Gulf General confirms operations comply with Sharia principles

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. on Nov. 27 received a statement confirming the completion of the review process of the company's activities by the Sharia Supervisory Committee (SSC) appointed by the Shariyah Review Bureau (SRB) as the company's Sharia advisor.

In a statement to Tadawul, the company confirmed its compliance with the Sharia guidelines through all its key activities, which were reviewed and certified are: separation of accounts for both shareholder & policyholder pools, investments made by shareholder & policyholders pools, and insurance policies.

The SSC will work with SRB to continue leading the ongoing supervision and monitoring of Gulf General with regard to the above-mentioned activities and related processes from a Sharia perspective. It will also administrate the annual Sharia audit in accordance with the AAOIFI-GSIFI No. 2.