Riyadh - Mubasher: Bupa Arabia for Cooperative Insurance Company received a certification on 8 October 2026, confirming that its business activities comply with Sharia standards.
The certification was issued by the Sharia Review Bureau (SRB) following a comprehensive audit by its Sharia Supervisory Committee.
The review verified the compliance of three primary operational areas: the separation of shareholder and policyholder accounts, the investment activities for both account types, and the company’s insurance products.
Under the mandate, the Sharia Review Bureau will continue to monitor and review these operations to ensure ongoing adherence to Islamic guidelines.
To maintain these standards, the bureau will conduct regular Sharia audits in accordance with Sharia Governance Standard No. 2 issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
This process is designed to evaluate the company's commitment to established Sharia policies and to identify any potential implementation discrepancies.
Bupa Arabia appointed the Sharia Review Bureau as its dedicated Sharia advisor to oversee these regulatory requirements.
Last month, the company received final regulatory approval from the Insurance Authority to market and sell a new mandatory insurance product.
