Saudi Reinsurance Company “Saudi Re”, the sole reinsurance company in the Kingdom of Saudi Arabia, announced receiving the Sharia certificate for its offerings from Shariyah Review Bureau “SRB”.
With a solid financial base of total assets SAR 2.9 billion and an A3 rating by Moody’s, Saudi Re’s is eyeing opportunities to strengthen its presence in its target markets in the Kingdom, the Middle East, Asia, Africa and Lloyd’s. As one of the largest re-insurance players in the industry, Saudi Re is committed to ensure socially responsible growth.
Fahad Al-Hesni, Managing Director and CEO, Saudi Re, commented: “We are progressing well in our international diversification strategy, and the Sharia certificate provides additional reassurance to an important segment of our clients. Demonstrating our Sharia compliance will complement our value proposition to our clients especially in the Takaful and Cooperative reinsurance market.”
Al-Hesni, added that Saudi Re has identified Environmental, Social and Governance (ESG) objectives from investors perspective, among which Sharia compliance was emphasized as a key factor in reflecting the responsible conduct.
Yasser S. Dahlawi, Founder and CEO of SRB, said, “Cooperative insurance and reinsurance companies that deal with significant, complex risk-based transactions are actively embracing our Sharia advisory services. By helping Saudi Re attain Sharia compliance by reviewing its processes, we’re supporting them to gather meaningful insights by staying focused on their business-critical functions while we cater to all their Sharia compliance needs.”
SRB apply various Sharia supervisory actions like reviews, investment screening, interactive consultations, Sharia Board administration and periodic Sharia audits.
Shariyah Review Bureau (SRB) is a leading Sharia Advisor with scholarly presence in more than 12 countries from US, Europe, Africa, GCC and Asia. The scope of the engagement includes reviewing the reinsurance, claims, financial and investment transactions of the company and ensuring compliance with Sharia standards as set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).