Arabian Shield Cooperative Insurance Company announces the approval of its Board of Directors to establish a Sharia committee.
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| Announcement Detail | Arabian Shield Cooperative Insurance Company announces the approval of its Board of Directors on Tuesday 23 Ramadan 1445H corresponding to 02 April 2024G to establish an independent Sharia Committee affiliated to the Board of Directors, where the general framework of the committee's work will be determined and its members will be nominated in line with the instructions of Sharia governance in the capital market institutions issued by the Capital Market Authority after obtaining approvals from the relevant official authorities.
It is worth mentioning that Arabian Shield Cooperative Insurance Company has been conducting its business in accordance with Sharia controls starting from the date of its establishment, but it has been performing this role by delegating the powers of the Sharia Committee to an independent external party that plays this role.
The Board believes that the Shariah Committee of the Board of Directors should be established to strengthen the Shariah governance framework in view of the growth in the volume of the company's business and the Board's desire to ensure that the work is practiced in accordance with the best practices in this field. |
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