Elite Icon Trust (EIT) to digitalize global real estate opportunities with Sharia compliance in AIFC

Elite Icon Trust (EIT) to digitalize global real estate opportunities with Sharia compliance in AIFC

Elite Icon Trust (EIT) to digitalize global real estate opportunities with Sharia compliance in AIFC.

Liechtenstein based company Elite Icon Trust is seeking to pioneer a Sharia compliant Global Real Estate Digitalization program.  It assigned Shariyah Review Bureau (SRB), a Middle-Eastern Sharia advisory firm regulated by the Central Bank of Bahrain, to review its project and business activities in light of Sharia principles. After receiving their approval, Elite Icon Trust is now preparing to scale-up its business by securing an operating license  “EIT DIGITAL ASSETS Ltd” at Astana International Financial Centre (AIFC); a financial hub in Nur-Sultan, Kazakhstan.

AIFC jurisdiction is based on U.K. Law & is a symbol of modern Kazakhstan. The China Development Bank along with reputable Chinese international corporations are located in the AIFC as Kazakhstan is the Central Asia’s buckle of China’s Belt and Road Initiative.

EIT Founder & CEO of EIT Digital Assets Ltd Marius Jedlickij said: “EIT intends to disrupt the global real estate market, starting with luxury hotel rooms. We wanted to cater to the evolving need of Islamic investors in this age of digitization and hence created a Blockchain platform whereby through a clever use of smart contracts, the investor is entitled to room revenue sharing arrangement from luxury hotel rooms which are in different geographical locations”

Commenting on the leadership of AIFC, Marius added, “We would like to share our sincerest appreciation to CEO  Mr. Nurlan Kussainov. It is under such professional team management AIFC is rapidly becoming a safe and prosperous Financial Hub of Central Asia.’’

EIT Digital Assets Ltd COO & Co-Partner Mr. Altay Dostanov said: “Our major aim is Real Estate Digitalization in light of Sharia principles, thus more important is to connect Young Technology minded Talented Brains to the mutual benefits and our Targets achievement.

Shariyah Review Bureau (SRB) which has been very active in supporting Fintechs in Shariah compliance, foresees much development to follow in all sectors of Finance. Digitization of platforms which use Blockchain and smart contracts, help eliminate costs tied to third-party involvement, speeds up the process and adds to the overall efficiency of the business model.

“Sharia Supervisory services have become more critical, requiring an increasing amount of committed resources, improved availability and enhanced product structuring expertise,” said Yasser S. Dahlawi, Founder and CEO of SRB. He points to its year-over-year growth as evidence of this growing trend in Sharia Board outsourcing. In just three years, SRB has tripled its customer base, and is now widely considered as the largest Sharia Advisory institute services company in the Kingdom of Saudi Arabia and Bahrain. The company serves more than tens of thousands of transactions ranging from mid-market investment companies to the top insurance and asset management firms. Yasser adds “Our goal is to be a Sharia advisory leader for financial institutions seeking to maintain and offer Islamic financial investments, which means excelling in meeting the needs of our clients like Elite Icon Trust.

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Extra to deliver more value with Sharia compliant Financing Products

Extra to deliver more value with Sharia compliant Financing Products

United Electronics Company (“Extra”) is Saudi’s largest consumer electronics retail firm and its wholly-owned consumer finance unit – United Company For Financial Services (Tas’heel Finance) was licensed by the Saudi Arabian Monetary Authority (SAMA) to provide consumer finance services in the Kingdom.

Tas’heel Finance today announced Shariyah Review Bureau (“SRB”) as its Sharia Advisor to help setup and supervise its products that comply with Sharia principles.

“Placing our customers first has been our core belief, and is a living reality at Extra” said Mohammed Galal, MD & CEO of Extra. “Today, Extra is on its way to opening a consumer financing arm so as to provide holistic solutions to customers to enrich their lives and fulfill their aspirations by providing a variety of tailor-made Sharia compliant financing options.”

