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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,”

Mauritius Trade Fund to grow with Sharia-compliant offering

Mauritius Trade Fund to grow with Sharia-compliant offering

Skybound Capital, a global wealth management business, is in the process of launching a Sharia-compliant trade finance Fund and has assigned Shariyah Review Bureau (SRB) as the Sharia Advisor for its Islamic Trade Finance Fund. The agreement will see SRB provide technical Sharia consultation, certification and operation monitoring through Sharia audit.

The new Fund is expected to facilitate trade in various jurisdictions and penetrate new markets while attracting Sharia-compliant investors from the Middle East. The Fund facility will comply with the regulatory standards of Mauritius. Skybound has over 30 years of experience in providing a diverse and unique range of investment products for family offices, private clients, advisors and institutions. “We are very pleased to be offering our investors Sharia-complaint financing opportunities while helping to provide more affordable and reliable opportunities to trading business in the Asian countries,” said Lee Dalley, Director of Skybound.  “The Fund will be co-managed by Saudi Arabia  based Derayah Financial, and will be supported by dedicated analysts of 12-strong trade finance team run by South Africa based experts of Skybound.”  Lee added “Given the strategic importance of the Middle East, we are delighted to be working with SRB which has an extensive geographic footprint and over a decade of heritage in providing Sharia advisory services to institutions in the region. With the right Sharia Advisory institute, we feel very confident about our long term Sharia-compliant business development perspectives.”

Shariyah Review Bureau is a Middle East based Sharia advisory firm specializing in providing Sharia supervisory solutions and support services that investment companies, banks and fintech entities can leverage to get their offerings certified and tap Islamic financial markets. Speaking on the industrious revolution SRB is seeking to inspire, Yasser S. Dahlawi, CEO and Founder of SRB added: “Shariyah Review Bureau has successfully certified hundreds of products and funds and supervised thousands of transactions to establish itself as a key player in the Sharia Advisory landscape, while at the same time growing its scholarly capabilities for investors, whether institutional or wholesale.” He added, “I am excited about the future and the role our services will play in helping Sharia-complaint offerings like Skybound Capital’s move from strength to strength and keenly look forward to further building upon recent successes.”

Middle East cryptocurrency exchange ‘Rain’ to be Shari’a compliant

Middle East cryptocurrency exchange ‘Rain’ to be Shari’a compliant

  • Rain is a cryptocurrency exchange that is now Shari’a compliant (certified by Shariyah Review Bureau)
  • Middle East focused exchange Rain has been operating within the regulatory sandbox of the Central Bank of Bahrain (CBB) since December 2017
  • The company is targeting a 2019 launch rain.bh

Rain, a Bahrain based cryptocurrency exchange operating out of the Regulatory Sandbox, has today announced its successful Shari’a compliance certification completed by Shariyah Review Bureau (“SRB”). SRB is licensed by the Central Bank of Bahrain as a Shari’a Advisory firm authorized to issue Shari’a compliance certifications.

SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain are in compliance with Shari’a principles.

Rain aims to deliver more value with a Shari’a compliant cryptocurrency exchange. The Shari’a certification covers a suite of three cryptocurrencies (bitcoin, ethereum, and litecoin). Rain expects to enable top-tier family offices, sophisticated investors and Islamic institutional investors to buy, sell and store cryptocurrency in a Shari’a compliant way.

Rain was founded in 2016 by four entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago. They shared a joint vision to create a fully Shari’a compliant exchange to provide trust for local cryptocurrency traders.

Rain’s founders said in a joint statement: “This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security and trust. We are excited to open the Islamic markets to cryptocurrency with a Shari’a compliant exchange and a suite of cryptocurrency investment opportunities.”

