Company Profile

The United Cooperative Assurance Company (UCA) is a Saudi joint stock company established in May 2008, where the company had started underwriting insurance business except Protection and Savings Insurance since January 2009 with a paid Capital of SAR 400 Million.

UCA had inherited the portfolio and the management of its main shareholder UCA Insurance Company who was active for over thirty five years in servicing the Saudi market and gained the experience in providing the insurance requirements for major companies and projects within the country.

The services offered by the company covers all insurance lines that the company is licensed for by the Insurance Authority which includes Property, Casualty and Accident, Liability, Medical, Marine Cargo and Hull, Aviation, Engineering and Energy Insurances.

The company is present through its Head Office in Riyadh and branches in all the main areas of the Kingdom of Saudi Arabia, and its services to the public are provided through our extensively trained and experienced employees who aim to provide our clients with excellent insurance services

Our Values

The core value for UCA’s success is measured upon a considerable number of clients selecting us for their belief in our ability to meet their expectations in terms of Price, Quality Service and Specialized Expertise. We aim for product and service excellence at all times.

Our fundamental values are offering environment with equal opportunities to our employees for further professional and personal growth. We believe in our work force, and we are inspired to work as a team towards the accomplishment of our goals.

Our essential value is conducting our business according to the highest norms of ethical standards, competence and integrity where we remain stable and reliable to perform to the best of our knowledge, skills and abilities amidst the challenges that constantly face us.

Our basic value is commitment which is a vital key to establish relationships with clients that we care for. We pride ourselves in keeping our workforce and clients well informed about relevant information through efficient communication and information systems that exceed the standard services.

Who We Are

Our Mission

Is to create an environment which promotes the development of young Saudi insurance professionals at the core while developing leading edge agile platforms designed around our clients and their needs. We aim to strengthen our partnerships with our regulators, intermediaries and world class reinsurers by embedding sustainable and transparent business practices.

Our Vision

To create the kingdoms most innovative, professional and sustainable domestic insurer.


The Board of Directors

Senior Management

Branch Managers

Corporate Governance

is the multidimensional relationship between the company’s shareholders, stakeholders, Board of Directors and top management. It is a corporate practice majorly driven by principles of transparency and integrity with the ultimate goal to protect Shareholders interest, guarantee efficiency of corporate regulatory compliance and safeguard against possible corporate abuse. Good corporate governance practices are not restricted to adopting the relative regulations and implementing internal policies, it also considerably depends on the goodwill and reliability of the company’s management. Corporate governance principles influence how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimized.

Our corporate governance structure represents our integrity and values, and encourages innovation, development and exploration. United Cooperative Assurance employs the best-known governance principles on all aspects of the company’s activities, both internally and externally.

This section aims at introducing the governance policies adopted in the Company and offers all parties having interest in the Company a real & fair insider vision on the best governance practices by the Company management. Potential beneficiaries include all those who have interests in the Company including shareholders, clients and staff.


Executive Committee

The committee is formed from 3 to 5 members of the board of directors and the board of directors determines its terms of reference and authorities, it’s the responsibility of the executive committee based on delegated authorities, monitoring the implementation of strategy and policies set by the board of directors and risk management and monitor the company performance, budget recommendation, business plan presented for the fiscal year and to ensure the extent on the implementation of board of directors policies.

Audit Committee

The committee consists of 3 to 5 members from the board of directors and outside, and this committee plays a fundamental and important role in assisting the board of directors to fulfill its supervisory duties with regard to the integrity of the company’s financial statements and the proposal to appoint the company’s auditors, follow-up and evaluation of the performance of disclosure controls and procedures, evaluation of the effectiveness of internal audit and External auditors and ensuring the adequacy of the company’s internal accounting systems and financial controls, compliance with ethical policies and legal and regulatory requirements, in addition to risk management and compliance and control activities.

Nomination and Remuneration Committee

The committee consists of 3 to 5 members of the Board of Directors and outside, the tasks of the committees are focused and specialties in recommending to the Board of Directors nomination for membership of the Board of directors in accordance with the approved policies and standards, and periodically reviewing the required needs of the appropriate skills for membership of the Board of Directors and its subcommittees, reviewing the structure of the Board of Directors and making recommendations regarding changes that can be made, ensuring on annual basis the independence of the independent members, linking the recommendation for appointment to the appropriate skills, capabilities and qualifications required, setting and reviewing remuneration and compensation policies for members of the Board of Directors and senior executives.