Engaging a Sharia Advisor will allow Tas’heel Finance to include advanced Sharia compliance products and increase the ongoing supervision and Sharia compliance assurance for its customers. Commenting on the assignment of a global Sharia advisory firm, United Company For Financial Services (Tas’heel Finance) CEO, Muzaffer Hamid stated, “This engagement with the Shariyah Review Bureau adds yet another impetus to our vision.” “They have been serving nearly 37% of the Financing companies in the Kingdom of Saudi Arabia, and this has helped them acquire immense knowledge and experience in the financing domain.” Muzaffer added that “Our arrangement will now help us garner a deeper and thorough understanding of Sharia compliant requirements in financing instruments and help us drive larger strategic initiatives for our faith based customers.’’

SRB has spent over a decade providing some of the most successful financing institutions, family businesses and investment firms with trusted Sharia advice ranging from product structuring to real-estate funds, equity deals, structured investments, insurance and financing transactions.  SRB has all the characteristics financial institutions seeking to offer Sharia compliant products are looking for an international scale of Sharia scholarly expertise, a dedicated team of Sharia consultants and Sharia auditors, a proactive Sharia supervisory approach, a licensed entity regulated by the Central Bank of Bahrain, and a DNA that puts perfection at the heart of its Sharia advisory chain.

Yasser S. Dahlawi, Founder and CEO of SRB is excited about the addition of Tas’heel Finance as yet another Finance Company in its clientele base. “Tas’heel Finance is seeking to create a niche for itself by building a customer centric approach to lending and offering digital solutions to its customers. With Sharia certified products they now have the opportunity to enable their customers and the community at large to grow and realize their dreams.”

“Our engagement with Tas’heel Finance further strengthens our market presence in the Kingdom and reflects the significant demand from institutions for our dedicated Sharia advisory solutions” added Yasser.

IPO Certificate of Sharia Compliance

Sharia Evaluation and Qualification Report

Our Sharia evaluation approach is designed to assess and support your business and financial structure. Important issues such as business model, transactional contracts, debt capacity,  financial instruments, funding options, loans and deposits status will be proactively surfaced, discussed in light of Sharia principles and addressed promptly and consistently.

We have an incredible experience in serving companies as Sharia Advisor through their IPO journey, as evidenced by our leading IPO market share in the Kingdom of Saudi Arabia – where we have advised and supported companies from different industries. As part of our Sharia evaluation we will also help your IPO transaction become aware of any “non-compliance listing” beforehand and advise on potential solutions to attain Sharia compliance.

Why Engage Us?

Our experience in managing companies going public ensures that we understand what has to happen during the IPO’s Sharia evaluation and qualification process.  Additionally, our team specializing in IPO’s Sharia qualification is multi-disciplinary, covering Sharia review, structuring, finance, Sharia audit, transactional certification. This enables us to advise your business with multiple options and develop an appropriate roadmap to help your IPO achieve Sharia compliance. We also have,

  1. A proven track record for helping client list their equities and deliver value with Sharia compliance.
  2. Deeper insights on sensitive issues by connecting with a wide-network of +34 scholars from 19 countries and help navigate matters that may require Sharia consultation.
  3. Strong working relationship with lead investors in the Kingdom and their Sharia criterion for investment.
  4. International practice using AAOIFI Sharia standards as part of evaluation and reporting.
  5. Extensive Sharia advisory capabilities and experience in working with management and other IPO advisors to achieve economic advantage in time, whilst delivering Sharia certification at a competitive price.

Why Our IPO Certification Service Is The Best Choice for You?

We  work to gain an understanding of your company’s business, contractual make-up, financial information, commercial processes and policies for the purpose of evaluation in light of Sharia principles. Utilizing the institutional knowledge gained during the IPO transaction review, we assist you in securing the appropriate Sharia contractual provisioning and in establishing a solid financial structure that meets prevalent Sharia criterion. Our services will also include,

  1. A structured evaluation of the business process in light of Sharia standards;
  2. Ensure timely identification and communication of key issues non-congruent with Sharia principles;
  3. Identify and highlight, spanning all elements of business, divestment requirements with a particular focus on non-permissible investment and income;
  4. Issue the Sharia report with in your IPO transaction timetable in line with your listing arrangements;
  5. Offer ongoing market support post-IPO to ensure your equity remains compliant as time progresses. This support is offered at both the investor and index provider level ensuring the very best outcome for your financial decision-making process.

