Malath receives Shariah-compliance approval from SSC

Logo of Malath Cooperative Insurance Co. 

Malath Cooperative Insurance Co. received today, Sept. 4, confirmation of the completion of a review of its activities by the Shariah Supervisory Committee (SSC), which was appointed by Shariyah Review Bureau (SRB) as Shariah advisor.

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In a statement on Tadawul, Malath said that the review determined its activities comply with the Shariah guidelines set by the committee. These activities include the separation of shareholders' accounts from policyholders' accounts, the investment of both accounts, and the company's insurance products.

The company further clarified that the committee and SRB will oversee and review these operations from a Shariah perspective.

SRB will conduct a Shariah audit in accordance with the AAOIFI-GSIFI No. 2, ensuring adherence to Shariah policies and reporting any inconsistencies.