Corporate governance at United Cooperative Insurance Company represents a comprehensive system of policies and procedures based on the principles of transparency, integrity, and accountability. This system aims to protect the interests of shareholders and ensures the commitment of all company employees and senior management to the relevant regulations and governance frameworks. Good governance practices are not limited to regulatory compliance alone but also stem from an institutional culture that reinforces values of honesty and credibility in all dealings. Governance principles are reflected in the process of setting objectives, monitoring risks, evaluating performance, making operational and strategic decisions, and governance’s pivotal role in enhancing sustainability and institutional excellence. UCA applies best practices in this field across all company levels, internally and externally, reinforcing its position in the insurance market and ensuring performance efficiency while achieving long-term goals.

Executive Committee.

Composed of 3 to 5 board members, this committee is tasked with overseeing the implementation of the approved strategic plan, monitoring company performance, making recommendations on the budget and business plans, and supervising risk management within its authorized powers.

Audit Committee

Comprising members from within and outside the board (3 to 5 members), this committee specializes in reviewing financial statements and evaluating the effectiveness of internal and external audit systems. It ensures adherence to ethical standards, policies, accounting systems, and financial controls.

Nomination and Remuneration Committee

Responsible for recommending the nomination of board members according to approved standards and conducting periodic assessments of the board’s structure. It also reviews policies on remuneration and compensation for senior executives, ensuring the provision of appropriate competencies and experiences.

Risk Committee

This committee contributes to assessing the risks the company may face and monitoring the levels of exposure, including financial, operational, and strategic risks, as well as reputation risk, liquidity, and credit risk. It also makes recommendations on appropriate policies and procedures for risk management.

Investment Committee

This committee is responsible for making recommendations regarding investment plans, asset allocation, and the selection of investment opportunities that achieve appropriate returns, in accordance with approved policies.

Our customer service center operates Sunday to Thursday, from 8:00 a.m. to 4:00 p.m. You can also reach UCA is fully committed to ensuring all activities and products comply with Islamic financial regulations, as set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The company works with Dar Al Sharia, an independent Sharia review firm, to audit, structure, and certify products and practices.

Sharia Governance

As a licensed company subject to supervision by the Saudi Central Bank (SAMA), we commit to applying the requirements of Sharia governance, including forming an independent Sharia committee and activating mechanisms for reporting, auditing, and Sharia compliance. Within this framework, a Sharia review team has been appointed to undertake tasks supporting the implementation of best Sharia practices through managing Sharia discussions, product structuring, issuing Sharia reports, and coordinating with various departments to enhance compliance. The team’s duties include:

• Establishing a comprehensive Sharia governance mechanism and appointing a qualified, independent Sharia committee.
• Reviewing and approving activities and products according to Sharia committee decisions.
• Supervising auditing and ensuring Sharia compliance, guaranteeing efficiency and effectiveness.
• Supporting the development of new products aligned with Sharia standards.
• Disclosing risks related to non-compliance with Sharia standards and supervising the purification of income.

This cooperation reflects our commitment to strengthening transparency and full compliance with Sharia standards across all company activities.

The Sharia Committee

In line with the requirements of Sharia governance, two highly qualified and experienced members were appointed to the Sharia committee:

• Mufti Faraz Adam
• Mufti Irshad Ahmed Ijaza

The Sharia committee operates with full independence and performs its duties according to approved standards, issuing decisions that ensure the company’s activities comply with Sharia regulations.

About Dar Al Sharia Review

Dar Al Sharia Review is a specialized institution comprising more than 37 Sharia advisors holding high qualifications from various Islamic jurisprudence schools and over 16 countries worldwide, including Saudi Arabia, Bahrain, UAE, Malaysia, Pakistan, the United Kingdom, Germany, and Russia. Dar Al Sharia is licensed by the Central Bank of Bahrain and has been serving the Islamic financial sector for over 20 years, providing professional tools for Sharia review and auditing. For more information about Dar Al Sharia and its services, please visit:

The Compliance and Governance Department at United Cooperative Insurance Company is keen to strengthen the principles of integrity and transparency by providing dedicated and secure channels for reporting any potential violations. The company has established channels that guarantee the full confidentiality of information, accessible to all employees and stakeholders, which include: Phone: 0122609200 ext. 2765 Email: SpeakUP@uca.com.sa The reporting policy adheres to the company’s regulations and procedures applicable in financial institutions, ensuring the protection of whistleblowers, the confidentiality of information, and the processing of reports according to a precise and fair mechanism.