BUPA ARABIA FOR COOPERATIVE INSURANCE ANNOUNCES THAT IT HAS RECEIVED THE APPROVAL OF ALL THE NECESSARY LEGALITY
Bupa Arabia for Cooperative Insurance Company announces that it has received the approval from its Shariyah Advisor, on Wednesday 08/10/1437H, corresponding to 13/07/2016G, through the annual Shari'a Audit Report for 2015.
The report, reference BUP-AD-04-04-06-16, contains the Shariyah approval from the Shariyah Advisor, the Shariyah Review Bureau, in line with the prior years reviews of 2014G and means all certificates remain valid, as announced on Sunday 13/8/1436H, corresponding to 31/5/2015G, on the following functions:
1.Separation of Accounts (Shareholder & Policyholder)
(Certificate No: BPA-196-08-08-11-13)
2. Compliance of Shareholder & Policyholders Investments with Shariyah Guidelines (Certificate No: BPA-195-07-07-11-13)
3. Declaration & Product Provision, submitted for final approval to SAMA (Certificate No: BPA-199-09-09-11-13)
The Shariyah Review Bureau will lead the ongoing supervision and monitoring of the company with regards to the above mentioned functions and related processes from a Shariyah perspective. It will also engage the Shariyah Audit to investigate and evaluate the extent of its adherence with directed Shariyah policies and guidelines and to report any defective processes.
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