Malath Insurance, Saudia’s leading insurance company, announced today the assignment of Shariyah Review Bureau (SRB) a leading Sharia Advisory firm focused on Sharia Boards, certification and Sharia audit services, to help maintain and supervise Sharia compliance of its products, operations and investments.
Malath offers comprehensive solutions covering classes of insurances like property, engineering, construction, health and medical for its retail and corporate customers in the Kingdom. It currently has about 336 employees and 5 offices throughout the country. “Malath continues to grow at a significant pace and we see excellent insurance opportunities in the Kingdom,” said Fawaz A. Al Hijji Managing Director & 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.”
Speaking on the newly assigned Sharia Advisor, Fawaz added “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.”
Over the years, Shariyah Review Bureau has strongly established itself as one of the leading Sharia Advisory companies in the Kingdom of Saudi Arabia. The Central Bank of Bahrain 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. It currently oversees the Sharia compliance management of 30% of the cooperative Insurance firms listed on Tadawul.
“Leveraging the benefits of outsourced Sharia Board services is no longer limited to large financial institutions struggling with high Sharia maintenance costs,” said Yasser S. Dahlawi, CEO at Shariyah Review Bureau. “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.”
Speaking on the new assignment Yasser stated, “This assignment is another acknowledgment of Shariyah Review Bureau’s endeavors to offer Sharia advisory specific solutions that align with the cooperative insurance industry needs and create measurable business value for our clients, today and in the future.”