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Ijara Company Kyrgyzstan to unlock growth in leasing sector with new Sharia Advisor

Ijara Company Kyrgyzstan to unlock growth in leasing sector with new Sharia Advisor

Ijara Company Kyrgyzstan (“ICK”), the Islamic leasing flagship of Kyrgyzstan, has hired global Sharia Advisory firm Shariyah Review Bureau (“SRB”) to manage its Sharia certification and Sharia supervisory structure in line with international practices.

ICK offers its customers leasing facility (Ijara Muntahia Bitamlik).  As an IDB funded company, ICK is supported by ICD’s more than 30 year history as the trusted leasing company to deliver services for SME financing support in Kyrgyzstan. Ulan Satyvaldiev, Chief Executive, commented, “ICK is a growing leader of the Kyrgyzstan’s leasing and financing market since 2015. To continue this growth, we have decided to invest in our Sharia compliance infrastructure by hiring Shariyah Review Bureau.” “We keenly look forward to bringing their Sharia advisory expertise and Sharia audit capabilities to our market on a managed basis. We will be leveraging on their proficiencies, which allows for dynamic and rapid certification deployment so as to effectively support our  new products and risings client demands.”

Shariyah Review Bureau offers financing companies with enterprise-grade Sharia solutions helping them uncover operating efficiencies in Sharia compliance management by lowering their overall cost of Sharia Board management, reduce fee leakage for ad-hoc consultation and improve Sharia auditing and Sharia compliance reporting. This has allowed not only financing companies but dozens of banks, and Takaful companies to focus on their businesses, and save cost.

“Outsourcing Sharia advisory services has become a critical resource in rapidly-evolving Islamic financial markets. It is often the most efficient way to upgrade or maintain Sharia compliance functions” stated Yasser S. Dahlawi, CEO of SRB. Speaking on the new engagement in Kyrgyzstan he added “We look forward to working with ICK, and manage their entire Sharia compliance lifecycle efficiently and transparently.”

Murabaha Capital to build new connections with Capital Financing Platform

Murabaha Capital to build new connections with Capital Financing Platform

Murabaha Capital, a platform set-up to address the funding needs of SMEs, invoice financing and consumers in a Sharia compliant way, today announced the assignment of Shariyah Review Bureau (SRB) as its Sharia Advisor.

 The platform of Murabaha Capital envisions the simplification of the process for both lenders and borrowers allowing the latter to showcase their growth, portfolio and financial health to multiple investors at the same time without having to chase them. As part of its capital introductory service, the platform aims to process SME applications faster than traditional measures thereby allowing Islamic banks and financing companies to identify and connect with credit worthy businesses. This will be an important step in the evolution of the industry and is expected to be welcomed by Islamic banks who require superior diligence in credit screening, liquidity control and transparency. Murabaha Capital aims to help these banks save overhead costs in originating prospects and respond quickly to financing needs, save money, and deliver innovative services. Using modern-day Peer 2 Peer cloud-based technology the platform aims to handle complexities of managing the entire online marketplace Murabaha cycle from online origination to servicing and managing multiple investor portfolios.

“With the changing environment of banking primarily due to fintech-driven shifts, the market for Islamic finance servicing is poised to see disruption” said Abbas Hijazi, co-founder of Murabaha Capital “it is for this reason that we are seeing an increasing demand for digital based trading and lending in the Islamic markets.” Commenting on the assignment of  SRB he added “We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive international Islamic investors and businesses to generate new opportunities in the marketplace compatible to their faith based values.”

SRB will supervise the platform and provide comprehensive Sharia guidelines for trading assets using Murabaha modalities. It currently offers an international Sharia advisory service, providing consistent, quality assured, Sharia certifications and Sharia audits to establishments around the world. Its capabilities span the entire Sharia compliance value chain with holistic Sharia advisory solutions, and product assessment customized to the needs of the financial institutions it serves.

In response to the assignment, Yasser S. Dahlawi, Founder and CEO of SRB commented “High quality Sharia advice and certification services are critical to our business and we are ready to deliver what’s required to support the future ambitions of the users of Murabaha Capital.” He added, “we will ensure that the people and institutions using the platform have assurance and access to  the levels of expertise required for attaining Sharia compliance in their business facilities.”

As The First Blockchain Protocol to Receive The Sharia Compliance Certification, The Stellar Network is Poised to Enable Greater Global Financial Access and Inclusion

As The First Blockchain Protocol to Receive The Sharia Compliance Certification, The Stellar Network is Poised to Enable Greater Global Financial Access and Inclusion

Certification Will Drive Growth for Stellar Network with Financial Institutions in the Persian Gulf and Southeast Asia

San Francisco, CA. July XX, 2018 — Stellar.org, a nonprofit that promotes financial access and inclusion, today announced that it has received Sharia compliance certification for the Stellar network. The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the properties and applications of the Stellar network and has promulgated guidance and guidelines that enable Shari’a compliant applications of Stellar technology in Islamic financial institutions.

