Abu Dhabi based BOK International Is Ready To Transform New Lines of Banking Products

Abu Dhabi based BOK International Is Ready To Transform New Lines of Banking Products

UAE based BOK International Bank (“BOKI”) today announced the assignment of Shariyah Review Bureau (SRB) as its Sharia Advisor, as it sets to launch new Islamic banking products in the country. Under the new contract, SRB will provide BOKI with Sharia Board, certification and Sharia Audit services for its products and new lines of businesses.

The agreement with SRB will help BOKI improve operational stability in light of Sharia, reduce cost associated with Sharia supervision and implement a Sharia framework with high levels of Sharia Advisory quality. SRB will manage all operations and investments in a Sharia compliant manner across UAE and other key locations of the bank.

BOKI is the second regional branch for Bank of Khartoum, the largest provider of Corporate, Retail, Micro-finance and Investment banking products in Sudan, operating since 1913. The newly  established UAE branch has been granted a full service commercial bank license by the Central Bank of the UAE. On this occasion Mr. Akram Elbaloula, Country CEO of BOKI in UAE, said: “We are led by a highly qualified, seasoned and focused team with exceptional banking experience and total commitment to comply with Shariah banking principles, with a focus on conducting international trade and commerce transactions benefiting from well-connected correspondent banking networks to facilitate treasury, trade finance business, and cash management banking services. More importantly, we look forward to actively contributing to UAE’s ambitious plans to become the center of Islamic finance globally.” Commenting on the assignment of SRB, he stated “We are pleased to assign SRB as our Sharia Advisor on this journey. Their capabilities demonstrates significant transformations for banking businesses and with their support we aim to deliver a world-class lines of products and services in a Sharia compliant manner to our users.”

Sharia Board services is a field that is experiencing drastic changes in the past few years and one of the major changes has been to outsource the functions and its services to institutions like Shariyah Review Bureau. More and more financial institutions around the world are outsourcing their Sharia Board and Sharia Audit functions in order to save costs and valuable resources of the entity.

Yasser S. Dahlawi, Founder and CEO of SRB said, “Outsourcing Sharia compliance helps entities in scalability” he added “the Sharia review and control processes leads to greater development with uniformity as the enterprise grows and further expands.” Speaking on the new assignment Yasser states “We are looking forward to working with BOKI and helping it transform and sustain its business in a Sharia compliant way.”

Imagine, explore and re-invent your future saving plans

Takaful Company: T’azur

The future of savings may well lie in people creating, imagining and exploring their own opportunities with Islamic finance—and perhaps most important of all, having fun while making their plans! Over the years, we’ve worked closely with institutions to build programs through mutual funds, ETF’s, and even vertical farming with a very friendly touch. Today, we’re unveiling our latest engagement—one that gives voice to your retirement plans and transforms savings into the future. It’s called t’azur.

With t’azur, individuals and corporate firms can narrate their own savings and retirement adventures, make legacy pots, and build protection benefits. Their Takaful policies are like an investment engine but with enormous wealth of knowledge, expertise and a research lab of financial investments to help inspire your savings and protection. Our objective is to create a Shari’a Supervisory Board and manage their policy structuring, and Shari’a supervisory functions.

Whether you dream of leaving a professional legacy for your family, a private saver, or just want to explore the boundaries of Islamic financial protection. We hope t’azur will empower you to imagine, explore and re-invent your future. We’re delighted to be at the heart of this opportunity and look forward to working together with them to increase innovation in the Islamic insurance industry and shape its future.

T’azur to empower its growth with Shariyah Review Bureau

T’azur to empower its growth with Shariyah Review Bureau

Bahrain based t’azur Company is set to augment its Takaful plans in the Kingdom and has selected theShariyah Review Bureau (SRB) to setup its new Sharia Board and guide its Sharia compliance management activities, strengthening its relationship within the community of policyholders.

Yahya Nooruddin, CEO of t’azursays one of the key benefits of their Takaful plans is that customers are at the center of t’azur’s protection and benefit yielding-strategies. These strategies consist of equity and fixed income opportunities which will help facilitate specific risk-capped protection for individuals and businesses.

“Bahrain is home to some of the most brilliant Takafulinstitutionsinthe Islamic industry today,” says Yahya. “New approaches in Islamic Takaful experiences can create great impact in a wide range of opportunities that are crucial for our customers. By having a global Sharia Advisory firm like SRB to oversee the entire Sharia Board function, our customers can be assured that we continue to take Sharia compatibility very seriously.”

