AXA Cooperative Insurance to build new offerings for businesses and communities in the Kingdom

AXA Cooperative Insurance to build new offerings for businesses and communities in the Kingdom

AXA Cooperative announced today, the assignment of the Sharia Review Bureau as its independent Sharia Advisor, as the insurer prepares to roll out selected Sharia compliant insurance solutions to individuals and businesses in the Kingdom of Saudi Arabia.

AXA Cooperative has been serving the Kingdom for over 30 years, with a nationwide network of shops, branches, and call centercommitted to serving individuals and corporates across Kingdom of Saudi Arabia. saidGary Lewin, Chief Executive Officer at AXA Cooperative Insurance. He added, “One of the most prominent trends we’ve seen in the Kingdom is the demand for Sharia compliant solutions in the management of insurance risk policies. Our offerings will provide opportunities for businesses and communities with diverse interests and faith based needs.” “We continue to differentiate ourselves by our capacity to innovate and customise our solutions to meet the needs of our customers in the region,” concludes Gary.

Babar Ali Khan, CFO, at AXACooperative notes, “Our proven risk-based approaches, transformational focus on customer needs and commitment to innovation will allow us to deliver solutions to address our customers’ business challenges in a Sharia complaint manner – from Retailto Corporate insurance to comprehensive services to cover specific strategies for SME’s and businesses.” Speaking on the assignment of SRB, he added “I am confident that their wealth of cooperative insurance experience, reach, scale and track record in the Kingdom will help us gradually expand our insurance offering to more and more customers in the Kingdom.”

 

SRB is an established Sharia Advisory firm which serves 24% of the Cooperative Insurance market in the Kingdom of Saudi Arabia. It empowers organizations by outsourcing their Sharia complaint needs, from setting up Sharia Supervisory Boards to Certification, product structuring and Sharia Audits. “AXA Cooperative Insurance is another attractive addition to our portfolio of clients as we continue to expand our services in the Kingdom where we aim to be the market leaders in providing value-added Sharia Advisory solutions to reputable brands and high quality companies like AXA,” said Yasser S. Dahlawi, CEO and Founder of SRB. “We are witnessing significant opportunities in the domain of outsourcing Sharia Compliance functions by institutions in the Kingdom” he concluded.

Bringing new businesses to life

Islamic Wholesale Bank: Bank of Khartoum International

Every journey we take with our clients is unique. The products, services and business lines we certify and oversee tells us a great deal about who our clients are and what they care about.

One such inspiring client is BOK International who has recently outsourced its Sharia Advisory Committee to us. The Bank takes pride of 100 years of service to the people of Sudan with offices in 3 countries around the world. In a series of fascinating product reviews and investment certifications, we’re learning more about the origins of Islamic Financial movement in the country. We’re also beginning to see how they are customizing business lines in Bahrain to revitalize your Islamic banking experience. With trending insights in the world of wholesale banking BOKI is seeking to gain traction across the Kingdom, getting deeper into capabilities you truly care about and services that bring news businesses to life.

No matter what your business is, we hope you’ll explore the growing trend of outsourced Shari’a Advisory services and help shape the future of the field.

We are happy to have you continue to share this journey with us!

BOK International reinvents Sharia Advisory Committee to capture the Future of Islamic Banking

BOK International reinvents Sharia Advisory Committee to capture the Future of Islamic Banking

BOK International (BOKI), a leading Islamic wholesale bank in Bahrain, today announced the assignment of Shariyah Review Bureau (SRB) to help setup, manage and administer the Sharia Advisory Committee for its Bahrain office.

“Bahrain is a strategic focus country for BOKI and we are excited to outsource our Sharia Advisory Committee function to SRB who is also based out of Bahrain and licensed by the Central Bank of Bahrain.” said Nabeel Ebrahim Al Tattan, CEO of BOKI in Bahrain. “We serve our clients locally and regionally and with the expertise of SRB we can enhance our products and services to meet the demands of particular regional markets. We are excited to offer a full service platform including the delivery of corporate, treasury and investment services to clients in and outside the Kingdom of Bahrain” Nabeel added.

Ahmed Darwish, Chief Financial Officer of BOKI said: “Bahrain is the world’s most developed Islamic financial market and a strategic priority for our wholesale banking business. The assignment of SRB is one demonstration of our commitment in this Islamic hub and we look forward to working closely with them and the assembled scholars of the Committee to accelerate the growth of our bank.” “As our product and services demand continues to grow significantly in the region, SRB’s regional footprint and expertise will provide us the opportunity to grow dynamically and enhance our offering for customers.”

