Sberbank of Russia to Expand Capabilities in Islamic Financial business

Sberbank of Russia to Expand Capabilities in Islamic Financial business

Sberbank, the largest bank of Russia, today announced receiving the certification for its Mudaraba Finance transaction from Shariyah Review Bureau (SRB).

Sberbank, based in Moscow, is responsible for providing wide selection of banking services from deposits and to loans to bank cards, money transfers, bank insurance and brokerage services including supply chain finance solutions. The bank helps organizations optimize their working capital, reduce costs and mitigate financial risk.  It currently has 16 thousand branches in all 83 constituent entities of the Russian Federation.

“We are committed to listening to our customers’ needs and helping them achieve what they want,” said Behnam Gurbanzada Counsellor to the Deputy Chairman. “Offering Sharia compliant products is another great way of showing how we care for our customers and helping them improve their business in light of faith based principles.” Speaking on the engagement of Shariayh Review Bureau, he stated, “their decade’s worth of experience in Sharia structuring and certification is a welcomed opportunity for our bank” “their extensive knowledge in Mudaraba and leasing development, Islamic financial working capital solutions has helped us to ensure our customer’s receive the Sharia compliant solutions they need to compete and maximize value in the Russian economy.”

Following the Sharia certification of their first transaction, Sberbank has also reaffirmed that it will remain fully committed to Sharia compliant financial activities for its customers. The bank expects to continue making more Islamic financial deals in the Russian federation, provide Islamic liquidity and offer leasing support to all its customers and institutions seeking Sharia compliant solutions.

SRB will continue to supervise the transaction on a periodical basis and ensure the transaction adheres to Sharia compliance standards. “Banks around the world are continually looking for ways to engage in Sharia compliant transactions, as customers show clear interest in receiving Islamic financial services from their local banks” said Yasser S. Dahlawi, CEO and Founder of SRB. “We believe SRB has a unique set of expertise and solutions to help these banks bring Islamic financial products and services customized to their local needs and regulatory developments and deliver highly targeted products at scale.” “We will continue working hard to review and supervise Sberbank’s transaction and sharing best practices of the Sharia complaint marketplace.”

SRB has succeeded by building a scholarly platform covering 16 countries that delivers intelligent insight on Sharia compliant affairs, as well as delivering review and certification service with quick turnaround times. “Over the years we have developed innovative tools to help design, build and solve financial challenges in light of Sharia” added Mansoor M. Ahmed, AGM at SRB, “we continue to tailor our Sharia Board and Advisory services to meet the needs of the banking community, which is a significant and growing customer segment of our client portfolio,” “Licensed by central bank of Bahrain, wide-pool of Sharia scholars covering 16 countries, quick turnaround in reviewing documents, direct access to experts, in-house team of Sharia Auditors set us apart in the Sharia Advisory industry and, more importantly, deliver a great experience to banks like Sberbank.”

About Sberbank
Sberbank is the largest bank of Russia and the leading financial institution in the country, which plays a key role in facilitating the country’s integration into the global economy. The atlas of Russian banking sector, Sberbank holds almost 35% of the total banking assets and is the key lender to the national economy and the biggest deposit holder in Russia. Sberbank services more than 135 million individual customers and more than 4 million corporate clients in 20 countries. The largest distribution network of Sberbank consists of almost 17,000 branches in Russia and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.

 

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Muhsin Jeena, Head of Regional Business – MENA & SEA, Old Mutual Investment Group (Pty) Ltd 

“I sincerely believe SRB has shifted the dial in the Shari’ah Advisory / Shari’ah Compliance space globally. The manner in which SRB has managed to institutionalise an extremely challenging environment with many diverse opinions – is truly commendable.”

First Sharia Compliant Peer to Peer Platform receives DFSA regulation

First Sharia Compliant Peer to Peer Platform receives DFSA regulation

Beehive P2P Ltd recently announced the regulation of its Sharia compliant peer to peer finance platform by the Dubai Financial Services Authority (DFSA). As part of the regulatory requirements, it has appointed Shariyah Review Bureau (SRB) to supervise the Sharia Supervisory Board, Certification and Sharia Audit functions for its P2P Islamic platform.

