High-performance Shari’a culture for Wataniya

Saudi leading Cooperative Insurance firm Wataniya Insurance Company, announced today the commissioning of Shariyah Review Bureau (SRB) as their Sharia advisor. Shariyah Review Bureau will oversee and supervise the company’s Shari’a Compliance needs from Product structuring to Certification, and from Investments to periodical Shari’a reviews.

Abboud Mardini of Wataniya Insurance Company said “With their significant Shari’a advisory experience in Cooperative Insurance sector, Shariyah Review Bureau is the right fit to supervise Wataniya’s Sharia compliant products”. He also added that “SRB  ability to collaborate effectively will be a tremendous resource for Wataniya Insurance Company as our business  and client base continue to grow.”

Mr. Yasser Dahlawi, CEO at Shariyah Review Bureau said “We are currently serving 22% of the listed Cooperative Insurance companies in Saudi Arabia.” He added that “Outsourcing Shari’a Supervisory functions is changing the landscape of the whole Islamic financial industry and we are relentlessly working to support our clients by increasing in-house scholarly resources and size of the team to support our ambitions.” “It has been accelerated with greater demand from Institutional clients seeking cost-effective measures and a dynamic environment in having there queries and products quickly reviewed and verified” Mr. Yasser said in the release.

Commenting on the assignment, he also added “We are pleased to offer our services to Wataniya Insurance Company which is one of the oldest and prominent Insurance firms in the Saudi Market.”

About Wataniya Insurance

In April 2010, Saudi National Insurance Company (SNIC) was restructured and registered under the Saudi Insurance Law in the name Wataniya Insurance Company.  Prior to 2010, SNIC had been operation in KSA since 1975.

Wataniya Insurance Company has a highly qualified management team backed by many years of local and international experience.  It offers a wide range of insurance products covering various risks such as Motor, Marine, Fire & Property All Risks, Engineering, Casualty & Public Liability, and Group Term Life just to name a few.  Currently, Wataniya operates in KSA major cities, and enjoys “BBB” rating by Standard and Poor’s

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