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Salama Cooperative Insurance Company announces the appointment of "Shariyah Review Bureau" as the company's Sharia advisor.
| Element List | Explanation |
|---|---|
| Announcement Detail | Salama Cooperative Insurance Company announces that, in its desire to align its operations and activities with the Sharia principles and regulations for Islamic financial institutions issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), it has appointed "Shariyah Review Bureau" as of 24/04/2025 to conduct reviews and evaluations of the company’s operations, activities, and products to ensure their compliance with the approved Sharia standards. The Sharia Supervisory Committee, appointed by "Shariyah Review Bureau" as the company’s Sharia consultant, will be responsible for overseeing and reviewing the company’s operations and activities and ensuring their Sharia compliance. In line with its commitment to maintaining the highest standards of Sharia governance, "Shariyah Review Bureau" and the Committee will conduct Sharia audits of the company’s activities in accordance with the Sharia governance standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with the aim of assessing the company’s adherence to Sharia policies, procedures, and guidelines, and reporting any areas that need development. The company reaffirms its full commitment to implementing these initiatives to enhance transparency and ensure complete compliance with Sharia regulations across all its operations. |
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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