Our Market Position:

We have been advising and supporting number of companies going public in the Kingdom of Saudi Arabia. Not only have we evaluated and certified more companies going through the listing process than any other Sharia advisory firm, but we continue to support selected companies post-IPO in maintaining their equity processes and Sharia financial control to this day. This gives us tremendous experience in guiding IPO’s in their listing journey in a Sharia compliant manner.

SAICO to increase customer engagement with Sharia Compliance Offerings

SAICO to increase customer engagement with Sharia Compliance Offerings

A leading insurance provider, Saudi Arabian Insurance Company (SAICO), today signed the Sharia advisory agreement with Shariyah Review Bureau to strengthen and grow its core insurance business in light of Sharia principles. The arrangement is targeted at certifying and maintaining  products, investments and insurance growth opportunities in compliance to Sharia in the year 2019 and beyond.

SAICO is on upward journey path and is exploring new avenues of growth in the Kingdom’s insurance sector. “This is an exciting time for SAICO, as we launch into our next phase of growth,” said Hasan Abdullah Bin Dorar, Chief Executive Officer and President at SAICO. “Over the years we have built a fabulous portfolio of insurance offerings, and we now have a constructive opportunity to combine these with Sharia compliant solutions to address the value based business needs of our customers.” The appointment of Shariyah Review Bureau to head up the Sharia compliance management of SAICO’s business in Saudi Arabia, is a reflection of the company’s commitment to its growth journey. Hasan added, “We expect Sharia compliance to supplement our growth and we will continue to explore new opportunities in the Kingdom that fit our strategy and proven track record.”

“SAICO continues to grow and now we are planning to grow strategically using Sharia compliant products as our experience shows that this is the real need of our customers,” said Mohan J. Varghese, CFO, SAICO. “This is why we are drawing connections with SRB to address our Sharia compliance administration thereby giving us an competitive edge in offering Sharia compliant insurance. We will also continue to work closely with our customers to ensure we are providing optimum support for their growing needs.”

The rapid development in the Cooperative Insurance sector has made the outsourcing of Sharia certification and Sharia audit today much more accessible for both small and large insurance firms. Shariyah Review Bureau’s experience shows that large institutions concentrate on inner Sharia resources and cost reduction, while small firms require access to quicker scholarly resources or specialized expertise so as to move faster and acquire new opportunities. SRB sets up tailor-made Sharia advisory solutions for insurance companies giving them  efficiency and better understanding of Sharia compliance management.

There are two main objectives for outsourcing Sharia Board services, first is affordability and second is the quality of service. Speaking on this Yasser S. Dahlawi, CEO and Founder of SRB said “Outsourcing Sharia Board and Sharia audit services actually reduces operating costs on Islamic insurance firms as they do not have to invest in scholars, review officers, Sharia auditors and headcount since we take care of all these functions thereby allowing them to focus on their core competencies. At the same time, the insurance firms get local access to global Sharia expertise through our platform.”

“We remain committed to continuing to provide the highest level of Sharia advisory services to our clients and we are looking forward to reviewing SAICO’s products, investments and operations that will help them provide business continuity with Sharia compliance.”

MedGulf enhances transformational strategy with Sharia Review Bureau

MedGulf enhances transformational strategy with Sharia Review Bureau

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) today announced a multi-year agreement with Shariyah Review Bureau (SRB) for its Sharia audit services as part of its Sharia compliant transformation strategy.

Under the agreement, SRB will review and audit MeGulf’s cooperative Health, Motor, Property and other insurance and reinsurance products along with its investments and operations that enhance the quality and controls of the company in light of its Sharia Board’s guidelines. SRB will use its industry-leading Sharia  audit practices to help MedGulf establish more standardized Sharia controls and reduce non-compliance exposure. “MedGulf has been working hard to enhance its insurance processes, from product development, coverage facilities, employee support, administration, service quality, and customer satisfaction” said Dr. Tarek Al-Naeem, MedGulf’s Chief Executive Officer “We have had an equal level of focus on improving Sharia compliance at both the product and operational level but to truly enable MedGulf’s transformation, we are independently seeking to leverage on leading Sharia audit practices.”

