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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

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.”

Shariyah Review Bureau Receives GoodWell Certification in Bahrain

Shariyah Review Bureau Receives GoodWell Certification in Bahrain

Sharia Advisory firm receives business tribute in promoting a fair and equitable workplace opportunities for its employee’s in the Kingdom

Shariyah Review Bureau (SRB) proudly announces the receipt of GoodWell’s Certification for a fair employee promoting enterprise. US based GoodWell’s certification process requires a detailed analysis on 11 key metrics related to the treatment of employees and SRB exceeded all these thresholds.

The Bahrain based Sharia Advisory is one of just 12 companies so far to have received this prestigious accreditation. The certificate has been developed to identify companies around the world which offer the most fair working conditions for its people both personally and financially. The program is carried out by GoodWell, using an independent metrics-based performance system that strengthens employee satisfaction by certifying fair, equitable, sustainable and humane workplace practices.

“Receiving this certification is a great achievement and honor for us,” said Yasser S. Dahlawi, CEO of Shariyah Review Bureau, “we have worked hard in creating a conducive workplace for our people, an environment where they can grow and realize their ambitions.” “And we will continue to focus on building a better quality workforce drawn from a fair and ethical practice of engagement that operates like a partnership.”

“Our people are the most valuable asset of our organization and it is because of them that the quality of our service, business success and market leadership has allowed our business to grow rapidly” said Mansoor M. Ahmed, AGM at SRB. ” We will ensure that they remain our top priority in everything we do.” Commenting on GoodWell’s independent Certification processes he added “it is essential to all companies around the world as their metrics help inspire a healthy corporate dialogue on the professional diversity and financial mix of the company’s workforce. Their Certificate exemplifies a positive, fair, and winning workplace which puts people on a nondiscriminatory platform.”

Each year, GoodWell will assess the financial and professional practices of SRB in relation to its people regarding accomplishments within the key disciplines like Employee Sentiment, Average Employee, Job Function Management, Annualized Attrition Succession Rates, Average Employee Benefits.

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.”

Sharia Advisory firm launches Same Day Sharia Review and Certification Service

Sharia Advisory firm launches Same Day Sharia Review and Certification Service

Shariyah Review Bureau (SRB), one of the world’s leading Sharia Advisory firm, today announced the launch of the Islamic industry’s fastest Sharia review and certification service. Efficient both in terms of time and cost, it ensures that the financial institutions urgent product and fund documentation gets reviewed within matters of hours, so as to help clients capture time-sensitive investment opportunities.

“Our experience shows that Sharia compliant transactions amongst financial institutions are expanding at a tremendous pace making these institutions seek out for faster and quicker Sharia review and certification services,” says Yasser S. Dahlawi, CEO and Founder of SRB.“The nature of some financial investments requires even more time-critical Sharia approvals. This is particularly the case for high-value transactions for family offices and private equity investments for institutional investors, where the patience for downtime is particularly low and managing quick investment continuity for high-profile investors is vital.”

“Studies have shown that scholars are stretched on many Sharia Boards. This makes the product approval an exhaustive process for various IFI’s. Our Express Sharia Review service will help cater for such enterprises who face unnecessary delays in their Sharia review and certification processes” adds Yasser.

Instead of being dependent on 3-5 scholars SRB relies on its vast network of 31 scholars spanning 16 countries. This breadth, capacity, and extensive scale allows SRB to provide a customized steering system to select the most readily available resource for immediate tasks to meet urgent review requests. As a result, product documentation on the Sharia Review Express service can be conducted within the same day.

“Speed, transparency and an unmatched worldwide scholarly coverage has always been a key differentiator for our Sharia Advisory business” says Mansoor M. Ahmed, “The introduction of the new Sharia Review Express service reinforces our commitment in serving the most high-potential functions of the Islamic financial industry and as the industry reaches new peaks, we will continue to invest in raising the bar with faster reviews and superior quality certification with our services.”

“With are placing the Islamic industry on a level playing field positioning its players to take full opportunity in new markets in a Sharia compliant manner and grow their businesses.”

More information on the Sharia review Express service can be found at http://shariyah.com/express-service/

Saudi Enaya to offer Sharia compliant value creating policies

Saudi Enaya to offer Sharia compliant value creating policies

Saudi Enaya, the Kingdom’s first-class provider of health insurance products and services, today announced its assignment of Shariyah Review Bureau, a global Sharia Advisory firm with an attractive client base from multiple industries and across many geographies.

“Sharia compliant products is a stretegiclaly attractive proposition that creates significant value for our shareholders and policyholders,” said Lee Shurey, Enaya’s Chief Executive Officer. “Over the past several months, we have been undertaking customer-centric research and a thorough market review of the health insurance solutions in the Kingdom. We believe it is the right time to incorporate Islamic insurance business in line with our own health insurance policies after obtaining all the regulatory needed approvals.” Lee adds, “Offering services that cater to our customers faith and value based needs provides a tremendous opportunity to strengthen Enaya’s position in the region.”

