Logo of Gulf General Cooperative Insurance Co.
Gulf General Cooperative Insurance Co. received today, Dec. 28, a certification of Shariah compliance from its Shariah advisor, Shariyah Review Bureau (SRB) and its appointed Sharia Committee (SC), the insurer said in a statement to Tadawul.
The insurer added that the review was adopted in light of Shariah guidelines.
The key certified activities are separation of accounts for both shareholders and policyholders, investments made by shareholders and policyholders, as well as insurance products.
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.
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