CHUBB Arabia receives compliance certification from Shariyah Review Bureau

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co. received, on July 17, a notification that its Sharia Committee completed the review of the company’s activities.

In a bourse filing, the insurer stated that its activities comply with the Sharia Guidelines set by the committee.

CHUBB’s key activities include separation of accounts for both shareholders and policyholders, investments made by shareholders and policyholders, as well as insurance policies.

The company’s purification amount per share reaches SAR 0.021.

The committee will work with SRB to continue leading the ongoing supervision and monitoring of CHUBB with regards to the abovementioned activities and related processes from a Sharia perspective. It will also administrate the annual Sharia audit in accordance with the AAOIFI-GSIFI No. 2.