All Praise to Allah, and the prayers on his Messenger, his family and companions. I am pleased to welcome the visitors of the allied Cooperative Insurance Group (ACIG) website, and give them the profile, message and overview of the mission, vision and goals of the group.

Recently, for good luck, that the government of the Kingdom of Saudi Arabia has adopted the cooperative insurance approach to be the system of insurance business in the Kingdom, within the sphere of Islamic Sharia, taking in consideration the legitimate scientific bodies, Islamic jurisprudence assemblies and the Islamic scholars consensus in this age, confirming that the cooperative insurance is the legitimate alternative for the commercial insurance.

It is known that the insurance market in the Kingdom was not organized before the issuance of the related regulations, except the memorandum of association according to which the National Company for Cooperative Insurance was founded as a governmental company in the first instance and then became quasi-governmental private sector by selling some of its shares to the public.

Now the insurance sector in the Kingdom after the licensing of several companies had moved through a very important economic development and social dimensions , as the insurance sector moved from the purely commercial nature, to a cooperative nature, the Commercial aspect of insurance companies is limited only to achieve profit through the management of cooperative insurance portfolios, that means the funds shared by individuals and companies to form the portfolios, in order to protect risks , is not owned by the companies, but the company carry out the management for the benefit of those participants, therefore, the difference is essential, and the accumulation of billions of riyals over the years is representing a great wealth for the benefit of the whole society and not for the benefit of the company owners.

Therefore, the supervisory and controlling policy is playing a vital role in the success of cooperative structure of this sector.

the insurance sector in the Kingdom after the licensing of several companies had moved through a very important economic development and social dimensions , as the insurance sector moved from the purely commercial nature, to a cooperative nature.

For that reason the message of the group, aims to make our company as a national cooperative insurance one with an international standards, representing the goals of the share holders and participants in business, and it will manage the portfolios to achieve the security to its participants, and provide a proper work environment.

This message is released from the vision of the group as it is a company that provides administration services for the cooperative insurance portfolios, bound by the Sharia principles and the related laws, to achieve economic and social security for the society and its members.

In order to rooting the work of the Group in this modern financial sector, which requires enlightened Islamic jurisprudence and a progress in the practice within the field of Sharia rules, the company established a Sharia supervisory board headed by the scholar jurisprudent who having a great experience in contemporary jurisprudence, Sheikh Abdullah bin Bayyah, and the membership of two modern jurists Dr. Hani Abdel Shakur and Dr. Hassan Flemban.

The group has committed to be bound by the decisions of the international professional bodies, such as the body of accounting and auditing standards of the Islamic financial institutions, regarding the standards of accounting, auditing and discipline, which have been prepared very carefully to meet the requirements of the profession and the collective legitimacy opinion.

The founding shareholders, headed by the Islamic Development Bank, which is an international Islamic financial institution aimed at the societies development in the framework of the provisions of Islamic Sharia, looks with the public, who owns some shares of the group, looking forward to play a vital role in the management of the insurance portfolios for the benefit of the participants and to diminish their sufferance, and to face the perils which may hit the participants with the success granted by God.

Finally, Allah is behind the intent, and we trust in him, and from whom we are looking for the success and soundness.

 

                              Dr. Omar Z. Hafiz