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.