Saudi insurer Malath to capture greater efficiencies in managing Sharia Compliance

Malath Insurance, Saudia’s leading insurance company, announced today the assignment of Shariyah Review Bureau (SRB) a leading Sharia Advisory firm focused on Sharia Boards, certification and Sharia audit services, to help maintain and supervise Sharia compliance of its products, operations and investments.  
Malath offers comprehensive solutions covering classes of insurances like property, engineering, construction, health and medical for its retail and corporate customers in the Kingdom.  It currently has about 336 employees and 5 offices throughout the country. "Malath continues to grow at a significant pace and we see excellent insurance opportunities in the Kingdom," said Fawaz A. Al Hijji Managing Director & CEO of Malath. “The influx of cooperative insurance programs we have seen over the past few years has helped double our capacity and strengthen our capabilities required to meet more of our customer’s Sharia compliant insurance needs.”

Speaking on the newly assigned Sharia Advisor, Fawaz added "Bringing Shariyah Review Bureau on board to supervise our Sharia compliance affairs will further strengthen trust in our stakeholders and also give us significant scale with low input costs for certifying and auditing Sharia compliant products and investments."