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Bupa Arabia for Cooperative Insurance Announces Receiving the Certification of Sharia Compliance by Shariyah Review Bureau.
| Element List | Explanation |
|---|---|
| Announcement Detail | Bupa Arabia announces that its Sharia Advisor, namely, Shariyah Review Bureau (“SRB”) and its appointed Sharia Committee (“SC”) has reviewed the activities of Bupa Arabia in light of specifications of Sharia, as adopted and interpreted by the SC (the "Sharia Guidelines"). Bupa Arabia hereby confirms its compliance to the Sharia Guidelines as of Monday 09/01/2023. 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. Health Insurance products being offered by the company. The SC will work with SRB to continue leading the ongoing supervision and monitoring of Bupa Arabia 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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