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Next Generation of Sharia Audit Solutions

Banks: Eskan Bank

As a financial institute, you juggle different functions throughout the day—a Sharia reviewer for internal examination, a shared officer for coordination and secretarial work, and an intelligent Sharia Auditor for supervising records. In an inspiring trend, we’ve begun to replace the need for those various functions to be managed internally—what you manage with different departments can now be done at a single platform. Through our services, we try to help these possibilities come to life.

Today our services are used for by financial institutions who collectively manage millions worth of assets under management. One such pioneer is Eskan Bank for whom these are services of choice because of their superfast review, extreme responsiveness and low Sharia Audit cost – and as part of the new generation requirements they are designed to adapt to the many ways Eskan performs, develops and grows in the Kingdom.

We believe in the power of outsourcing to help banks like Eskan focus on their business priorities and do what they do best in the way they find most effective. And we’ll continue to work with financial institutions to help support the important work they do every day.

So, here’s to the next generation of Sharia audit solutions!

Opportunities that keep flowing

Investment Company: Old Mutual

The best Sharia compliant investments are meant to just flow: you barely have to understand the structure, follow-up with anyone on the returns and get expert advice on the nature of risks involved. This is how the people behind OM African Agriculture Fund want to help investors stay in the moment, no matter what asset class they’re looking for or how they’re measuring Sharia risks. They’ve been hard at work on making this investment strategy faster, simpler, and easier for Islamic Investors.

We’ve been obsessively at work with their business team to make their Fund Sharia compliant and more reliable in its Islamic financial modality. And today, we’re releasing their Sharia Certificate, with a fresh new approach and features that make it even easier for Sharia compliant investor to understand the mechanism.

We hope you enjoy the new opportunity. And we look forward to keeping such investments flowing!

Introducing the New World of P2P Financing  

Peer to Peer Lending:  Beehive Group

It’s hard to think of a more important secondary source of capital in the world than the recent developments in Peer to Peer financing. At its best, the P2P is communicating power to the people, connecting businesses to societies, and allowing enterprises to create informed financial decisions. In the past decade, better technology and an open financial landscape has led to a revolution in how financing transactions are created, invested, and distributed. And given our mission to make Sharia Advisory services accessible and useful everywhere, we want to help ensure that this innovation leads and benefits the world of Islamic finance.

That’s why we’re working with Beehive P2P Ltd, in their new effort as a regulated entity at DFSA (Dubai Financial Service Authority) to empower financial innovation at the intersection of Sharia compliance and technology. We’re tackling this in three ways: by setting up a dedicated Sharia Board comprising of 3 scholars to meet DFSA’s regulatory requirements; by providing helpful Sharia review analysis in the hands of Beehive’s product development team; and through periodical Sharia Audits designed to ensure implementation of Sharia guidelines on some of the biggest opportunities that exist for Beehive’s Islamic Platform today.

We have worked with Beehive’s brilliant technology and platform that is spectacularly empowering the world of Islamic investment and businesses. We see their work as a global effort, with demand for their services in the GCC, Asia, Europe and beyond.

As the financing landscape continues to evolve, we believe we can create a more informed world of enterprises if technologists and financial institutes work together—and we at SRB are excited to be part of the effort.

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!

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