Al Sagr Insurance assigns Shariyah Review Bureau to drive growth with Sharia compliance
With a 38 years track record in the Kingdom of Saudi Arabia and with branches in Riyadh, Jeddah and Dammam, Al Sagr’s ambitious goal continues to cater to customers in the Kingdom and beyond. As one of the leading insurance player in the industry, Al Sagr is committed to applying faith based values so as to cater to its customers’ needs.
Commenting on the development, Sarran AbuSaq, CEO at Al Sagr, said: “We are writing the next chapter of our insurance business. The intended transformation with Sharia compliance is to make Al Sagr an enterprise-wide agile company rather being a traditional risk taker. This includes creating new options to Islamic insurers, clients and businesses whilst being complementary to our existing customers.” Sarran added, “our mandate continues to be to provide attractive and diverse insurance opportunities for our clients which also meet the broader needs of Al Sagr’s long term growth and development.”
Commenting on the assignment of Shariyah Review Bureau, Sarran explained, “Assigning an experienced Sharia advisory firm like them is a significant commitment from our end. With their regional footprint and cooperative insurance track record in the Kingdom, we believe that our sophisticated and tailored insurance offerings and high customer service level approach will be immensely valuable to corporate clients, providing and giving them the backing and certainty of Sharia compliance that they need in today’s challenging market conditions.”
As part of its work, Shariyah Review Bureau (SRB) will set-up the Sharia Committee, review all insurance products and related documents and enable the transformation by studying key business functions including re-insurance, claims and investments in light of Sharia principles. It will now manage the ongoing Sharia compliance of Al Sagr through periodical Sharia audits and supervisory reviews. Yasser S. Dahlawi, Founder and CEO of SRB, said, “what makes SRB unique is our ability to facilitate Sharia supervisory actions like product assessment, screening, Sharia Board administration and independent Sharia audits on a single platform. This approach helps improve the Sharia compliance process and enables our clients to reduce cost, improve transparency in reviews and certification and enhance the experience for Shari audit and reporting.”
“Relieving Al Sagr’s workforce of Sharia supervisory related administrative tasks will help them grow, develop and compete more effectively in today’s economy” Yasser added.