Saudi Arabia: SAICO to increase customer engagement with more shariah-compliant offerings
Source: Middle East Insurance Review | Jul 2019
Saudi Arabian Insurance Company (SAICO) has signed a shariah advisory agreement with Shariyah Review Bureau (SRB) to strengthen and grow its core insurance business. The agreement aims at certifying and maintaining products, investments and insurance growth opportunities that are shariah-compliant for 2019 and beyond.
SAICO is exploring new avenues of growth in Saudi Arabia’s insurance sector. SAICO CEO and president Hasan Abdullah bin Dorar said, “This is an exciting time for SAICO as we launch into our next phase of growth. Over the years, we have built a fabulous portfolio of insurance offerings, and we now have a constructive opportunity to combine these with shariah-compliant solutions to address the value-based business needs of our customers.”
The appointment of SRB to head the shariah compliance management of SAICO’s business in the kingdom is a reflection of the company’s commitment to its growth journey.
SAICO CFO Mohan J Varghese said, “SAICO continues to grow, and now we are planning to grow strategically using shariah-compliant products as our experience shows that this is the real need of our customers. This is why we are making connections with SRB to address our shariah compliance administration thereby giving us a competitive edge in offering shariah-compliant insurance. We will also continue to work closely with our customers to ensure we are providing optimum support for their growing needs.” M