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Shariah  
 
Shariah Commitment  
 

 

 

 

Shariah Committee

 
 

The Shariah Committee fluently follow the company's business, reviewing products, contracts, forms, agreements and Takaful forms, etc., and issue decisions comply with shariah provisions, in addition to the tasks of Shariah control to assure the company's commitment to the decisions of the Shariah board and to ensure their implementation properly, submitting their annual report to the Board of Directors of the company, which shows the Shariah performance of the company during the year.

 

Shariah Board includes the following:

  1. Dr.Sheikh Saleh Bin Mansour Al Jarbou (President of the Shariah Board).
    Holds PHD in Islamic jurisprudence, and a Master's degree in law, and the Director of the Legal Department at Al Rajhi Bank (previous)
  2. Dr. Sheikh Saleh bin Abdullah Lehaidan Professor at the Higher Institute for the Elimination of the University of Imam Muhammad bin Saud Islamic University, and director of Sharia at Al Rajhi Bank Group, and a member of the Council of Shariah Authority Accounting and Auditing Organization for Islamic Financial Institutions.

And serves as Secretary of the Shariah Committee, Dr. Sheikh Suleiman bin Mohammed Al Jewisser, and holds a Master's degree in Islamic Shariah politics of the Higher Judicial Institute at the University of Imam Muhammad bin Saud Islamic University, a specialist in Islamic Takaful adoption of the General Council of the Islamic banks and financial institutions.

 

The main tasks of the company's Shariah Committee is as follows:

  1. Explains the Shariah provisions on all transactions of the company and its products in the field of insurance, and reinsurance, and investment, and issuing Shariah decisions accordingly.
  2. Verification of the company’s commitment to the decisions of the Shariah committee and to ensure their implementation properly.
  3. The Shariah Board shall submit annual report to the Board of Directors shows Shariah performance of the company, and must recite this report in the regular meetings of the General Assembly.

The main areas covered by the Shariah Control of the company:

  1. The Insurance coverage.
  2. The Insurance claims.
  3. The Reinsurance contracts.
  4. The Company's investments.
  5. Achieve the principle of total separation between Takaful account (Participation Fund) and company account (shareholders fund).
 
No CLaims Discount  
 

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