MEDGULF gets Shariah guidelines compliance certificate

Logo of The Mediterranean and Gulf Insurance & Reinsurance Co. (MEDGULF)

The Mediterranean and Gulf Insurance and Reinsurance Co.'s (MEDGULF) Shariah advisor, Shariyah Review Bureau (SRB), and its appointed Shariah Supervisory Committee (SSC) reviewed the insurer’s activities.

In a statement to Tadawul, MEDGULF said the review confirmed its compliance to the Shariah guidelines as of Nov. 12, 2024.

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The key activities reviewed and certified include separation of accounts for both shareholder and policyholder pools, investments made by shareholder and policyholders pools, and insurance policies.

The SSC will work with SRB to continue leading the ongoing supervision and monitoring of MEDGULF with regards to the above-mentioned activities and related processes from a Shariah perspective, the statement added.

It will also administrate the annual Shariah audit, in accordance with the AAOIFI-GSIFI No. 2.