Measuring Shariah Compliance in Senior and Subordinated Bonds

Measuring Shariah Compliance in Senior and Subordinated Bonds

Initial Coin Offerings (ICO) are an innovative way to raise funds by issuing tokens through block-chain technology. The issued tokens can vary widely in their design and function. In theory, a token holder can gain a share in equity, have rights to access as service or utility, have a claim on an asset or have entitlement to profits or payments…Learn More

Reimagining Coco Bonds with Shariah values

Reimagining Coco Bonds with Shariah values

Coco bonds are different to regular convertible bonds in that the likelihood of the bonds converting to equity is “contingent” on a specified event. They carry a distinct accounting advantage as unlike other kinds of convertible bonds, they do not have to be included in a company’s diluted earnings per share until the bonds are eligible for conversion…Find Out More

The Shariah factor in Cryptocurrencies and Tokens

The Shariah factor in Cryptocurrencies and Tokens

Cryptocurrencies have become a buzzword across the world. The potential financial returns from cryptocurrencies have attracted Muslim investors, whilst the opportunity to raise funds by issuing tokens has attracted Muslim entrepreneurs and developers. The key question which is continuously being asked is the Shariah compliance of cryptocurrencies and token sales. … Read More

Decoding compliance of an iconic offering (ICO)

Decoding compliance of an iconic offering (ICO)

Initial Coin Offerings (ICO) are an innovative way to raise funds by issuing tokens through block-chain technology. The issued tokens can vary widely in their design and function. In theory, a token holder can gain a share in equity, have rights to access as service or utility, have a claim on an asset or have entitlement to profits or payments…Discover More

Ijara Company Kyrgyzstan to unlock growth in leasing sector with new Sharia Advisor

Ijara Company Kyrgyzstan to unlock growth in leasing sector with new Sharia Advisor

Ijara Company Kyrgyzstan (“ICK”), the Islamic leasing flagship of Kyrgyzstan, has hired global Sharia Advisory firm Shariyah Review Bureau (“SRB”) to manage its Sharia certification and Sharia supervisory structure in line with international practices.

ICK offers its customers leasing facility (Ijara Muntahia Bitamlik).  As an IDB funded company, ICK is supported by ICD’s more than 30 year history as the trusted leasing company to deliver services for SME financing support in Kyrgyzstan. Ulan Satyvaldiev, Chief Executive, commented, “ICK is a growing leader of the Kyrgyzstan’s leasing and financing market since 2015. To continue this growth, we have decided to invest in our Sharia compliance infrastructure by hiring Shariyah Review Bureau.” “We keenly look forward to bringing their Sharia advisory expertise and Sharia audit capabilities to our market on a managed basis. We will be leveraging on their proficiencies, which allows for dynamic and rapid certification deployment so as to effectively support our  new products and risings client demands.”

Shariyah Review Bureau offers financing companies with enterprise-grade Sharia solutions helping them uncover operating efficiencies in Sharia compliance management by lowering their overall cost of Sharia Board management, reduce fee leakage for ad-hoc consultation and improve Sharia auditing and Sharia compliance reporting. This has allowed not only financing companies but dozens of banks, and Takaful companies to focus on their businesses, and save cost.

“Outsourcing Sharia advisory services has become a critical resource in rapidly-evolving Islamic financial markets. It is often the most efficient way to upgrade or maintain Sharia compliance functions” stated Yasser S. Dahlawi, CEO of SRB. Speaking on the new engagement in Kyrgyzstan he added “We look forward to working with ICK, and manage their entire Sharia compliance lifecycle efficiently and transparently.”

Murabaha Capital to build new connections with Capital Financing Platform

Murabaha Capital to build new connections with Capital Financing Platform

Murabaha Capital, a platform set-up to address the funding needs of SMEs, invoice financing and consumers in a Sharia compliant way, today announced the assignment of Shariyah Review Bureau (SRB) as its Sharia Advisor.

 The platform of Murabaha Capital envisions the simplification of the process for both lenders and borrowers allowing the latter to showcase their growth, portfolio and financial health to multiple investors at the same time without having to chase them. As part of its capital introductory service, the platform aims to process SME applications faster than traditional measures thereby allowing Islamic banks and financing companies to identify and connect with credit worthy businesses. This will be an important step in the evolution of the industry and is expected to be welcomed by Islamic banks who require superior diligence in credit screening, liquidity control and transparency. Murabaha Capital aims to help these banks save overhead costs in originating prospects and respond quickly to financing needs, save money, and deliver innovative services. Using modern-day Peer 2 Peer cloud-based technology the platform aims to handle complexities of managing the entire online marketplace Murabaha cycle from online origination to servicing and managing multiple investor portfolios.

“With the changing environment of banking primarily due to fintech-driven shifts, the market for Islamic finance servicing is poised to see disruption” said Abbas Hijazi, co-founder of Murabaha Capital “it is for this reason that we are seeing an increasing demand for digital based trading and lending in the Islamic markets.” Commenting on the assignment of  SRB he added “We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive international Islamic investors and businesses to generate new opportunities in the marketplace compatible to their faith based values.”

SRB will supervise the platform and provide comprehensive Sharia guidelines for trading assets using Murabaha modalities. It currently offers an international Sharia advisory service, providing consistent, quality assured, Sharia certifications and Sharia audits to establishments around the world. Its capabilities span the entire Sharia compliance value chain with holistic Sharia advisory solutions, and product assessment customized to the needs of the financial institutions it serves.

In response to the assignment, Yasser S. Dahlawi, Founder and CEO of SRB commented “High quality Sharia advice and certification services are critical to our business and we are ready to deliver what’s required to support the future ambitions of the users of Murabaha Capital.” He added, “we will ensure that the people and institutions using the platform have assurance and access to  the levels of expertise required for attaining Sharia compliance in their business facilities.”

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