Al-Etihad Cooperative Insurance Company (Al-Etihad) announces receiving certification of Sharia compliance by Shariyah Review Bureau

Element ListExplanation
Announcement Detail Al-Etihad Cooperative Insurance Company announces on Wednesday 29/06/2022 corresponding to 30/11/1443 the receipt of certification dated Tuesday 28/6/2022 corresponding to 29/11/1443 that its Sharia Advisor namely Shariyah Review Bureau has reviewed its activities in light of AAOIFI Sharia standards for the year ended 31/12/2021 and confirmed its compliance to the standards. The key activities which were reviewed and certified are:

1. Separation of Accounts for both Shareholder & Policyholder pools.

2. Investments made by Shareholder & Policyholder pools.

3. Insurance Products.

Investors are advised that the purification amount per share for the Company is 0.001 Saudi Riyal.

Shariyah Review Bureau will continue to lead the ongoing supervision and monitoring of the Company with regards to the above mentioned activities and related processes from a Sharia perspective. It will also engage the Sharia audit to investigate and evaluate the extent of the Company’s adherence with directed Sharia policies and guidelines.

Attached Documents  

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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