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.”
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.”
Takaful Company: T’azur
Giving voice to retirement plans.
Imagine, explore and re-invent your future saving plans
Takaful Company: T’azur
The future of savings may well lie in people creating, imagining and exploring their own opportunities with Islamic finance—and perhaps most important of all, having fun while making their plans! Over the years, we’ve worked closely with institutions to build programs through mutual funds, ETF’s, and even vertical farming with a very friendly touch. Today, we’re unveiling our latest engagement—one that gives voice to your retirement plans and transforms savings into the future. It’s called t’azur.
With t’azur, individuals and corporate firms can narrate their own savings and retirement adventures, make legacy pots, and build protection benefits. Their Takaful policies are like an investment engine but with enormous wealth of knowledge, expertise and a research lab of financial investments to help inspire your savings and protection. Our objective is to create a Shari’a Supervisory Board and manage their policy structuring, and Shari’a supervisory functions.
Whether you dream of leaving a professional legacy for your family, a private saver, or just want to explore the boundaries of Islamic financial protection. We hope t’azur will empower you to imagine, explore and re-invent your future. We’re delighted to be at the heart of this opportunity and look forward to working together with them to increase innovation in the Islamic insurance industry and shape its future.
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.