Riyadh – Mubasher: Al Etihad Cooperative Insurance Company, a leading insurance company in Saudi Arabia, on Monday announced the assignment of Shariyah Review Bureau (SRB), one of the world's leading Sharia Advisory to deliver dynamic Sharia-compliant products.
This step will allow Al Etihad to boost its resources and expertise in the rapidly-growing Sharia-compliant insurance sector in Saudi Arabia, according to a press release.
Hussam Abdul Aziz Al Kannas, CEO of Al Ethiad, said: "We continue to witness exceptional opportunities in all classes of insurance with new players across broadening business areas of the Kingdom’s geographical exposure. Our clients are rapidly transitioning into national players in the Kingdom and Sharia compliance is of paramount importance to our customer base."
Through its tie-up with the SRB, Al Etihad aims to offer its clients with Sharia-compliant cooperative insurance solutions, Al Kannas indicated.
Moreover, chief financial officer at Al Etihad Ahmad Omar said that focusing on Sharia compliance would ensure the growth of the company’s insurance business.
The strategic partnership with SRB, the kingdom’s leading Sharia Advisory firm, would help Al Etihad to maintain its ambitious goals in the cooperative insurance and Takaful sector, Omar pointed out.
For his part, Yasser S. Dahlawi, CEO at SRB, commented: "We are delighted to be working with Al Etihad and to help lead their insurance development effort in the Kingdom. We look forward to developing as well as strengthening the Sharia compliance make-up of their products, investments, and systems.”
In June, Al Etihad revealed that its shareholders approved to raise the company’s capital by 45.4% to SAR 400 million, instead of SAR 275 million.
