Encouraging organizations to think more creatively
INVESTMENT COMPANY: Tharawat Investment House, Bahrain
We designed our Shari’a Advisory model for growing Institutions because we believed it would help them learn about Islamic financial structuring more collaboratively and help them spend less time on scholarly administration, product approvals, Shari’a Supervisory Audits and more time on their businesses. It’s been thrilling for us to see how some businesses have benefited from direct access to Shari’a Advisors, Consultants and a team of Shari’a Auditors allowing them to better understand the concepts underpinning Shari’a compliance. Best of all, the management and product engineers of some of the financial institutes seem more energized and excited to actively participate in understanding Shari’a requirements and creatively applying them in growing their institutes.
One such institute looking at actively deploying our model is Bahrain based Tharawat Investment House. It has assigned us to manage and supervise its Shari’a Supervisory Board functions as part of its move to effectively integrate Shari’a compliance into its corporate environment and investment offerings.
Our ultimate goal at Shariyah Review Bureau is to increase collaboration between businesses and Shari’a experts while building a robust Shari’a supervisory management system. We believe this will encourage organizations to think more creatively but always in align with Islamic principles. And so far, the results seem to be good— some of our clients are already experimenting with new ideas and ways of governing their firms and investments in compliance with Shari’a.
Our model is just one example of how bringing committed Shari’a experts into direct contact with organizations can have a real and immediate impact on both business offerings and its employees. We’re excited to keep working on our model that can help corporate firms learn and grow —in Bahrain and around the world.