Finance & Insurance
Saudi Enaya, the Kingdom’s first-class provider of health insurance products and services, today announced its assignment of Shariyah Review Bureau, a global Sharia Advisory firm with an attractive client base from multiple industries and across many geographies.
"Sharia compliant products is a stretegiclaly attractive proposition that creates significant value for our shareholders and policyholders," said Lee Shurey, Enaya’s Chief Executive Officer. "Over the past several months, we have been undertaking customer-centric research and a thorough market review of the health insurance solutions in the Kingdom. We believe it is the right time to incorporate Islamic insurance business in line with our own health insurance policies after obtaining all the regulatory needed approvals.” Lee adds, “Offering services that cater to our customers faith and value based needs provides a tremendous opportunity to strengthen Enaya’s position in the region."
Enaya states that it identified Islamic Cooperative Insurance with the potential to heavily attract society and the economy more than three years ago. Moneer Brembali, Human Resources Director at Enaya, comments “over the years, we have undertaken several initiatives on behalf of our customers health insurance needs. Our agreement with Shariyah Review Bureau (SRB) is yet another demonstration of our strategy to cater to the Kingdom’s Islamic insurance developmental needs." He adds “SRB’s Sharia Review Certification expertise and unparalled Sharia Audit experience in Saudia’s cooperative insurance market will complement the knowledge and capabilities that we at Enaya are seeking."
SRB is a Sharia Advisor which currently serves 24% of the Saudi Cooperative Insurance market in the Kingdom. It comes to Enaya with a deep history in setting up Sharia Supervisory Board, Sharia Certification, and Sharia Audit solutions and an established record of innovation to expand and improve upon leading insurance practices.
"We’re building on our incredible foundation of Sharia Advisory solutions for the Cooperative insurance industry in the Kingdom. Increasing market demand for outsourced Sharia Board services and annual Sharia assurance functions like Sharia Audit is the catalyst in the value we deliver to our clients in the region," says Yasser S. Dahlawi . "Regulatory needs, combined with the ability to customize Shari’a Certification services with best-in-class Sharia Board functions has allowed us to further expand SRB’s leading position in the Kingdom by helping clients like Enaya respond to new challenges in maintaining and offering innovative Sharia complaint products and services.”