Riyadh – Mubasher: Al Sagr Cooperative Insurance Company has received a Sharia compliance certification from the Shariyah Review Bureau, acting as the company’s specialized Sharia advisor.

The certification follows a comprehensive review of the insurer’s business activities by an appointed Sharia Supervisory Committee.

The review confirmed that the company’s operations align with established Sharia standards, specifically regarding the separation of shareholder and policyholder accounts.

The certification also covers the investment activities of both account types and the company’s various insurance products.

Under the agreement, the Shariyah Review Bureau will maintain ongoing oversight of these operations to ensure continued adherence to Islamic guidelines.

To evaluate compliance with Sharia policies and procedures, the advisor will conduct periodic audits in accordance with the Sharia Governance Standard No. 2 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

This process is designed to identify and report any implementation discrepancies as the company manages its Sharia-compliant portfolio.

Last month, Fitch Ratings revised the company’s outlook to stable from negative, affirming its Insurer Financial Strength (IFS) rating at ‘BBB’ and its National Insurer Financial Strength rating at ‘A+(sau)’.