Saudi Arabian Insurance Company (SAICO) signed a sharia advisory agreement with Shariyah Review Bureau in a bid to strengthen its core insurance business in light of sharia principles.
Under the deal, the leading insurance provider targets certifying and maintaining products, investments, and insurance growth opportunities in compliance with sharia in 2019 and beyond, SAICO said in a statement on Tuesday.
The kingdom-based insurer is currently exploring new avenues of growth across the Saudi insurance sector.
“Over the years we have built a fabulous portfolio of insurance offerings, and we now have a constructive opportunity to combine these with Sharia-compliant solutions to address the value-based business needs of our customers,” Hasan Abdullah Bin Dorar, CEO and president of SAICO, commented on the agreement.
According to the newly signed deal, Shariyah Review Bureau will head the sharia compliance management of SAICO’s business in Saudi Arabia, reflecting the company’s commitment to its growth journey.
“SAICO continues to grow and now we are planning to grow strategically using Sharia-compliant products as our experience shows that this is the real need of our customers,” Mohan J. Varghese, CFO of SAICO, said.