Enaya states that it identified Islamic Cooperative Insurance with the potential to heavily attract society and the economy more than three years ago. Moneer Brembali, Human Resources Director at Enaya, comments “over the years, we have undertaken several initiatives on behalf of our customers health insurance needs. Our agreement with Shariyah Review Bureau (SRB) is yet another demonstration of our strategy to cater to the Kingdom’s Islamic insurance developmental needs.” He adds “SRB’s Sharia Review Certification expertise and unparalled Sharia Audit experience in Saudia’s cooperative insurance market will complement the knowledge and capabilities that we at Enaya are seeking.”

SRB is a Sharia Advisor which currently serves 24% of the Saudi Cooperative Insurance market in the Kingdom. It comes to Enaya with a deep history in setting up Sharia Supervisory Board, Sharia Certification, and Sharia Audit solutions and an established record of innovation to expand and improve upon leading insurance practices.

“We’re building on our incredible foundation of Sharia Advisory solutions for the Cooperative insurance industry in the Kingdom. Increasing market demand for outsourced Sharia Board services and annual Sharia assurance functions like Sharia Audit is the catalyst in the value we deliver to our clients in the region,” says Yasser S. Dahlawi . “Regulatory needs, combined with the ability to customize Shari’a Certification services with best-in-class Sharia Board functions has allowed us to further expand SRB’s leading position in the Kingdom by helping clients like Enaya respond to new challenges in maintaining and offering innovative Sharia complaint products and services.”

Sberbank of Russia to Expand Capabilities in Islamic Financial business

Sberbank of Russia to Expand Capabilities in Islamic Financial business

Sberbank, the largest bank of Russia, today announced receiving the certification for its Mudaraba Finance transaction from Shariyah Review Bureau (SRB).

Sberbank, based in Moscow, is responsible for providing wide selection of banking services from deposits and to loans to bank cards, money transfers, bank insurance and brokerage services including supply chain finance solutions. The bank helps organizations optimize their working capital, reduce costs and mitigate financial risk.  It currently has 16 thousand branches in all 83 constituent entities of the Russian Federation.

“We are committed to listening to our customers’ needs and helping them achieve what they want,” said Behnam Gurbanzada Counsellor to the Deputy Chairman. “Offering Sharia compliant products is another great way of showing how we care for our customers and helping them improve their business in light of faith based principles.” Speaking on the engagement of Shariayh Review Bureau, he stated, “their decade’s worth of experience in Sharia structuring and certification is a welcomed opportunity for our bank” “their extensive knowledge in Mudaraba and leasing development, Islamic financial working capital solutions has helped us to ensure our customer’s receive the Sharia compliant solutions they need to compete and maximize value in the Russian economy.”

Following the Sharia certification of their first transaction, Sberbank has also reaffirmed that it will remain fully committed to Sharia compliant financial activities for its customers. The bank expects to continue making more Islamic financial deals in the Russian federation, provide Islamic liquidity and offer leasing support to all its customers and institutions seeking Sharia compliant solutions.

SRB will continue to supervise the transaction on a periodical basis and ensure the transaction adheres to Sharia compliance standards. “Banks around the world are continually looking for ways to engage in Sharia compliant transactions, as customers show clear interest in receiving Islamic financial services from their local banks” said Yasser S. Dahlawi, CEO and Founder of SRB. “We believe SRB has a unique set of expertise and solutions to help these banks bring Islamic financial products and services customized to their local needs and regulatory developments and deliver highly targeted products at scale.” “We will continue working hard to review and supervise Sberbank’s transaction and sharing best practices of the Sharia complaint marketplace.”

SRB has succeeded by building a scholarly platform covering 16 countries that delivers intelligent insight on Sharia compliant affairs, as well as delivering review and certification service with quick turnaround times. “Over the years we have developed innovative tools to help design, build and solve financial challenges in light of Sharia” added Mansoor M. Ahmed, AGM at SRB, “we continue to tailor our Sharia Board and Advisory services to meet the needs of the banking community, which is a significant and growing customer segment of our client portfolio,” “Licensed by central bank of Bahrain, wide-pool of Sharia scholars covering 16 countries, quick turnaround in reviewing documents, direct access to experts, in-house team of Sharia Auditors set us apart in the Sharia Advisory industry and, more importantly, deliver a great experience to banks like Sberbank.”

About Sberbank
Sberbank is the largest bank of Russia and the leading financial institution in the country, which plays a key role in facilitating the country’s integration into the global economy. The atlas of Russian banking sector, Sberbank holds almost 35% of the total banking assets and is the key lender to the national economy and the biggest deposit holder in Russia. Sberbank services more than 135 million individual customers and more than 4 million corporate clients in 20 countries. The largest distribution network of Sberbank consists of almost 17,000 branches in Russia and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.

 

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