Shariyah Review Bureau has been expanding its position in the world of fintech by advising clients like Stellar, X8 Currency, Ovamba and Beehive. “Our engagement with Rain is another important step to extending our position in this rapidly growing market,” said Yasser S. Dahlawi, Founder and CEO of SRB. “With more than 13 years of experience in the Shari’a certification and Shari’a audit businesses, we are confident that we will be able to further develop the Islamic crypto and exchange business systematically and help customers like Rain open new opportunities for investors.” He added, “We are looking forward to taking the next steps in our Shari’a supervisory role of Rain’s cryptocurrency exchange.”

Customers can join the official waiting list at www.rain.bh and download the mobile app in Appstore and Playstore.

For more information please contact press@rain.bh

 

PermianChain recognized as the first Shari’a compliant platform for digitizing oil reserves

PermianChain recognized as the first Shari’a compliant platform for digitizing oil reserves

Dubai: Permian Holding announced today that it has received Sharia Certification from the Shariyah Review Bureau (SRB), the Bahrain-based global Sharia certification and audit services specialist. Permian Holding is set to monetize oil assets via PermianChain Technologies, its blockchain-based start-up and the move to ensure Sharia compliance means that it will be able to broaden its pool of potential investors.

Permian Holding invests in the acquisition of proven oil reserves to generate revenues for suppliers and reduce the administrative costs that can discourage investors from involving themselves in the sector. As part of its ongoing expansion effort, Permian Holding has engaged the Shariyah Review Bureau to ensure that all its developmental activities from tokenization to acquisitions, including the ability to monetize proven reserves, are executed in a Sharia compliant manner.

“We are offering a Platform-as-a-Service (PaaS) that helps solve the working capital requirements of oil exploration and production companies while allowing investors equity benefits from the value of proven reserves,” said Mohamed El Masri, Director of Permian Holding and Co-Founder and CEO at PermianChain Technologies. “Fused with our blockchain technology, our commitment to Sharia compliance will become our competitive advantage and help us meet the needs of Islamic investors. SRB is a globally respected shariah advisor that brings a strong value-added approach to our strategy of offering oil-backed crypto-assets as an alternative investment product for wealth preservation and liquidity potential. We believe our approach will benefit a wide range of investors by offering opportunities beyond traditional asset-classes.”

The blockchain-based crypto-economic tokenization model will be managed with a clear, consistent, transparent and secure investment process. PermianChain’s unique listing process will be available for mainly upstream businesses or public entities with proven reserves and existing oil campaigns. The reserves, once produced, will be sold to midstream companies on the PermianChain’s closed-loopB2B-exchange.

Discussing the changes that PermianChain is seeking to inspire in the energy sector, Yasser S. Dahlawi, CEO of SRB stated, “We are delighted to be working on such a bold sector initiative and will continue to provide an added-value layer of supervision to Permian Holding’s sound governance framework. With only few weeks until PermianChain’s blockchain platform goes live, we look forward to helping ensure that all issued tokens, proven oil reserves, equity crowdfunding, income generation, and related activities are compliant with Sharia principles.”

Wethaq’s Smart Contract based Sukuk Platform Expands Sharia Capabilities with Shariyah Review Bureau

Wethaq’s Smart Contract based Sukuk Platform Expands Sharia Capabilities with Shariyah Review Bureau

Wethaq, a multinational automated Sukuk Platform, today announced that it has signed an agreement with Shariyah Review Bureau to help ensure all the digitized activities of its Sukuk Al Ijara targeted offers are in compliance with Sharia.

Wethaq has been working with lawyers trying to successfully demonstrate its PaaS (platform-as-a-service) flexibility and its strong multi-source management infrastructure. The solution is expected to be deployed in stages across several locations in the GCC to deliver optimize performance for Sukuks in multiple jurisdictions across the region. The Platform will also automate the implementation of integral Sharia guidelines while providing the essential transparency needed for a clear view of Sharia audit processes to both Sharia scholars and stakeholders.