SRB is the first Sharia Advisory institute to be licensed and regulated by the Central Bank of Bahrain. Over the last 12 years, it has developed into an international leader in Sharia consulting, outsourcing Sharia Board services and Sharia Audit functions. SRB currently serves clients in over 18 countries.

“As more Islamic financial institutions decide to outsource their Sharia compliance needs, we are positioned to offer them more sophisticated options and solutions for their Sharia Board’s, internal Sharia Audit and Sharia review needs,” said Yasser S. Dahlawi, CEO and Founder of SRB. “The team we have on the ground in Bahrain is experienced in dealing with Islamic banks, Islamic insurance companies and asset management segment of the market that SRB is known for globally.” Speaking on the assignment of BOKI, he added “We are delighted to welcome BOK International as one of our prestigious client’s. Their commitment to employing our outsourced Sharia Committee framework is welcome news and clearly demonstrates how outsourcing is moving into the mainstream banking market.”

Globally, SRB delivers tailored Sharia review and certification solutions that help develop, build and grow Sharia complaint transactions. At the core of its offering is a highly customized, service-intensive approach in which its dedicated team of in-house experts and external network of 31 scholars serve as a focal point for delivering the full capabilities of Sharia Advisory and Sharia Certification to its clients.

“We are seeing increasing demand from more and more clients in the region for better, faster and cost-effective approaches for Sharia Board facilities which also have a positive impact on the organization,” said Mansoor M. Ahmed, AGM of SRB. “To meet that demand, we are committed to offering broad access to innovative Sharia Advisory solutions customized to each bank.” “We’re also thrilled to be working with BOKI and helping them expand their products and services in the region while giving direct access to scholarly resources they need to grow and scale their Islamic wholesale banking business.”

SRB’s network of international scholars are spread over all major Sharia compliant markets while its unique outsourcing framework helps integrate Sharia scholars and Sharia Reviewers into IFI’s Sharia compliant practices. These arrangements are aligned with central regulator’s mandates and values and tailored to each organization’s strategy, Sharia compliance approach and resources.

Zaman Bank receives Islamic  banking license to operate in Kazakhstan

Zaman Bank receives Islamic banking license to operate in Kazakhstan

With the combined capacity of its Ekibastuz based team and Shariyah Review Bureau’s expertise, the bank is well positioned to become one of the largest Islamic Banks in Kazakhstan to 2021.

Zaman Bank is pleased to announce that on 17 of August 2017 it has been licensed by National Bank of Kazakhstan for serving Islamic banking products in the country. The license, second of its kind to be granted in the Republic of Kazakhstan, will enable Zaman to offer a comprehensive range of customized Islamic banking solutions, including taking corporate deposits, and offer Sharia complaint loans and advances to corporate entities, government and semi-government institutions.

“It’s a momentous day for Zaman Bank” said Ms. Elena Gupalo CEO of Zaman-Bank. “Obtaining our Islamic banking license is a major milestone for us, and we will relentlessly work to further expand our product line for our retail and corporate customers,” “We have made key capital investments that now enable us to rapidly deploy our Shariah compliant services in the most consistent and efficient manner.” Speaking about Shariyah Review Bureau she said “The support we have received from them has given Zaman-Bank a huge boost and it has enabled us to develop innovative and robust Shariah compliant products for our customers.”

Zaman-Bank currently officially renamed to JSC Islamic Bank “Zaman-Bank” and has 1 branch in Almaty. Headquarter based in Ekibastuz city of Pavlodar region. The Bank has anchored its presence in the country since 1991. DiarSmagulov, Deputy Chairman said “We are pleased to be in a position to offer Shariah compliant banking capabilities to our regional and international clients.” “We will continue to broaden our suite of Islamic offerings and bring our expertise to our local clients and support their future business needs.”

Shariyah Review Bureau is a leading Shariah Advisory firm, it is well-regulated by the Central Bank of Bahrain, and has the most diverse and sophisticated network of Shariah scholars, and is widely considered as an ideal base from which financial businesses can grow and expand their operations.

Yasser S. Dahlawi, CEO of Shariyah Review Bureau said: “We are confident of delivering our Sharia Advisory services to Zaman-Bank and help support their strategic affluence and banking activities in a Sharia compliant way. The ability to easily access key tenets of investment knowledge in a Shariah- compliant manner is critical to enabling banking institutions like Zaman-Bank and to continually improve the quality and efficiency of their products.” Speaking on the potential of the country he added, “Kazakhstan’s position in the region serves as a strategic economic hub, with immense opportunities for Shariah-compliant investment and wealth for both individuals and businesses.”

