Riyadh – Mubasher: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) inked a multi-year agreement with Shariyah Review Bureau (SRB) for its Sharia audit services.

The deal is part of MedGulf’s sharia-compliant transformation strategy, the company said in a statement on Tuesday.

Under the deal, SRB will review and audit MeGulf’s cooperative Health, Motor, Property, and other insurance and reinsurance products along with its investments and operations, which will promote the quality and controls of MeGulf’s in light of its Sharia Board’s guidelines.

“MedGulf has been working hard to enhance its insurance processes, from product development, coverage facilities, employee support, administration, service quality, and customer satisfaction,” Tarek Al Naeem, CEO of MedGulf, commented on the agreement.

SRB will also make use of its industry-leading Sharia audit practices in a bid to help MedGulf establish more standardised Sharia controls and reduce non-compliance exposure. 

“We have had an equal level of focus on improving Sharia compliance at both the product and operational level but to truly enable MedGulf’s transformation, we are independently seeking to leverage on leading Sharia audit practices,” Al Naeem said.

Al Naeem added that the newly signed deal is providing stakeholders with independent assurance of true Sharia compliance at MedGulf