SHMA has been a commendable partner in our IFRS 17 journey. They have been simplifying the complexities of the new standard for all stakeholders at every step of the way. They worked with all of our teams including Actuarial, finance, underwriters and even IT to understand the constraints and to provide practical solutions for achieving a successful implementation.

SHMA has done an extraordinary job in helping the company meet its IFRS 17 requirements and complying with the transition in 01-Jan-2023. They have been instrumental in the successful delivery of our IFRS 17 requirements at different phases of our journey – from assessment, design, and implementation – as well as providing knowledge transfer to all stakeholders and the promise of post-implementation support. As a Takaful company, it is more difficult to interpret and implement the new accounting standards because of the unique Hybrid Wakalah-Mudarabah business model. For this, we are greatly thankful and fortunate to have SHMA as our partner because of the technical expertise of its team, and more so for its huge representation in the AAOFI (Accounting and Auditing Organization for Islamic Financial Institutions) and the IFRS 17 working groups of the insurance regulating body of the UAE (CBUAE).

On behalf of our Company, we would like to express our appreciation for the invaluable support throughout the IFRS-17 transformation project. SHMA and your team has been an instrumental part of the IFRS-17 project, from the initial stages and throughout all the achievements and milestones. The SHMA team has been immensely supportive and responsive throughout this complex transformation. We appreciate how your team worked closely with the Actuarial, finance, IT and all concerned departments to streamline our objectives, ensure timely deliverables, and provide the needed solutions to overcome challenges, as we successfully continue the implementation.

SHMA has provided a great service to help us trying to understand IFRS17 concept and coming with practical solutions. They were able to provide support swiftly upon request. Shiraz and his team were able to work with the Actuarial, Finance and IT team without any complication. Their knowledge on data and IFRS17 has been a great help to push forward on the IFRS17 project.