UCA hires Shariyah Review Bureau as Sharia advisor

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) appointed today, Oct. 8, the Shariyah Review Bureau as its Sharia advisor to review and evaluate the company’s activities, business, and products and to ensure its alignment with the Sharia guidelines, according to a statement to Tadawul.

This comes with the aim of aligning the company's business and activities with the Sharia guidelines and rules for Islamic financial institutions issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), UCA added.

The Sharia supervision committee appointed by the Shariyah Review Bureau as the company’s Sharia advisor will be responsible for monitoring and reviewing the company’s operations and activities and attesting to them from a Sharia perspective.

Accordingly, the Shariyah Review Bureau and the committee will evaluate UCA’s compliance with Sharia policies, procedures, and guidelines and report any defect in the application. In addition, they will conduct a Sharia audit of the company’s business in accordance with the Sharia governance standards issued by AAOIFI, UCA stated.