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Simply Ethical’ s online investment service to be supervised by Shariyah Review Bureau

Simply Ethical’ s online investment service to be supervised by Shariyah Review Bureau

UK based Simply Ethical, today announces the assignment of Shariyah Review Bureau (“SRB”) to supervise its self-invest platform in a Sharia compliant manner. The subscription based digital platform allows investors to select and automatically manage their portfolios composed of stocks, funds and ETF’s.

Self-invest platforms have expanded rapidly in the UK and have become the main way retail investors are accessing investments. Currently in the UK there is no Self Invest platform that is wholly dedicated to providing Sharia complaint & ethical investments and this is the gap Simply Ethical is looking to fill. The Simply Ethical self invest platform will give investors access to over 100 individual investments and a range of model portfolios that can be purchased and managed in a number of tax efficient vehicles such as pensions.

Simply Ethical has been a leader and pioneer in providing Sharia Compliant Wealth Management and Investment services in the UK. It’s vision is to give Islamic Investors the best possible range of options and access when it comes to Sharia compliant investments, financial products and advice. Furthermore, Simply Ethical is seeking to appeal to ethically minded investors based on the values and principles underpinning Islamic Finance. Faizal Karbani, Chief Executive of Simply Ethical, notes: “This platform is about providing the retail market with access to Sharia compliant and ethical investments so that they can save and invest in an easy and affordable way.” Commenting on the assignment of SRB he adds “they share our excitement about the significant opportunities in the online Islamic investment marketplace. Giving our clients the assurance that our service is Sharia compliant is important and we have therefore decided to assign SRB the role of certifying and auditing our platform for Sharia Compliance”.

For well over a decade SRB has been delivering cost efficient, growth based Sharia certification and Sharia audit opportunities for clients around the world.  “Progressive businesses like Simply Ethical recognize that true Sharia compliance experience is crucial to customers satisfaction,” said Yasser S. Dahlawi, CEO and Founder of SRB. “In our role as Sharia Advisor’s, we will go beyond the Sharia review of fund management and investment procedures and develop a robust Sharia screening framework that drive business growth.” He added, “we look forward to helping Simply Ethical embed Sharia compliant frameworks that is powered by best practices into the core of their digital strategy.”

 

National Finance Company powers up with Shariyah Review Bureau to lead its growth

National Finance Company powers up with Shariyah Review Bureau to lead its growth

Established since 1989, National Finance Company (NFC) has been serving corporate firms and individuals in financing their investment plans business requirements. Today, it has signed an outsourcing Sharia supervisory agreement with Shariyah Review Bureau (“SRB”) to help NFC maintain its growth initiatives in compliance to Sharia.

NFC’s growth has quadrupled in the last years, driven by success across its wide spectrum of financing lines to diverse businesses and SMEs. SRB will enhance its Sharia compliance management capabilities to the core of NFC’s business, overseeing all departments and there processes. As part of the agreement, SRB will also help NFC setup a Sharia Board, certify new products and manage the Sharia audit strategy for its growth initiatives as the company accelerates its investments in the Kingdom. Khalid AbuHimid , CEO of NFC, said, “Leveraging on our past experience and capabilities, we aim to create the state of the art products for the customers we serve. With demand for innovative financing and leasing solutions growing rapidly in Saudi Arabia, NFC has a unique opportunity to be a premier Financing partner in the market. And with SRB’s support, we will streamline our Sharia compliance approval process and drive innovation in a changing landscape.”

As a global Sharia Advisory firm, SRB is responsible for review, certification, and Sharia Audit strategy for 37% of the Financing companies licensed by SAMA in the Kingdom. Among its goals are optimizing Sharia compliance control and enhancing the end-to-end Sharia supervisory journey while maintaining the sophistication and approach of the financing businesses its serves.

Yasser S. Dahlawi, CEO of SRB, said “For over 13 years we have been offering the most comprehensive Sharia outsourcing solutions with a proven services model to help customers like NFC get their products certified quickly and increase their agility.”  Commenting on the new assignment Yasser added, “We look forward to working with NFC’s team and deliver exceptional value with our Sharia Advisory services.”

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.”

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.

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.”

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.

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

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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