Al Buhaira National Insurance Company P.S.C. – Sharjah, (the “Company”) is incorporated as a public shareholding company by an Emiri Decree issued by His Highness, The Ruler of Sharjah on May 16, 1978.
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The Company is subject to the regulations of UAE Federal Law No. 6 of 2007, concerning the formation of Insurance Authority of U.A.E. and is registered in the Insurance Companies register of Insurance Authority of UAE under registration number 15.
The principal activity of the Company is the writing of insurance of all types – other than savings and accumulation of funds. The Group operates through its Head Office in Sharjah and has branches in Dubai, Abu Dhabi, Al Ain, Khorfakkan, Fujairah and Ajman.
After looking at the “AL BUHAIRA NATIONAL INSURANCE COMPANY P.S.C” financial results for the year ended 31 December 2013, “AL-Taqwa” Islamic investment fund manager thinks about buying some stocks of this company from the financial market.
Your group is assigned to write a report that covers the following:
1- Explanation of the AAIOFI mandates, which is applied for selecting Shariah-compliant stocks for Islamic fund investment. (3 marks)
2- Analysis of “AL BUHAIRA NATIONAL INSURANCE COMPANY P.S.C” financial Report 2013 (attached) based on the AAIOFI Shariah Mandate. (12 marks)
3- Advise to “AL-Taqwa” Islamic investment fund manager whether to purchase of “AL BUHAIRA NATIONAL INSURANCE COMPANY P.S.C “stocks or not. (2 marks)
4- Table shows if “AL BUHAIRA NATIONAL INSURANCE COMPANY P.S.C” is listed in any of Islamic Indices. (3 marks)