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The United Cooperative Assurance Company (UCA) announces receiving certification of Sharia compliance by Shariyah Review Bureau.
| Element List | Explanation |
|---|---|
| Announcement Detail | The United Cooperative Assurance Company (UCA) announces that it had received on Thursday 16 Rabi Alawwal 1446H corresponding to 19 September 2024 a confirmation statement from its Sharia Advisor, Shariyah Review Bureau (“SRB”) and its appointed Sharia Supervisory Committee (“SSC”) with the completion of the review of the company’s activities in light of specifications of Sharia, as adopted and interpreted by the Sharia Guidelines. This statement confirms that the company’s activities mentioned below are consistent with the specifications of Sharia, as stipulated by the Sharia Supervisory Committee : 1. Separation of Accounts for both Shareholder & Policyholder pools. 2. Investments made by Shareholder & Policyholders pools. 3. Insurance policies. The Sharia Supervisory Committee, along with the Shariyah Review Bureau, will be responsible for monitoring and reviewing the above-mentioned processes and activities from a Sharia perspective, and in order to evaluate the company’s commitment to Sharia policies, procedures, and guidelines and report any defect in the application, whereas the Shariyah Review Bureau will conduct a Sharia Audit of the company’s business in accordance with Sharia Governance Standards issued by the Accounting and Auditing Authority of Islamic Financial Institutions (AAOIFI). |
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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Company Performance
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Last Price 9.33
Net Change 0.14 (+1.52%)
Value Traded (Sar) 3,850,140.83
Volume Traded 413,839
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