SRB addresses a common and critical challenge face by Islamic financial institutions — how to seamlessly oversee, manage and administer huge amounts of Sharia Supervisory Board supervision work such as review, certification, and Sharia Audit that flows in and out of product development, investment and compliance departments of a given entity. SRB takes advantage of in-house scholarly and Sharia Auditor resources along with a network of 31 Sharia scholars covering all major markets of the Islamic industry, making it possible for the entire organization to gain quick access to Sharia advice and important knowledge that facilitates better decision-making and improved Sharia compliance.

“Our market research shows that Islamic financial institutions spend too much budget and time trying to maintain their Sharia Supervisory Board functions and internal Sharia compliance units,” says Yasser S. Dahlawi, CEO of SRB. “For over 12 years we have worked hard to bring together real-time Sharia capabilities and a dedicated Sharia advisory team to help our customers develop and build integrated review and certification procedures that create real business advantage in the most cost-effective manner.” “Over the years we have seen our customers dramatically reduce their Sharia Supervisory costs and improve their quality of offerings and business-differentiating agility.

Designing instruments as catalysts of growth and stability

Real-Estate Refinancing Company: Saudi Real Estate Refinance Company

For the last ten years, financial institutions in Saudi Arabia have been looking out for better Islamic refinancing opportunities in the Kingdom’s housing sector.

Today, opportunities to access liquidity and enhance balance sheet capacity got a little bit closer. Team SRC*, a team made of financial engineers, international consultants and lawyers, are working with us to secure Sharia compliant instruments for refinancing their mortgage portfolios. In one of the instruments we’ve designed jointly, SRC will hitch the portfolio of real-estate contracts using specially designed agreements for offloading existing portfolios; once the originator is released from ownership and associated risks a price will be paid to him for the asset, SRC will then retain the originator to navigate the servicing contracts with the lessees for a separate fee.

By freeing up the balance sheets of financial institutions, the newly designed Islamic refinancing instruments are expected to engage as catalysts of growth and stability for Islamic banks, mortgage finance companies and real-estate originators in the Kingdom – and by extension to the rest of the region.

So, congratulations to SRC for reaching this stage, and best of luck for the years to come!

*Saudi Real Estate Refinance Company

Saudi Real Estate Refinance Company (SRC) continues to build new Sharia compliant instruments with Shariyah Review Bureau

Saudi Real Estate Refinance Company (SRC) continues to build new Sharia compliant instruments with Shariyah Review Bureau

Saudi Real Estate Refinance Company (SRC),a wholly owned subsidiary of Public Investment Fund (PIF), has been working with Shariyah Review Bureau(SRB) to develop attractive long and short-term financing opportunities for the Kingdom’s economic development. These offerings are geared towards Islamic banks, mortgage financing companies and real-estate originators and are intended to reinforce the optimization of institutional capital and stimulate credit by further incentivizing the house-lending sector.

SRB manages and supervises the Sharia Committee and the supervisory affairs from product reviews to certification and ongoing Sharia Audits for the SRC’s refinancing business.

“We are working on completing a number of portfolio financing and acquisition strategies with SRB and we expect these instruments to allow more real-estate financing businesses to secure stable funding” said Fabrice Susini, CEO of SRC. “Our Murabaha and Ijara based instruments have begun assisting Islamic mortgage financing companies and soon we hope, banks, all vital to the Kingdom’s housing economy helping them freeing up balance sheet for further growth in the local housing sector.”

Licensed by the Saudi Arabian Monetary Authority, SRC has an initial capital of SAR 5 billion for its Saudi mortgage refinancing activities. Elie Chahwan, Chief Financial Officer at SRC stated, “We want to help create a robust financing structure for the local mortgage origination process so that real-estate financing businesses have the funding and support to continue doing business with affordable mortgage credit and ultimately help the Islamic industry move forward.”

Shariyah Review Bureau is a leading Sharia Advisory company of the Middle East helping Islamic financial institutions manage their Sharia compliance affairs from setting up Sharia Boards to product structuring, Sharia certification and Sharia compliance Audits. SRB has 34 Sharia scholars from 18 countries and a dedicated team of in-house Sharia Consultants and Sharia Auditors continuously engaging with clients throughout the investment lifecycle.

“We recognize the need for SRC to have a dedicated resource available at its disposal so as to help them address practical refinancing challenges in light of Sharia compliance,” says Yasser S. Dahlawi, CEO of SRB.“Our Sharia Advisory methodology enables SRC to communicate directly with our Sharia scholars and Sharia consultants efficiently and cost-effectively.”He also added “We remain thrilled to continue working with an organization like SRC and help them serve the economic development of the Kingdom.”

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