Bupa Arabia receives Shariah compliance certification

Logo of Bupa Arabia for Cooperative Insurance Co.

Bupa Arabia for Cooperative Insurance Co. received a confirmation certificate on Oct. 17, indicating that the Shariah committee, appointed by the Shariyah Review Bureau (SRB) as Bupa Arabia’s Shariah advisor, completed its review of the company’s activities.

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

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

Additionally, to evaluate the company’s compliance with Shariah policies, procedures, and guidelines, and to report any discrepancies in their implementation, the SRB will conduct a Shariah audit of the company's operations in accordance with AAOIFI-GSIFI No. 2, the statement said.