Al Sagr Insurance receives compliance certification from Shariyah Review Bureau

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. received today, Nov. 1, a certification of Sharia compliance from its Sharia advisor, Shariyah Review Bureau (SRB) and its appointed Sharia Committee (SC), the insurer said in a statement to Tadawul.

SRB reviewed the activities of Al Sagr Insurance in light of Sharia, as adopted and interpreted by Sharia guidelines.

The key certified activities are separation of accounts for both shareholders and policyholders, investments made by shareholders and policyholders, as well as insurance products.

The company’s purification amount per share stands at SAR 0.402.

The committee will work with SRB to continue leading the ongoing supervision and monitoring of the insurers with regards to the abovementioned activities and related processes from a Sharia perspective, the statement added.