Al Alamiya receives certification of Sharia compliance

12/10/2023 Argaam

Al Alamiya receives certification of Sharia compliance

Logo of Al Alamiya for Cooperative Insurance Co.

Al Alamiya for Cooperative Insurance Co. announced receiving, on Oct. 2 a certificate confirming that its Shariah advisor, Shariyah Review Bureau (SRB), and Sharia Supervisory Committee (SSC) have reviewed the company's activities. 

 

In a statement to Tadawul, the insurance firm added that the review was adopted in light of Shariah guidelines.  

 

Al Alamiya confirmed its compliance to the Shariah guidelines on separation of accounts for both shareholders and policyholders, investments made by shareholders and policyholders and insurance policies. 

 

The SSC will work with SRB to continue leading the ongoing supervision and monitoring of Al Alamiya as regards the above-mentioned activities and related processes from a Shariah perspective. It will also administrate the annual Shariah audit in accordance with the AAOIFI-GSIFI No. 2. 

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