MEDGULF receives Shariah compliance certificate

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) said its Shariah advisor, Shariyah Review Bureau (SRB), along with the Sharia Supervisory Committee (SSC), has reviewed the company's activities in light of specifications of Shariah, as adopted and interpreted by the Shariah guidelines.

MEDGULF hereby confirms its compliance to the Shariah guidelines as of today, Dec. 31, according to a Tadawul statement.

The key activities which were reviewed and certified are separation of accounts for both shareholders and policyholders, as well as investments made by shareholder and policyholders, in addition to insurance policies.

The SSC will work with SRB to continue leading the ongoing supervision and monitoring of MEDGULF 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.