Wataniya Insurance confirms Shariah compliance

Logo of Wataniya Insurance Co.

Wataniya Insurance Co. said it received a statement on Dec. 25 confirming the completion of a review of its activities by the Shariah Supervisory Committee (SSC) appointed by the Shariyah Review Bureau, which acts as the company’s dedicated Shariah adviser.

In a statement to Tadawul, the company said the confirmation verifies that its activities comply with Shariah controls set by the committee, including the segregation of shareholders’ accounts from policyholders’ accounts, the investment of both accounts, and the structure of its insurance products.

Wataniya said the SSC, in coordination with the Shariyah Review Bureau, will continue to oversee and review these operations from a Shariah perspective.

It added that the Shariyah Review Bureau will conduct Shariah audits of the company’s operations in line with AAOIFI Shariah Governance Standard No. 2 to assess compliance with Shariah policies, procedures, and guidelines and to report any shortcomings.