Al Sagr Insurance receives compliance certification from Shariyah Review Bureau

Logo of Al Sagr Cooperative Insurance 

Al Sagr Cooperative Insurance Co. received, on April 15, 2021, the certification of Shariah compliance from Shariyah Review Bureau.

The bureau reviewed the insurer’s activities in light of AAOIFI Shariah standards and confirmed the company’s compliance to these standards, Al Sagr Insurance said in a bourse filing.

The key activities, which were reviewed and certified, are separation of accounts for both shareholders and policyholders, investments made by shareholder and policyholders, and insurance products.

Shariyah Review Bureau will continue to lead the supervision and monitoring of the company with regards to the above-mentioned activities and related processes from a Shariah perspective. It will also engage the Shariah audit to investigate and evaluate the extent of the company’s adherence with directed Shariah policies and guidelines, the statement added.