News & Announcements

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BUPA ARABIA

20 October, 2024 08:49

Bupa Arabia for Cooperative Insurance Announces Receiving the Certification of Sharia Compliance by Shariyah Review Bureau.

Element List	Explanation
Announcement Detail	Bupa Arabia for Cooperative Insurance announces that its Sharia Advisor, namely, Shariyah Review Bureau (“SRB”) and its appointed Sharia Supervisory Committee (“SSC”) has reviewed the activities of Bupa in light of specifications of Sharia, as adopted and interpreted by the SG (the "Sharia Guidelines"). Bupa hereby confirms its compliance to the Sharia Guidelines as of Thursday 17/10/2024G corresponding to 14/04/1446H. 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 Bupa 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.

Element List

Explanation

Announcement Detail

Bupa Arabia for Cooperative Insurance announces that its Sharia Advisor, namely, Shariyah Review Bureau (“SRB”) and its appointed Sharia Supervisory Committee (“SSC”) has reviewed the activities of Bupa in light of specifications of Sharia, as adopted and interpreted by the SG (the "Sharia Guidelines"). Bupa hereby confirms its compliance to the Sharia Guidelines as of Thursday 17/10/2024G corresponding to 14/04/1446H. 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 Bupa 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.

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