The United Cooperative Assurance Company (UCA) has signed an agreement with the Shariyah Review Bureau (SRB), under which SRB will facilitate the process for Sharia review, certification and Sharia audit on UCA’s products, transactions and activities.
UCA has been serving the Kingdom for over a decade with a range of insurance products such as medical, personal accident, protection, marine cargo and motor insurance.
Mohammed Basrawi, UCA CEO said “Customer focus has always been at the centre of our strategy, and we have built our products around it. The changes brought about by the pandemic, has moved us to optimize our resources in order to continue to deliver on our promise to our customers.”
“We wanted a local Shariah advisory firm with a global market presence so that UCA benefits from their experience and provide its customers with a value-added satisfaction of Sharia compliance when they buy our products”. I am confident that their wealth of cooperative insurance experience, reach, scale and track record in the Kingdom will help us focus on our core offering as we gradually expand our services to more and more customers in the Kingdom,” he added.
Over the years, Saudi based insurance operators have been benefiting by having their Sharia compliance needs outsourced. SRB has strongly established itself as one of the leading Sharia advisory companies in the Kingdom of Saudi Arabia.
Leading with a dedicated team of Sharia Consultants and Sharia auditors it currently oversees the Sharia compliance management of almost 52% of the cooperative Insurance firms listed on Tadawul. It empowers organizations by outsourcing their Sharia complaint needs – from setting up Sharia Committees to swift certification, screening, and Sharia Audits without compromising on quality.
Speaking on the engagement announcement, Yasser S Dahlawi, CEO of SRB said “Through the Sharia supervisory services we continue to provide measurable business value for our insurance sector clients and United Cooperative Assurance is a new addition to this clientele list in the Kingdom.”
“The competitive business dynamics and the shift in consumer buying behaviour is compelling organization to seek ways to grow year on year by efficiently using their resources and not compromising on quality or Sharia assurance” he added.
“We are witnessing an established trend where firms like UCA see opportunities and benefit by focusing on their core product line and outsourcing functions like Sharia compliance to deliver better and profitable customer experiences” he concluded.
