Gulf General gets Shariah compliance certification from Shariyah Review Bureau

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. received the certification of Sharia compliance from the Sharia Committee (SC), appointed by the Sharia advisor Shariyah Review Bureau (SRB).

In a statement to Tadawul, Gulf General said the key activities, which were reviewed and certified are, separation of accounts for both shareholders and policyholders’ pools; investments made by shareholders and policyholder’s pools, and insurance policies.

The SC, in coordination with SRB, will continue leading the ongoing supervision and monitoring of the company with regard to the above-mentioned activities and related processes from a Sharia perspective. It will also administrate the annual Sharia audit in accordance with AAOIFI-GSIFI No. 2.