May 7, 2019
-- he Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) today announced a multi-year agreement with Shariyah Review Bureau (SRB) for its Sharia audit services as part of its Sharia compliant transformation strategy.
Under the agreement, SRB will review and audit MeGulf's cooperative Health, Motor, Property and other insurance and reinsurance products along with its investments and operations that enhance the quality and controls of the company in light of its Sharia Board's guidelines. SRB will use its industry-leading Sharia audit practices to help MedGulf establish more standardized Sharia controls and reduce non-compliance exposure. "MedGulf has been working hard to enhance its insurance processes, from product development, coverage facilities, employee support, administration, service quality, and customer satisfaction"
said Dr. Tarek Al-Naeem, MedGulf's Chief Executive Officer "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."
"This is why we selected SRB because of its track record for delivering large Sharia audit projects in the Kingdom that deliver meaningful business outcomes for the insurance companies."
"As part of their scope they will also be strengthening the Sharia controls required to manage our equity in light of Sharia financial thresholds. We expect this to increase our degree of confidence in scaling-up as MedGulf seeks to grow vertically in the Kingdom. This approach will help drive success while providing our stakeholders an independent assurance of true Sharia compliance at MedGulf," Dr. Tarek added.
Sharia audit services provided by organizations like Shariyah Review Bureau helps improve the management of Sharia compliance and scalability. With more and more firms assigning independent Sharia assurance the trends of Sharia audit services are likely to grow to new heights in the future. Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau said, "Helping MedGulf achieve its strategic transformation goals in light of Sharia compliance is an important area of focus for SRB." "We're delighted to be chosen by MedGulf to support the firm in its drive to enhance Sharia compliance using international best-disciplines through our Sharia audit practice."
Commenting on the Sharia audit service Yasser added "It has taken us a lot of time and resources to continuously upgrade our Sharia audit assurance service." "We have worked for years to create a comprehensive service which caters to different pillars of the insurance companies."