Strong economic growth, supportive government regulations and favorable demographics across the Middle East have fueled the insurance industryâs expansion across the region in the past decade. 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.
Ali Al Subaihin, chief executive officer at Tawuniya, said: âWe 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.â
Christy Bremner, global managing director of PORTIA, Thomson Reuters, said: âAs 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.â
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 totaling more than US $10 trillion.