CHUBB Arabia receives Shariah compliance certification

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co. received, on Sept. 25, Shariah compliance certification from the Shariyah Review Bureau (SRB).

This came after the Shariah Supervisory Committee (SSC), appointed by SRB, reviewed CHUBB’s activities in light of specifications of Shariah, as adopted and interpreted by Shariah guidelines, the company said in a statement to Tadawul.

To ensure Shariah compliance, CHUBB’s key activities ensure separation of accounts for shareholders and policyholders, investments made by shareholders and policyholders, as well as insurance policies.

SSC will work with SRB to continue leading the ongoing supervision and monitoring of CHUBB with regards to 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.