Code of Conduct
Compliance with Laws, Rules and Regulations
Respect, and comply with, the laws, rules and regulations of the countries in which we operate as well as with internal directives and policies of the company. It is the personal responsibility of each officer, Director and employee to adhere to the standards and restrictions imposed by those laws, rules and regulations.
Maintain the confidentiality of confidential information entrusted to us by company and its customers, except when disclosure is authorized or required by law or regulation.
Integrity and Conflicts of Interest
Act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships. A conflict of interest exists when a person’s private interest interferes, or appears to interfere, in any way with the interests of the company.
Any Director or employee who becomes aware of a conflict of interest or potential conflict of interest must promptly bring it to the attention of their manager or other appropriate person.
Competition and Fair Dealing
Respect the rights of, and deal fairly with, customers, suppliers, competitors and employees of the company. The company's employees seek competitive advantage through superior and honest performance, never through unethical or illegal business practices. Employees of the company do not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of materials facts, or any other unfair dealing practice.
Employees particularly respect and promote compliance with applicable insider-trading laws, rules and regulations as well as with the internal directives and policies of the company concerning the illegal and unethical trading of material non-public information.
Abstain from taking personally, or directing to third parties, opportunities that are discovered with corporate property, information or position, or otherwise competing with the interests of the company, unless the company has already been offered the opportunity and turned it down. We owe a duty to the company to advance its legitimate interests when the opportunity to do so arises.
Protection and Proper Use of the Company’s Assets
Protect the company’s assets and ensure their efficient use. Theft, carelessness, and waste have a direct impact on the company’s profitability; company’s equipment should not be used for other business
Reporting any Violations of the Code
Promptly report to managers or other appropriate persons any observed violations of this Code, including any violations of laws, rules, regulations or other legal requirements. It is the policy of the company not to allow retaliation for reports of misconduct by others made in good faith by a Director or employee. Reports may be made anonymously if your situation requires that your identity be kept secret.
If you are unsure about how to handle a situation with regard to this Code, promptly contact the Human Resources Department of the company.
The company should hold information and training sessions to promote compliance with laws, rules, and regulations. Those who violate the standards in this Code will be subject to disciplinary proceedings or dismissal.
Disclosure in Reports and Documents
Disclose information fully, accurately, timely and understandably in reports and documents that the Company files with, or submits to, regulatory authorities and in other public or market communications.
aafaq Islamic Finance adheres to the 7 core Governance Standards of the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI)
- G S 1-Sharia Supervisory Board: Appointment, Composition, Report
- G S 2- Shari’a Review
- G S 3- Internal Shari’a Review
- G S 4- Audit & Governance Committee for Islamic Financial Institutions
- G S 5- Independence of Shari’a Supervisory Board
- G S 6- Statement on Governance Principles and Disclosure for Islamic Financial Institutions
- G S 7- Corporate Social Responsibility Conduct and Disclosure for Islamic Financial Institutions