Saudi Re Confirms Sharia Compliance of Activities

Saudi Reinsurance Company (“Saudi Re”) announced on Wednesday that it received a confirmation statement on July 31, 2024, from its Sharia Advisor, Shariyah Review Bureau (“SRB”), and its appointed Sharia Supervisory Committee (“SSC”) on the completion of the review of the Company’s activities. The statement confirms that the Company’s activities are consistent with the Sharia Guidelines as stipulated by the SSC, including:

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

2. Investments made by Shareholder and Policyholder pools.

According to the statement published on Tadawul, the SSC will work with SRB to continue leading the ongoing supervision and monitoring of Saudi Re concerning the mentioned activities and related processes from a Sharia perspective. The SSC will also administer the annual Sharia audit in accordance with AAOIFI-GSIFI No.2