“Beehive’s deepening commitment to the Middle Eastern region relies on our people and proprietary technological platform. Obtaining DFSA regulation of our Sharia compliant P2P financing model is a primary example of the investment made by Beehive to provide regional clients with locally relevant Islamic investment opportunities while effectively facilitating financing to SMEs,” said Craig Moore, Founder and CEO, Beehive.  “Islamic financing is a core component of our business and is ideal for small and medium sized businesses that want to secure fast and affordable finance in compliance with their faith. We are confident that the new regulation by the DFSA and partnership with SRB, will enhance our Sharia processes and maximize our Sharia compliance visibility.”

Peter Tavener, CFO of Beehive stated that “We’re excited about opportunities to work with larger Sharia compliant businesses and even government agencies. There are big opportunities for investors in the region to become more productive and more efficient in their investment. But the true value will come from large scale financing opportunities such as those of Enerwhere and Coffee Planet, both AED 1m investments,  that enables both investors and businesses to unlock the advantages offered by SME financing.

Now in its 12th year, SRB focuses on setting up Sharia Supervisory Boards, Certifying Funds and transactions – including screening and auditing equities from a Sharia perspective. For clients it’s as simple as outsourcing all Shari’a compliance related functions and regulatory mandates to one institute. Clients receive reports and regular feedback detailing the progress of the review, certification and Sharia Audit pertinent the client’s specific goals.

“Our clients benefit from quicker navigation in light of Sharia, dynamic support and in-house scholarly capabilities. SRB is the only licensed Sharia Advisory institute with 29 scholars from 15 countries covering the world’s major Sharia compliant markets” said Yasser S. Dahlawi, Founder and CEO of SRB.

“We know dynamic clients like Beehive are on a course of huge growth, and we are right here with them, offering direct access to Sharia scholars and daily guidance they need to operate their Sharia compliant investment goals” “We are continually developing our capabilities to better serve clients and to make their business lives easier.” Commenting on Beehive, Yasser added, “we look forward to continuing our Sharia Advisory engagement with them, providing reliable, responsive, Sharia expertise that deliver great value to Islamic investors and SME’s alike.”

GLFL to expand its Sharia compliant financing business

GLFL to expand its Sharia compliant financing business

Gulf  Lifting Financial Leasing (GLFL), a regional provider of leasing and financial services, today announced that it has engaged Shariyah Review Bureau (SRB), the largest Sharia Advisory firm in the Kingdom of Saudi Arabia, to facilitate the management of Sharia compliant certification and practices across their leasing products and portfolio accounts.

“Sharia compliant way of leasing is a simple yet powerful way to connect with our customers while adding efficiency to our offerings,” said Anan  Hammodah, CEO for GLFL. “We are proud to be at the forefront of developing innovative Islamic solutions that will cater to our customers faith based needs while allowing our clients to benefit from the Islamic financial transparency of a wide variety of products.”

GLFL was established in 1995 and is currently in the process of obtaining Saudi Arabian Monetary Authority license after converting it’s statues from limited liability to closed joint stock company. As one of the first leasing companies to develop innovative financial offerings, the company has on-boarded a number of institutions – from large constructions companies to small family businesses. “GLFL is one of the largest in the Kingdom, serving small and medium enterprises across Saudi Arabia” said Mohamed Nazimudin, CFO at GLFL. “We continue to work with clients of various sizes and degrees of complexity to solve their ever arising financial needs and requirements” “By adopting our solutions, our clients will have the ability to opt for financial leasing framework within the parameters of Sharia.” Commenting on the assignment of SRB, he added “Outsourcing Sharia Advisory function will help us achieve quality, accuracy, and assurance in our Islamic financial programs. They [SRB] provide services and experiences that exceed local knowledge, and this will enable us to build better, successful and meaningful products  for our customers’ needs.”

