Saudi Arabia: Al Etihad engages SRB to boost shariah-compliant products
Source: Middle East Insurance Review | Nov 2019
Al Etihad Cooperative Insurance Company has assigned the Shariyah Review Bureau (SRB), a leading shariah advisory, to deliver dynamic shariah-compliant products. The move is expected to allow Al Etihad to boost its resources and expertise in the rapidly growing shariah-compliant insurance sector in Saudi Arabia, the company said in a press statement.
Al Etihad CEO Hussam Abdul Aziz Al Kannas said, “We continue to witness exceptional opportunities in all classes of insurance with new players across broadening business areas of the kingdom’s geographical exposure. Our clients are rapidly transitioning into national players and shariah compliance is of paramount importance to our customer base.”
Through its tie-up with the SRB, Al Etihad aims to offer its clients shariah-compliant cooperative insurance solutions. Focusing on shariah compliance would ensure the growth of the company and help maintain its ambitious goals in the cooperative insurance and takaful sector, said Al Etihad chief financial officer Ahmad Omar. M