Al-Etihad completes sharia review, purification set

In a statement on Tadawul, the company said the confirmation verifies that its activities comply with the Shariah controls defined by the committee, including the segregation of the shareholders’ account from the policyholders’ account, investments of both accounts (shareholders and policyholders), and insurance products.

The company noted that the required purification amount per share is SAR 0.086, stressing that the SSC, in coordination with the Shariah Audit Firm, will oversee and review the above-mentioned operations and activities from a Shariah perspective.

It added that, to assess the company’s adherence to Shariah policies, procedures, and guidelines, and to report any lapses in implementation, the firm will conduct Shariah audits of the company’s operations in accordance with AAOIFI Shariah Governance Standard No. 2.