As the Sharia Advisor, SRB will serve as GLFL’s enterprise programs in Saudi Arabia. It will work across the company to help deliver a wide range of Sharia review services including overseeing investments, financial activities, product structuring, Sharia Certification and ongoing Sharia supervision.

SRB is widely considered a leader in Islamic financial markets, providing innovative Sharia Advisory and Sharia Audit solutions to clients all over the world. “At SRB, we strive to provide our clients with not only the best services but also the Sharia advisory expertise that helps them modulate the right solutions to complement their business and customers objectives in light of Sharia,” said Yasser S. Dahlawi, CEO and Founder of SRB. “Our Sharia Advisory model combines expertise – including 31 scholars from 18 countries, review systems and certificate verification technology. We have a long history of operating in the Kingdom and delivering Sharia Board services to types of financial and non-financial institutions,” Yasser added.

Meet the new Italian mini-bond

Meet the new Italian mini-bond

Legal Advisory: Nctm Studio Legale Associtao

Italian mini-bonds allow SMEs to access debt capital market and expand their investments. Similar instruments are available in other European countries like the UK, Germany, France and Norway. But what if you could explore them with a Sharia compliant touch?

With augmented returns and equity capabilities, you’ll soon be able to experience Islamic mini-bonds in a whole new way. Working with NCTM, an Italian law firm, we’ve built a listed structure, with an investment course that secures capital activity with profit sharing capabilities. By mapping future incomes of private companies, the Islamic mini-bond is expected to help investors build more efficient schedules and maximize returns.  NCTM, is releasing the Islamic mini-bonds today designed specifically for each sub-sector.

Sharia compliant investments are coming to places that you might not expect. From manufacturing companies and distributors to retailers and exporters, Italian companies will now be using the power of Sharia structures to create more visibility in entirely new business areas. This is just the beginning of how you’ll be able to use Islamic mini-bonds to help companies build businesses for the next generation.

With innovative Sharia features, we hope that businesses and investors will have a happy and productive return in the new Islamic mini-bond of Italy!

Taajeer to maximize customer value with Sharia Compliant strategy

Taajeer to maximize customer value with Sharia Compliant strategy

Jeddah based Taajeer Co, offering distinctive financial services, has announced the assignment of Shariyah Review Bureau (SRB) to oversee its real-estate, machinery and vehicle trading business from a Sharia perspective.

Taajeer will typically invest in vehicle trading and equipment leasing that have strong potential to grow and stimulate the transportation and construction economy. “We are a dynamic start-up in the Kingdom that is seeking to address the challenges of the Islamic financing markets on a leasing scale,” says Abbas Alnahdi Chief Executive Officer of Taajeer. ” We are seeking to serve individuals and institutional players across the region with Sharia compliant financing allocation strategies and robust leasing capabilities. That’s why we have decided to mandate our Sharia Compliance operations to SRB and remain 100% focused on delivering solutions to multi-asset Islamic requirements both in terms of our regional positioning and our capability.”

Historically Sharia Certification and supervisory processes have been managed in-house. However, as the industry has grown rapidly, institutions are increasingly demanding faster and more accessible Sharia Advisory services for product development and cross-asset allocation investments.

With its exclusive focus on the Islamic industry, SRB is well positioned to provide Sharia consultation functionality to clients regionally and worldwide. SRB’s global scholarly platform enables clients to communicate directly with Sharia experts, and manage the entire lifecycle of the investment from conception to Certification and Sharia Audit cost-effectively.

“Outsourcing Sharia Advisory services is a valuable game-changing strategy that can help clients operate their businesses better, improve compliance to Sharia, generate more revenue and adapt quickly to shifting business dynamics” says Yasser S. Dahlawi, Chief Executive Officer of SRB. “The trend has vastly transformed Sharia Compliance’s role in the Islamic industry by making it extremely easy and productive to outsource the Sharia review functions that historically occupied most of the companies time and thus allow them to focus on deploying innovative investments that will actively position the business for growth.”

Establishments like SRB are the driving force behind Islamic business transformation. Therefore, many Islamic institutions are turning to them not only to seek specialized Advisory and Sharia Audit but also for Sharia guidance about product transformation.

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