UCA gets Shariah compliance certification from SRB

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) received today, Feb. 5, a certification of Shariah compliance from its appointed Sharia Supervisory Committee (SSC) and the Shariyah Review Bureau (SRB), according to a statement to Tadawul.

The insurer added that the review was adopted in alignment with Shariah guidelines.

The key certified activities are separation of accounts for both shareholders and policyholders, investments made by shareholders and policyholders, as well as insurance policies.

The committee will work with SRB to continue leading the ongoing supervision and monitoring of insurers, given the abovementioned activities and related processes from a Shariah perspective. It will also administrate the annual Shariah audit in accordance with the AAOIFI-GSIFI No. 2, the statement added.