ensure compliance with internal and external laws and regulations.
In line with t’azur Takaful Insurance Company’s commitment to implementing governance standards and internal controls, the Internal Audit Unit has been established as an independent oversight unit. This reflects our belief in the essential role of this unit as a cornerstone of the governance system, promoting transparency and enhancing both administrative and financial performance within the company. This is achieved in accordance with the principles of Islamic Sharia, by adopting a work mechanism that ensures effective audit operations aligned with the requirements of the Insurance Regulatory Unit, thereby helping the company achieve the highest levels of operational efficiency.
At A Glance
t’azur Takaful Insurance Company was incorporated in accordance with Kuwaiti Commercial Companies Law and carries out its operations in compliance with rules and regulations issued by the Ministry of Commerce & Industry.
