UCA gets Shariah compliance certification from SRB

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) received today, Sept. 19, a confirmation statement from its Shariah advisor, Shariyah Review Bureau (SRB) and its appointed Shariah Supervisory Committee (SSC) on the completion of the review of the company’s activities.

In a filing to Tadawul, the insurer said the review was adopted in alignment with Shariah guidelines. Its activities, as stipulated by SSC, include the separation of accounts for both shareholder and policyholder pools, investments made by shareholder and policyholders pools, and insurance policies.

SSC, along with SRB, will monitor and review the above-mentioned processes and activities from a Shariah perspective to evaluate the company’s commitment to Shariah policies, procedures, and guidelines, while reporting on any defect in the application.

It will also administer the insurer’s annual Shariah audit in accordance with the AAOIFI-GSIFI No. 2, the statement added.