Arabian Shield receives certification of activities compliance with Sharia Guidelines

Arabian Shield Cooperative Insurance Company announced that its Sharia Advisor, namely, Shariyah Review Bureau (“SRB”) and its appointed Sharia Supervisory Committee (“SSC”) has reviewed the activities of Arabian Shield in light of specifications of Sharia, as adopted and interpreted by the SSC (the “Sharia Guidelines”). Arabian Shield hereby confirms its compliance to the Sharia.

The company stated on Tuesday on Tadawul that the key activities which were reviewed and certified are:

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

2. Investments made by Shareholder & Policyholders pools.

3. Insurance policies.

The SSC will work with SRB to continue leading the ongoing supervision and monitoring of Arabian Shield with regards to the above-mentioned activities and related processes from a Sharia perspective. It will also administrate the annual Sharia audit in accordance with the AAOIFI-GSIFI No. 2.