Stellar is the first blockchain protocol to receive Sharia compliance certification in the money transfer and asset tokenization space. Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM).

Stellar.org’s founding mission is to promote global financial access and inclusion through the development of the Stellar Network, a distributed, hybrid blockchain that is fully open-source. Its infrastructure facilitates cross-asset transfers of value, including payments, and provides an instant clearing, settlement, and execution platform — enabling money to move directly between people, companies and financial institutions across borders as easily as email. By building public, open-source software, Stellar.org enables institutions to provide low-cost financial technologies and applications to serve all geographies, ethnicities, wealth levels, and religions.

Based out of Bahrain and licensed by the Central Bank of Bahrain, SRB has been serving the Islamic financial markets for well over 13 years. With 35 scholars spanning 19 countries, its Sharia certification and Sharia audit services are recognized globally. SRB is widely considered as one of the world’s leading Sharia advisory organization offering banks, insurance and asset management institutions a range of Sharia certification and supervisory services across all major asset classes.

In partnership with SRB, this certification will help grow the Stellar ecosystem in regions where financial services require compliance with Islamic financing principles. For example, Islamic financial institutions in the Gulf Cooperation Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia) will now be able to integrate Stellar technology in their Sharia-compliant product and service offerings.

The Stellar network’s Sharia compliance certification will help further the organization’s mission of driving global financial access and inclusion, as these regions in the Gulf and Southeast Asia are major endpoints of popular  foreign worker remittance corridors. In the next few months, members of the Stellar.org will meet with Islamic financial institutions and engage them on how to best utilize Stellar in their financial services and products.

About Stellar.org

Stellar.org is a Silicon Valley based nonprofit organization that supports the Stellar network, a free, open-source network that connects diverse financial systems and lets anyone build low-cost financial services—payments, savings, loans, insurance—for their community. The Stellar network enables money and value to move directly between people, companies and financial institutions as easily as email. This interconnectivity means more access for individuals, lower costs for banks, and more revenue for businesses. For more on Stellar.org, visit www.stellar.org.

Kazakhstan Ijara Company shifts gear for expansion with Shariyah Review Bureau

Kazakhstan Ijara Company shifts gear for expansion with Shariyah Review Bureau

Kazakhstan Ijara Company (“KIC”), the first Sharia compliant leasing company that was established in Kazakhstan announced the assignment of Shariyah Review Bureau (“SRB”) to setup its Sharia Supervisory Board and help manage ongoing certification, consultation and Sharia Audits.

Founded in April 2013, KIC employs more than 20 staff, and primarily operates in the field of leasing and providing financing facilities to all sectors of the Kazakhstani economy, including supporting the growth and development of small and medium enterprises in the country.

SRB is one of the leading Sharia advisory firms serving clients worldwide and is acting as Sharia Advisor to various Kazakhstani financial institutions. Based out of Bahrain, it has a global network of more than 34 scholars and a dedicated team of Sharia consultants and Sharia auditors. In line with legal regulations of the Central Bank of Bahrain, SRB has built its own global Sharia compliance program.

KIC has already registered its breakthrough by having served 120 institutional clients in the country and now hopes to be doing a lot more in the region. Yusuf Karsi, General Director, said “We can provide any leasing and financing solution in the SME space: project finance, leasing development, agricultural services everything from hiring to the sale and transfer of assets. With such diverse offerings, we see it very important to create the necessary Sharia frameworks for KIC.” He adds that the assignment of SRB is part of the firm’s strategy to ensure robustness in Sharia compliance affairs. “Our new arrangement with SRB will provide us with a Sharia springboard and further strengthen our existing offerings as we continue to build upon our client base and expansion strategies in the country. We remain committed on providing the highest quality Sharia compliant products and services to our clients.”

The ability to model and certify diverse products and investment structures is critical for Islamic financial institutions. Technical support and Sharia compliance reporting are also key factors. It is here that SRB assists in maintaining and supervising Sharia compliance across variant departments and functions all the while ensuring compatibility with internal reporting structures and the central Sharia Board and review requirements. It’s centralized approach has helped lower Sharia review and certification costs.

“In today’s ever-changing world, outsourcing Sharia Board services has become a solution for an increasing number of establishments worldwide. The constant demand of new investment Funds and banking products is changing the way Islamic financial industry functions” said Yasser S. Dahlawi, CEO and Founder of SRB. “Compared with outsourcing Sharia Advisory functions ten years ago, the main driver behind today’s outsourcing services is more than just cost savings. Today, Islamic banks and financing companies are looking to achieve a competitive edge and guidance about product transformation through quicker reviews and certification.”

Yasser adds “this is why we continue to make big investments in Sharia advisory management in order to be a reliable and trusted partner for our clients in their outsourcing assignments and the positive feedback we continue to receive from our clients shows our commitment.”

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.

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