Riyadh – Mubasher: Saudi Arabia’s sole reinsurance company, Saudi Reinsurance Company (Saudi Re), has received the Sharia certificate for its offerings from Shariyah Review Bureau (SRB).
Given its solid financial base of SAR 2.9 billion worth of total assets and an A3 rating by Moody's, Saudi Re is eyeing opportunities to boost its presence in its target markets in the kingdom, the Middle East, Asia, Africa, and Lloyd’s, according to a press release on Monday.
“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,” remarked Saudi Re’s managing director and CEO, Fahad Al Hesni.
Meanwhile, founder and CEO of SRB, Yasser S. Dahlawi, said, “By helping Saudi Re attain Sharia compliance by reviewing its processes, we are supporting them to gather meaningful insights by staying focused on their business-critical functions while we cater to all their Sharia compliance needs.”
SRB applies various Sharia supervisory actions like reviews, investment screening, interactive consultations, as well as Sharia Board administration and periodic Sharia audits.