Buruj appoints SRB as Shariah advisor

Logo of Buruj Cooperative Insurance Co.

Buruj Cooperative Insurance Co. appointed, on Jan. 30, Shariyah Review Bureau (SRB) to conduct audits and assessments of the company’s activities, operations, and products to ensure compliance with approved Shariah regulations and guidelines.

In a statement to Tadawul, the company said this decision reflects its commitment to aligning its operations with the Shariah standards for Islamic financial institutions issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

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It explained that the Shariah Supervisory Committee, appointed by SRB as the company’s official Shariah advisor, will oversee and audit the company’s operations and activities to ensure their compliance with Shariah principles.

As part of its commitment to maintaining the highest standards of Shariah governance, SRB and the committee will conduct Shariah audits of the company's activities in accordance with the Shariah governance standards set by AAOIFI.

The company emphasized that the goal is to assess its adherence to Shariah policies, procedures, and guidelines while identifying and reporting any discrepancies in implementation.

Buruj reaffirmed its dedication to these initiatives, aiming to enhance transparency and ensure full compliance with Shariah regulations across all its operations.