Arabian Shield Cooperative Insurance Company (“Arabian Shield”) announces receiving certification of Sharia compliance by Shariyah Review Bureau.
|Announcement Detail||Arabian Shield announces that its Sharia Advisor, namely, Shariyah Review Bureau (“SRB”) and its appointed Sharia Supervisory Committee (“SSC”) has reviewed the activities of Arabian Shield in light of specifications of Sharia, as adopted and interpreted by the SSC (the "Sharia Guidelines"). Arabian Shield hereby confirms its compliance to the Sharia Guidelines as of Monday 05/06/2023 corresponding to 16/11/1444. |
The key activities which were reviewed and certified are:
1. Separation of Accounts for both Shareholder & Policyholder pools.
2. Investments made by Shareholder & Policyholders pools.
3. Insurance policies.
The SSC will work with SRB to continue leading the ongoing supervision and monitoring of Arabian Shield 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.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Upcoming Calendar Dates
8070ARABIAN SHIELD| 2022-09-11
8070ARABIAN SHIELDMerge| 2021-04-11
8070ARABIAN SHIELDBonus Shares| 2021-01-13