“This is why we selected SRB because of its track record for delivering large Sharia audit projects in the Kingdom that deliver meaningful business outcomes for the insurance companies.”

“As part of their scope they will also be strengthening the Sharia controls required to manage our equity in light of Sharia financial thresholds. We expect this to increase our degree of confidence in scaling-up as MedGulf seeks to grow vertically in the Kingdom. This approach will help drive success while providing our stakeholders an independent assurance of true Sharia compliance at MedGulf,” Dr. Tarek added.

Sharia audit services provided by organizations like Shariyah Review Bureau helps improve the management of Sharia compliance and scalability. With more and more firms assigning independent Sharia assurance the trends of Sharia audit services are likely to grow to new heights in the future.  Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau said, “Helping MedGulf achieve its strategic transformation goals in light of Sharia compliance is an important area of focus for SRB.” “We’re delighted to be chosen by MedGulf to support the firm in its drive to enhance Sharia compliance using international best-disciplines through our Sharia audit practice.”

Commenting on the Sharia audit service Yasser added “It has taken us a lot of time and resources to continuously upgrade our Sharia audit assurance service.” “We have worked for years to create a comprehensive service which caters to different pillars of the insurance companies.”

Ebdaa Bank to introduce the next horizon of Sharia compliant products with Shariyah Review

Ebdaa Bank to introduce the next horizon of Sharia compliant products with Shariyah Review

Ebdaa Bank for Microfinance; a microfinance institution licensed by the Central Bank of Bahrain to provide Credit opportunities to Limited-income people and Micro-Business owners, today announced that it has signed with Shariyah Review Bureau to setup the Sharia Supervisory Board, certify and supervise its upcoming Sharia compliant Products, and provide on-going advice and support to enhance the bank’s ability to adopt the best sharia compliant processes and procedures. The innovative products will comprise high quality financing characteristics in line with Ebdaa’s vision to boost socio-economic development of communities in the Kingdom of Bahrain in a shariah complaint manner.

“There is an increasing demand by our customers for micro-products that express personal faith values,” said Khaled Al Gazawi, CEO of Ebdaa Bank. “That’s why at Ebdaa, we have decided to offer wide-ranging funding opportunities compliant with faith based aspirations. Moving forward, a stronger attention will be given to designing Sharia-Compliant products that responds to the aspirations of our clients. Furthermore, a deeper look at the current processes and procedures to match this forward thinking will be our focus in the coming few months”  added Khaled.

“Here in the Kingdom of Bahrain, Sharia compliant products and services has gone mainstream, and today more and more customers are looking to pursue positive change with Islamic financial modalities,” said Ghaith Al-Munem, Operations Manager, Ebdaa Bank.  Commenting on the new products, he added “We will work with Shariyah Review Bureau (SRB), a leading Sharia Advisory firm licensed by the Central Bank of Bahrain, to implement a set of aspirational Islamic financial principles that underpins the framework for integrating Sharia compliant factors into our products financing criteria and operating practices. These guidelines will not only be aligned with Sharia principles but also the goals and values of Ebdaa’s poverty alleviation vision.”

For over thirteen years, Shariyah Review Bureau’s business has been winning and deepening relationships with institutions around the world through its value-focused conversations. As the Kingdom’s only Sharia Advisory firm licensed by the CBB, it has been focusing on innovation in Sharia advisory and Sharia audit solutions. This approach has helped the firm succeed by building a scholarly platform that covers over 17 countries and helps optimize Sharia Supervisory Board services and also help create meaningful solutions for its clients.

“We have strong relationships with institutional investors, Islamic banks and Takaful firms, and we are committed to building deeper impact with those relationships,” said Yasser S. Dahlawi, CEO of Shariyah Review Bureau. “Ebdaa’s poverty alleviation objectives appealed to us because of their focus on social inclusion. By supporting low-income families, empowering and assisting Bahraini women and youth, they provide opportunities to turn ideas into micro-projects which trigger real economic activities” said Yasser.

Speaking on the new engagement Yasser added, “We are delighted to welcome a microfinance bank like Ebdaa  to our clientele base,”

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