Risk Committee

The committee consists of 3 to 5 members of the Board of Directors and outside and is concerned with assisting the Board of Directors in fulfilling the responsibilities of supervising the risks inherent in the company business and assessing these risks.

Among its tasks and responsibilities is to review the company ability to manage and bear risks based on the analysis provided on the extent of risk management and the formulation of appropriate policies for implementation, reviewing exposures to significant financial risks and other exposures and steps taken to monitor, control and report on exposures including but not limited to related to risks ( market, credit, liquidity, reputation, operation and strategy).

Investment Committee

The committee consists of 3 to 5 members from the board of directors and outside, and it is concerned with assisting the board of directors in recommending to the board all matters related to investment, including asset allocation plans, the selection and development of investments in accordance with the rules and controls.

Alignment with the Sharia rules & guidelines

The United Cooperative Assurance Company (UCA) is keen to align its business and activities with the Sharia guidelines and rules for Islamic Financial Institutions issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Accordingly, the Company has engaged and assigned the “Shariyah Review Bureau” to review and evaluate the company’s activities, business, and products and to ensure its alignment with the Sharia guidelines.


As a licensed entity regulated and supervised by the Saudi Central Bank (SAMA), and in meeting this commitment, we are required to comply with general aspects of the Sharia governance requirements such as the establishment of a Sharia Committee, independence of pronouncement, administration of internal Sharia audit, Sharia control and Sharia reporting.

To achieve this, we have appointed Shariyah Review Bureau (“SRB”) to help us adhere to the best practices in the Sharia Governance. In this role, SRB will facilitate Sharia related discussions, product research, and Sharia reporting while working with the head of functions to augment Sharia principles and rulings at different levels of the organization. SRB will also help ensure that the members of the Sharia Committee operate with independence and autonomy and warrants effective decision-making and Sharia assurance practices.

Some of the specific requirements that SRB will support us on are:

  • Help establish a robust Sharia governance mechanism including the formulation and management of the Shariah Committee and liaising with them to ensure that all products and services are duly accredited and in line with the rulings of the Sharia Committee.
  • Assist in establishing a qualified and independent Sharia Committee, a competent Sharia audit resource, an effective Internal Sharia control function.
  • Coordinate with various departments, head of functions and taskforces on Shariah issues, and provide support during Shariah audits and Sharia control assessments.
  • Contribute to the development and enhancement of products and new offerings, coordinating with relevant stakeholders for feedback.
  • Ensure that all products and services offered by us are approved and certified by the Sharia Committee.
  • Supervise the internal Sharia audit to verify compliance with Sharia principles and standards.
  • Disclose relevant information to management regarding the Sharia governance framework, Sharia Committee rulings, product (non-compliance) risks, and purification of non-permissible income.


For the purpose of effective Sharia governance and supervision in alignment with the Sharia Governance, two renowned and qualified Sharia scholars have been assigned. The Sharia Committee independently issues pronouncements and these rulings are binding on the Company. The Committee also operates in accordance with the Sharia governance instructions and guidelines. The names of the Sharia Committee members are provided below:

  1. Mufti Faraz Adam
  2. Mufti Irshad Ahmad Aijaz


Shariyah Review Bureau (SRB) is a Middle East-based firm with an international scholarly platform of +37 scholars covering 4 major school of jurisprudences and spreading over 16 countries including Saudi Arabia, Bahrain, UAE, Malaysia, Pakistan, UK, Germany and Russia.

SRB is licensed and regulated by the Central Bank of Bahrain and has been serving the Islamic financial industry for almost 20 years and is committed to empowering Sharia compliance for businesses around the world.

To learn more about SRB and its services, please visit .

Reporting violations

The Compliance and Corporate Governance Department at United Cooperative Insurance is committed to providing channels for reporting violations. United Cooperative Insurance Company has provided several reporting channels that guarantee the confidentiality of data when submitting correspondence. These channels are available to all employees and stakeholders through one of the following channels:

Phone: 0122609200 Ext 2765

Shareholders Affairs Unit

The Shareholders Affairs Unit of the United Cooperative Insurance Company is specialized in providing shareholders’ services and answering their inquiries related to shares and profits data. You can contact the Shareholders Affairs Unit on the following numbers:

Phone: 012 2609200 Ext 2500
Fax: 012 6068622
Mail: P.O. B. 2041 Riyadh 11491