Riyadh –  Malath Insurance announced Monday the assignment of Shariyah Review Bureau (SRB) to help maintain and supervise Sharia compliance of its products, operations, and investments.

“Malath continues to grow at a significant pace and we see excellent insurance opportunities in Saudi Arabia,” said Fawaz Al Hijji, Managing Director and CEO of Malath.

“The influx of cooperative insurance programs we have seen over the past few years has helped double our capacity and strengthen our capabilities required to meet more of our customer’s Sharia-compliant insurance needs,” he added, noting that “Bringing Shariyah Review Bureau on board to supervise our Sharia compliance affairs will further strengthen trust in our stakeholders and also give us significant scale with low input costs for certifying and auditing Sharia-compliant products and investments."

It is worth noting that Malath offers comprehensive solutions covering classes of insurances like property, engineering, construction, health, and medical for its retail and corporate customers in Saudi Arabia. It currently has about 336 employees and five offices throughout the Kingdom, according to a press release.

On the other hand, SRB is a Sharia advisory firm focused on Sharia boards, certification, and Sharia audit services, which has strongly established itself as one of the leading Sharia advisory companies in Saudi Arabia. The Central Bank of Bahrain (CBK) licensed firm leads with a dedicated team of Sharia consultants and Sharia auditors based out of Bahrain and also has 31 scholars covering 19 countries.

Meanwhile, Yasser Dahlawi, CEO at Shariyah Review Bureau, said: “Our experience shows that entities of all sizes are using our model to develop and grow their Sharia-compliant offerings.” He added, “More and more companies are recognizing the need to partner with Sharia advisory firms to drive value, growth and dexterity.”

“Leveraging the benefits of outsourced Sharia Board services is no longer limited to large financial institutions struggling with high Sharia maintenance costs,” he indicated.

SRB currently oversees the Sharia compliance management of 30% of the cooperative Insurance firms listed on the Saudi Stock Exchange (Tadawul).

 

Source: Mubasher

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