Bupa Arabia says 2014 operations approved by Sharia advisor

Bupa Arabia for Cooperative Insurance said in a bourse statement that it has received approval from its Sharia advisor for its 2014 operations, which were accounted for in an audit report released on Thursday.

Certificates for its various activities, including separation of shareholders and policyholders accounts and its compliance of shareholder and policyholder investments with Islamic principles will remain valid. Certificates covering these categorizes were originally issued last October, relating to services audited in 2013.

The insurer added that amendments to its disclosure forms and policies were submitted for final approval to the Saudi central bank.

The Shariyah Review Bureau will continue to monitor Bupa’s future activities and will also evaluate its overall compliance with Shariyah policies and guidelines.