Sulaiman Hilal, CEO of Sanad Cooperative Insurance Company, has announced the appointment of new executive management leadership.

Muayad Abdul Karim Obaidat, who has extensive experience in financial management, particularly in the field of insurance in Saudi Arabia, has been appointed the new CFO.

Additionally, Majed Ayed Al-Joaid, who is qualified in several disciplines within the legal field, and has valuable legal experience in the insurance sector, has been appointed the chief compliance officer (CCO).

Abdullah Saleh Alshubaili, who is certified from the Institute of Internal Auditors (IIA) and has worked in this field with prominent Saudi companies, is now the head of internal audit.

These new appointments were made shortly after two earlier additions to the management team, including Atef Ahmed Ali as chief operating officer (COO) and Rima Fahd Al-Meshaal as HR manager.

These appointments were part of the ongoing reforms which have received endorsement from the Saudi Arabian Monetary Agency (SAMA), which recently granted Sanad a conditional approval for rights issue request to increase its capital from SR200 million to SR400 million. BMG Financial Group was appointed as the financial adviser and arranger for the rights issue.