Gulf Union Al Ahlia Appoints Sharia Review Bureau as Sharia Advisor

Gulf Union Al Ahlia Cooperative Insurance Company announced on Monday the assignment of the “Sharia Review Bureau” to conduct reviews and evaluations of the Company’s operations, activities and products, to ensure their compliance with the approved Sharia controls and standards.

According to the announcement published on “Tadawul”, the Sharia Supervisory Committee appointed by the “Sharia Review Bureau” as the Company’s Sharia Advisor will be responsible for supervising and reviewing the Company’s operations and activities and approving them from Sharia compliance.

The Company confirmed that within the framework of its commitment to maintaining the highest standards of Sharia governance, the “Sharia Review Bureau” and the Committee will conduct Sharia audits of its work in accordance with the Sharia governance standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

The Company explained that this step comes with the aim of assessing its commitment to Sharia policies, procedures and guidelines and reporting any points that need development, indicating its full commitment to implement these initiatives to enhance transparency and full compliance with Sharia regulations in all its operations.