Saudi Re gets Shariah compliance certification from SRB

Saudi Reinsurance Co. (Saudi Re) received, Oct. 1, 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.

 

The key activities reviewed and certified are the separation of accounts for both shareholders’ and policyholders’ pools, as well as the investments made by shareholders’ and policyholders’ pools.

 

The SSC, in coordination with SRB, will continue leading the ongoing supervision and monitoring of Saudi Re with regard to the above-mentioned activities and related processes from a Sharia perspective. Additionally, it will administer the annual Sharia audit in accordance with AAOIFI-GSIFI No. 2.

 

The Shariah certificate can be viewed on the company's website, the statement said.