Al-Etihad Insurance receives compliance certification from Shariyah Review Bureau

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. received the certification of Shariah compliance from the Shariyah Review Bureau (SRB) and its appointed Shariah Committee (SC).

In a statement to Tadawul, Al-Etihad said the key business activities, which were reviewed and certified, are separation of accounts for shareholders and policyholders, investments made by shareholders and policyholders, and, insurance products.

 The insurer’s purification amount per share stands at SAR 0.001.

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 Shariah perspective. It will also administrate the annual Shariah audit, in accordance with AAOIFI-GSIFI No. 2.