Saudi Al Sagr Insurance chooses SRB to boost growth with Sharia compliance

As part of its work, SRB will set-up the Sharia Committee, review all insurance products and related documents, and enable the transformation by studying key business functions

  
Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

Getty Images

Riyadh – Al Sagr Insurance has assigned Shariyah Review Bureau (SRB) to drive growth with Sharia compliance, in line with the company’s ambitious goal to cater to customers in Saudi Arabia and beyond.

Al Sagr is one of the leading insurance players in the kingdom, with a 38-year track record and branches in Riyadh, Jeddah, and Dammam, according to a press release on Monday.

“The intended transformation with Sharia compliance is to make Al Sagr an enterprise-wide agile company rather being a traditional risk-taker. This includes creating new options to Islamic insurers, clients, and businesses whilst being complementary to our existing customers,” said CEO at Al Sagr, Sarran AbuSaq.

As part of its work, SRB will set-up the Sharia Committee, review all insurance products and related documents, and enable the transformation by studying key business functions.

It will further manage the ongoing Sharia compliance of the insurer through periodical Sharia audits and supervisory reviews.

Founder and CEO of SRB, Yasser S. Dahlawi, said, "Relieving Al Sagr’s workforce of Sharia supervisory related administrative tasks will help them grow, develop, and compete more effectively in today’s economy.”

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Islamic Finance