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Bupa Arabia for Cooperative Insurance Co. said that the Shariyah Review Bureau (SRB) and its appointed Shariah Committee completed the review of the company’s activities and confirmed the compliance to the Shariah guidelines as of Jan. 9.
In a statement to Tadawul, the insurer said the key activities reviewed and certified include separation of accounts for shareholder and policyholder pools; investments made by shareholder and policyholder pools; and health insurance products.
The Shariah Committee will work with SRB to continue leading the ongoing supervision and monitoring of Bupa Arabia with regards to the above-mentioned 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 said.
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