Arabian Shield receives certificate of Shariah compliance

Logo of Arabian Shield Cooperative Insurance Co.

Arabian Shield Cooperative Insurance Co. on June 5 received a certificate confirming its compliance with Shariah guidelines, following an assessment by Shariyah Review Bureau (SRB) and its appointed Shariah Supervisory Committee (SSC).

The key activities reviewed and certified include separation of accounts for shareholder and policyholder pools, investments made by shareholder and policyholders pools, and, insurance policies, Arabian Shield said in a statement to Tadawul.

The SSC will work with the SRB to continue leading the ongoing supervision and monitoring of Arabian Shield with regard to the above-mentioned activities and related processes from a Shariah perspective.

It will also administer the annual Shariah audit, in accordance with the AAOIFI-GSIFI No. 2, the statement said.