Rihlat Muzdahira Governance Framework (Summary)
Rihlat Muzdahira (Pty) Ltd maintains a robust governance framework designed to ensure transparency, accountability, and full compliance with both South African regulatory frameworks (FSCA) and Islamic finance principles.
The framework is anchored by the Board of Directors, which holds ultimate authority over strategy and policy while delegating operational oversight to five specialized committees.
1. Core Governance Committees
The governance architecture is divided into five distinct committees to manage specific operational and regulatory risks:
- • Executive Committee (ExCo): Responsible for the day-to-day management of the funds, budget approvals, and ensuring that all operations maintain Shariah and regulatory compliance.
- • Finance & Risk Committee (FinRiskCo): Monitors financial performance and liquidity while overseeing the Risk Management and Compliance Programme (RMCP) and insurance coverage.
- • Audit & Compliance Committee (ACC): Reviews financial statements and internal controls. It specifically monitors compliance with POPIA (Protection of Personal Information Act), AML/CFT (Anti-Money Laundering and Counter Financing of Terrorism) frameworks, and the FAIS Act.
- • Remuneration & Nominations Committee (RemNomCo): Oversees executive remuneration and succession planning, including the appointment of Key Individuals (KIs) required by the FSCA.
- • Shariah Supervisory Board (SSB): An independent body that provides ethical assurance. It issues Fatāwa for funds and contracts and conducts quarterly Shariah reviews to ensure all activities remain Shariah-compliant.
2. Regulatory Alignment & Principles
As an Authorized Financial Services Provider (FSP: 54971) regulated by the Financial Sector Conduct Authority (FSCA), the governance framework is built on the following pillars:
- • Accountability and Transparency: All material decisions are formally documented and available for regulatory inspection and audit review.
- • Regulatory Compliance: The structure is specifically designed to meet the requirements of the FSCA, the Financial Intelligence Centre (FIC), and the Conduct Standards applicable to financial services in South Africa.
- • Ethical Conduct: All activities must align with both the FAIS Act and Islamic finance principles.
- • Designated Oversight: The Board includes specific members designated as Key Individuals (KIs) who are directly responsible to the FSCA for regulatory compliance.
This framework serves as a guiding manual to safeguard the interests of investors and employees while fostering a culture of trust and transparency.
3. Board of Directors
The following individuals are the appointed directors responsible for the governance and strategic oversight of the firm:
- • Paul Harnoldus Marais
- • Farida Ahmed
- • Jean Paul Marais
- • Johannes Willem Minnie
- • Louise Fourie
- • Mark Weetman
- • Tobias Johannes Scott
4. Compliance Function
In accordance with regulatory requirements for independent oversight, the compliance function is managed by:
- • Compliance Officer: Outsourced Compliance Services
5. Key Individual
Mark Howard Weetman, Louise Fourie and Johan Minnie serve as a Director and a designated Key Individual (KI) for Rihlat Muzdahira (Pty) Ltd.
As a Key Individual, their primary responsibility within the organization is regulatory compliance and the fulfilment of specific KI duties as required by the Financial Sector Conduct Authority (FSCA).
They are deeply integrated into the company’s governance framework, serving as core members of several critical committees:
- • Executive Committee (ExCo): They participate in implementing Board strategy across all funds and oversees day-to-day management and operational decisions.
- • Finance & Risk Committee (FinRiskCo): They are involved in monitoring financial performance, liquidity, and the Risk Management and Compliance Programme (RMCP).
- • Audit & Compliance Committee (ACC): They assist in reviewing financial statements and internal controls, while monitoring compliance with frameworks such as POPIA and AML/CFT.
- • Remuneration & Nominations Committee (RemNomCo): They contribute to the oversight of executive remuneration, succession planning, and the appointment of other Key Individuals.