MEDGULF Receives Certification of Sharia Compliance

The Mediterranean & Gulf Cooperative Insurance & Reinsurance Company (MEDGULF) announced on Wednesday that it has received a certification confirming the completion of the review process of the company’s activities by the Shariyah Review Bureau “SRB” appointed by the Sharia Supervisory Committee “SSC” in its capacity as the company’s Sharia Advisor, where this certification confirms the compliance of its activities mentioned below with the SG “the Sharia Guidelines” specified by the SSC:

1. Separation of Accounts for both Shareholder & Policyholder pools.

2. Investments made by Shareholder & Policyholders pools.

3. Insurance policies.

According to the company, the SSC, along with SRB, will be responsible for monitoring and reviewing the operations and activities mentioned above from a Sharia perspective. In order to evaluate the company’s commitment to Sharia policies, procedures and guidelines and to report any deficiencies in the application, the SRB will conduct an annual Sharia audit of the company’s business in accordance with the AAOIFI-GSIFI No. 2.