Strong economic growth, supportive government regulations and favourable demographics across the Middle East have fuelled the insurance industry’s expansion across the region in the past decade, according to statement Tawuniya Insurance Company.
“Greater availability of Takaful insurance, an alternative insurance product based on Islamic law, and growth in Islamic financial products have led insurance firms to develop scalable, cost effective and transparent global investment operations,” the statement added.
Thomson Reuters announced an agreement with The Company for Cooperative Insurance (Tawuniya), the largest Islamic insurance operator in Saudi Arabia, to use Thomson Reuters PORTIA, the industry’s premier middle-to-back office investment operations platform. Thomson Reuters PORTIA will provide Tawuniya with a global solution to manage, analyze and report on their broad, multi-currency investment portfolio, mitigating risk and improving investment operations.
“We needed a flexible solution that could automate our growing global investment business, ensure Shariah-compliance and provide extensive reporting capabilities. Thomson Reuters PORTIA gives us an open, high-performance system that will allow us to streamline our day-to-day operations and maximize our investment portfolio,” Ali Al Subaihin, chief executive officer at Tawuniya, said.
“As the Middle East insurance market continues to grow, firms will require automated solutions that are both Shariah-compliant and meet global accounting requirements. PORTIA helps customers meet these challenges and drive operational efficiency, mitigate risk and cost effectively manage their increasingly complex middle-to-back office operations,” Christy Bremner, global managing director of PORTIA, Thomson Reuters, said.
Thomson Reuters PORTIA provides a broad set of middle-to-back office capabilities that allow investment managers to track and manage the day-to-day activity in investment portfolios required to support global accounting requirements. Offered on a deployed and hosted basis, the solution supports a broad range of functions including corporate action processing, internal, client and regulatory reporting, performance measurement and attribution and post trade compliance. Thomson Reuters PORTIA is the choice of investment managers in over 40 countries who manage assets totalling more than $10 trillion.