The Company for Cooperative Insurance (Tawuniya), the Islamic insurance operator in Saudi Arabia, has signed an agreement to use Thomson Reuters PORTIA, a 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.
Ali Al Subaihin, chief executive officer at Tawuniya, said: 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.
Christy Bremner, global managing director of PORTIA, Thomson Reuters, 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.
(JDC)