Saudi insurer Enaya to offer Sharia-compliant policies

05/07/2017 07:47 AST

Saudi Enaya, a leading provider of health insurance products and services in the kingdom, said it has joined hands with Shariyah Review Bureau, a global Sharia Advisory firm with an attractive client base from multiple industries and across many geographies, to offer Sharia-compliant value creating policies.

"Sharia compliant products is a strategically attractive proposition that creates significant value for our shareholders and policyholders," remarked CEO Lee Shurey.

"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," stated Shurey.

"Offering services that cater to our customers faith and value based needs provides a tremendous opportunity to strengthen Enaya's position in the region," he added.

Enaya said that more than three years ago it had identified Islamic cooperative insurance as a major potential to heavily attract society and the economy.

Moneer Brembali, the human resources director at Enaya, said: "Over the years, we have undertaken several initiatives on behalf of our customers health insurance needs. Our agreement with SRB is yet another demonstration of our strategy to cater to the kingdom's Islamic insurance developmental needs."

"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," noted Brembali.

SRB is a Sharia Advisor which currently serves 24 per cent 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, he added.-

Trade Arabia