Saudi Re gets Shariah compliance certification from SRB

31/07/2024 Argaam
Logo ofSaudi Reinsurance Co. (Saudi Re)

Logo of Saudi Reinsurance Co. (Saudi Re) 

Saudi Reinsurance Co. (Saudi Re) received today, July 31, a confirmation statement from its Shariah Advisor, Shariyah Review Bureau (SRB) and its appointed Shariah Supervisory Committee (SSC) on the completion of the review of the company’s activities, according to a statement to Tadawul.

 
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The insurer added that the review was adopted in alignment with Shariah guidelines.

 

The key certified activities are separation of accounts for both shareholders and policyholders’ pools and investments made by shareholders and policyholders pools.

 

The committee will work with SRB to continue leading the ongoing supervision and monitoring of insurers, given the abovementioned activities and related processes from a Shariah perspective. It will also administrate the annual Shariah audit in accordance with the AAOIFI-GSIFI No. 2, the statement added.

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