1. The company shall obtain all the approvals and licenses required to engage in the business activities in the State prior to the commencement of business practice. 2. The Cabinet shall issue a resolution determining the formation and credentials of the members of the internal Sharia Supervisory Committees and the Sharia controller of companies incorporated inside the State and which conduct their business in conformity with the rules of Islamic Sharia. The resolution shall determine the controls of operation of such committees. Such companies shall, following their incorporation and prior to the commencement of their activities, obtain the approval of the internal Sharia Supervisory Committees. 3. Only public joint stock companies may conduct banking and insurance activities, unless the laws regulating such activities or the resolutions issued thereunder stipulate otherwise.
Interpretation and application must be checked against the official text and current version.