Article 15 of Companies Law

Without prejudice to the provisions of the aforementioned Law No. 7 of 2010 concerning persons licensed to operate in accordance with the provisions of Islamic Sharia, companies that pursue their objects in accordance with the provisions of Islamic Sharia must comply with the provisions of Islamic Sharia in the transactions they undertake and must establish an independent Sharia supervisory board over the company’s business, consisting of no fewer than three members appointed by the partners’ meeting. The company’s memorandum of association must provide for the existence of this board, how it is constituted, its powers and the manner in which it carries out its work. In the event of a disagreement among the members of the Sharia supervisory board over a Sharia ruling, the company may refer the disagreement to the Fatwa and Legislation Board at the Ministry of Awqaf Index of the Law 1466 Home Page Companies Law Law No. 1 of 2016 Promulgating the Companies Law and Islamic Affairs, which shall be the final authority in this regard. The Sharia supervisory board must submit an annual report to the company’s general assembly or the partners’ meeting containing its opinion on the extent to which the company’s business complies with the provisions of Islamic Sharia and any observations it may have. This report shall be included in the company’s annual report. In all cases, if the transaction falls within the company’s objects and is in accordance with the forms of contracts with Islamic Sharia, the provisions of Articles 508, 992 and 1041 of the Civil Code and Article 237 of the Commercial Code shall not apply to it.