MEDGULF receives Shariah compliance certification
27/09/2023
Argaam
Logo of Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF)
Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) received, on Sept. 20, Shariah compliance certification from the Shariyah Review Bureau (SRB).
In a statement to Tadawul today, Sept. 27, MEDGULF indicated that this certification came after the Shariah Supervisory Committee (SSC), appointed by SRB, reviewed the compliance of all activities undertaken by the insurer with Shariah standards.
To ensure Shariah compliance, MEDGULF's key activities guarantee the 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 MEDGULF with regard 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.
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