Foursan Group Launches Islamic Private Equity Opportunity Fund

Foursan Group Launches Islamic Private Equity Opportunity Fund

Foursan Group, a leading MENA private equity investor, today announced the assignment of Shariyah Review Bureau (SRB) for reviewing, certifying and supervising its private equity Islamic Fund with a multi-country, multi-sector Middle East focus. The assignment will help deliver significant operating cost savings to Foursan’s Islamic Fund with a transformed Sharia supervisory screening architecture on which to build value added equity investments, targeted to generate attractive returns for investors.

The Islamic Fund will invest in emerging companies in a range of sectors to enhance their operations and provide them with new avenues for expansion. Nashat T. Masri, Founding Partner of Foursan Group, stated: “This is an ambitious equity acquisition program, one that is expected to achieve above market financial returns for our Sharia-compliant investors.” He added, “Our investment selection proposition for the Fund demonstrates the potential for innovative financial and equity structures in light of Sharia with new sources of opportunities for Sharia-compliant investments.”

Speaking on the assignment of the Sharia Advisor he stated “We’re delighted to welcome SRB as our independent Sharia Advisor. Their extensive experience in the Islamic industry and global footprint will help us ensure Sharia compliance in our private equity transactions, and will be a significant benefit to investors looking for Sharia assurances. Their regional track record as an outsourcing Sharia Advisory partner and deep expertise in managing complex private equity contracts are key factors in our decision to assign them.”

SRB will assume responsibility for reviewing, certifying and conducting periodical Sharia Audits on the Fund and its executed transactions. A central part of SRB’s commitment will be the ongoing delivery of a converged screening of private equity acquisitions in light of Sharia.

Yasser S. Dahlawi, CEO and Founder of SRB, said: “This assignment marks our ability to meet the needs of leading regional players like Foursan Group. Ambitious clients are increasingly looking to us to manage Sharia certification and ongoing Sharia supervisory processes of their investments.” Commenting on the equity market he added, “We see greater indications of the Islamic private equity market growing in size, scale and sophistication, which we hope will encourage more investments and attract new opportunities to the Sharia compliant market.”

Foursan Group Launches Islamic Private Equity Opportunity Fund

Foursan Group Launches Islamic Private Equity Opportunity Fund

Foursan Group, a leading MENA private equity investor, today announced the assignment of Shariyah Review Bureau (SRB) for reviewing, certifying and supervising its private equity Islamic Fund with a multi-country, multi-sector Middle East focus. The assignment will help deliver significant operating cost savings to Foursan’s Islamic Fund with a transformed Sharia supervisory screening architecture on which to build value added equity investments, targeted to generate attractive returns for investors.

The Islamic Fund will invest in emerging companies in a range of sectors to enhance their operations and provide them with new avenues for expansion. Nashat T. Masri, Founding Partner of Foursan Group, stated: “This is an ambitious equity acquisition program, one that is expected to achieve above market financial returns for our Sharia-compliant investors.” He added, “Our investment selection proposition for the Fund demonstrates the potential for innovative financial and equity structures in light of Sharia with new sources of opportunities for Sharia-compliant investments.”

Speaking on the assignment of the Sharia Advisor he stated “We’re delighted to welcome SRB as our independent Sharia Advisor. Their extensive experience in the Islamic industry and global footprint will help us ensure Sharia compliance in our private equity transactions, and will be a significant benefit to investors looking for Sharia assurances. Their regional track record as an outsourcing Sharia Advisory partner and deep expertise in managing complex private equity contracts are key factors in our decision to assign them.”

SRB will assume responsibility for reviewing, certifying and conducting periodical Sharia Audits on the Fund and its executed transactions. A central part of SRB’s commitment will be the ongoing delivery of a converged screening of private equity acquisitions in light of Sharia.

Yasser S. Dahlawi, CEO and Founder of SRB, said: “This assignment marks our ability to meet the needs of leading regional players like Foursan Group. Ambitious clients are increasingly looking to us to manage Sharia certification and ongoing Sharia supervisory processes of their investments.” Commenting on the equity market he added, “We see greater indications of the Islamic private equity market growing in size, scale and sophistication, which we hope will encourage more investments and attract new opportunities to the Sharia compliant market.”

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