Logo of Malath Cooperative Insurance Co.
Malath Cooperative Insurance Co. announced receiving, on Dec. 28, a certificate confirming that its Shariah advisor, Shariyah Review Bureau (SRB), and Sharia Supervisory Committee (SSC) have reviewed the company's activities.
In a statement to Tadawul, the insurance firm added that the review was adopted in light of Shariah guidelines.
Malath confirmed its compliance with the Shariah guidelines on separating accounts for both shareholders and policyholders, investments made by shareholders and policyholders and insurance policies.
The SSC will work with SRB to continue leading the ongoing supervision and monitoring of Malath regarding 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.
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