Buruj receives Shariah compliance certification

Logo of Buruj Cooperative Insurance Co.

 Buruj Cooperative Insurance Co. received a confirmation certificate today, April 7, indicating that the Shariah supervisory committee, appointed by the Shariyah Review Bureau (SRB) as the Shariah advisor, completed its review of the company’s activities.

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The key activities reviewed and certified include separation of accounts for shareholder and policyholder pools, investments made by shareholder and policyholder pools, and insurance policies, Buruj said in a statement to Tadawul.

The required purification amount for each share is SAR 0.0361.

The supervisory committee will work with the SRB to continue leading the ongoing supervision and monitoring of Buruj with regard to the abovementioned activities and related processes from a Shariah perspective.

Additionally, to evaluate the company’s compliance with Shariah policies, procedures, and guidelines, and to report any discrepancies in their implementation, the SRB will conduct a Shariah audit of the company's operations in accordance with AAOIFI-GSIFI No. 2, the statement said.