Al-Etihad Cooperative Insurance Company (Al-Etihad) announces receiving certification of Sharia compliance by Shariyah Review Bureau
Al Etihad Cooperative Insurance Company announces on Monday 10/04/2023 AD corresponding to 19/09/1444 H the receipt of certification dated Sunday 09/04/2023 AD corresponding to 18/09/1444 H that its Sharia Advisor, namely, Shariyah Review Bureau (“SRB”) and its appointed Sharia Committee (“SC”) has reviewed the activities of Al Etihad in light of specifications of Sharia, as adopted and interpreted by the SC (the "Sharia Guidelines"). Al Etihad hereby confirms its compliance to the Sharia Guidelines.
The key activities which were reviewed and certified are:
1. Separation of Accounts for both Shareholder and Policyholder pools.
2. Investments made by Shareholder and Policyholders pools.
3. Insurance policies.
Investors are advised that the purification amount per share for the Company is 0.001 Saudi Riyal.
The SC will work with SRB to continue leading the ongoing supervision and monitoring of Al Etihad with regards 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.
Al-Etihad Cooperative Insurance Company (Al-Etihad) announces receiving certification of Sharia compliance by Shariyah Review Bureau
Al Etihad Cooperative Insurance Company announces on Monday 10/04/2023 AD corresponding to 19/09/1444 H the receipt of certification dated Sunday 09/04/2023 AD corresponding to 18/09/1444 H that its Sharia Advisor, namely, Shariyah Review Bureau (“SRB”) and its appointed Sharia Committee (“SC”) has reviewed the activities of Al Etihad in light of specifications of Sharia, as adopted and interpreted by the SC (the "Sharia Guidelines"). Al Etihad hereby confirms its compliance to the Sharia Guidelines.
The key activities which were reviewed and certified are:
1. Separation of Accounts for both Shareholder and Policyholder pools.
2. Investments made by Shareholder and Policyholders pools.
3. Insurance policies.
Investors are advised that the purification amount per share for the Company is 0.001 Saudi Riyal.
The SC will work with SRB to continue leading the ongoing supervision and monitoring of Al Etihad with regards 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.