CHUBB Arabia gets Shariah compliance certification from SRB

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co. received yesterday, Aug. 6, 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, investments made by shareholders and policyholders pools, as well as insurance policies.

The purification amount per share for the company is SAR 0.0260, the statement added.

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 administer the annual Shariah audit in accordance with the AAOIFI-GSIFI No. 2, the statement added.