Muhammad Al Sehli, founder and CEO of Wethaq stated “our system is designed to support key regulatory and Sharia supervisory requirements. Its ability to handle disparate sources of multiple-party functions such as custodians, registrars and issuers is expected to turn Wethaq into a prime solution for listing Sukuks for many institutions.” “In helping to address the upcoming Sukuk optimization shift – driven by the demand for digitalization and automation – Wethaq remains the only Platform available to organizations serious about addressing the ever increasing investor demands for greater cost efficiencies” he added.

Dimitrios Vourakis, Chief Product Officer of Wethaq said “Our omni-channel platform will allow the Sukuk units to be stored, transferred and traded conveniently and securely while providing Islamic investors the ability to see real-time reporting and overview of the underlying assets.” Commenting on the assignment of the Sharia Advisor he stated, “Choosing to partner with Shariyah Review Bureau, who have extensive Islamic industry experience and have worked with block-chain projects, not only meet our specific needs but also enables us to build a Sharia compliant Sukuk service that drives down cost and increase efficiencies and ensures that our auto-service for Sukuk’sissuance, listing and settlement are in compliance with important Sharia guidelines.”

Managing Sharia Compliance is also a major concern for Sukuk issuances. The high costs associated with Sharia Boards and increasing complexity of the market-specific structures represent a major challenge for the Sukuk industry. This in addition to the multi-party costs and legal pressure these instruments are already subjected to. This is the reason why Wethaq believes that their smart solution will help issuers and investors draw on the tremendous potential of block-chain technology and smart contracts and reduce the multi-source costs across the Sukuk product.

Speaking of the new venture with Wethaq, Yasser S. Dahlawi, CEO of SRB stated, “We believe Wethaq has a unique set of smart solutions that can help scale-up the issuance and settlementpractice of the Sukuk market.” Speaking on their disruptive business model he added, “they appealed to us because of their focus on building smart value for issuers and investors through a strong set of digitalized automated capabilities.” “Their ability to close the loop for multiple parties and reward investors with reduced costs is commendable. This approach of Wethaq also aligns very much with SRB’s own values in the Sharia advisory space.”

“We are very excited to offer our Sharia certification services to Wethaq” stated Mansoor M. Ahmed, AGM at SRB. “We see their platform as the future of Sukuk’s issuance and investors’ convenience.” He added, “Blockchain, Ether smart contracts, Tokenization and Artificial intelligence are all fast-developing realities and Islamic financial institutions should proactively look at leveraging these technologies to reduce costs and create superior experiences for their investors.” Speaking about SRB’s role as the Sharia advisor Mansoor added “We will be leveraging our Sharia scholarly expertise and Sharia audit capabilities to offer Wethaq a smart solution that matches the way they want to promote their sukuk solution globally.”

X8 Currency Introduces Cash and Gold Backed Tokens for Islamic investors

X8 Currency Introduces Cash and Gold Backed Tokens for Islamic investors

X8 Currency, a Blockchain based digital currency with an advanced artificial intelligence  wealth value preservation solution, today announced that it has been certified for Sharia compliance by Shariyah Review Bureau. X8 is the first to receive the certification for its ARM-AI (Automatic Reserve Management, Artificial Intelligence) driven portfolio which preserves value with its 100% backed reserves of eight major fiat currencies (US Dollar, Swiss Franc, Euro, Pound Sterling, Japanese Yen, Australian, New Zealand and Canadian Dollar) and gold. This basket of fiat currencies and gold helps create safety and the strong foundation necessary for a digital currency, while the ARM-AI helps find the best exchange rates for the elements in the reserve. Not only does the ARM-AI solution preserve value for the investor, it also helps in countering the inflationary headwinds experienced across the global markets, providing a sustainable non-speculative value proposition for the investor. The X8C currency has the potential to become one of the most stable and exchangeable digital currencies in the world, whilst becoming a true value reference point.

The certification also extends the Sharia compliance to X8’s Ethereum based Tokens  along with comprehensive guidelines for trading in currencies and preserving value. “It is very meaningful to receive the Sharia compliance certificate that provides reassurances that we are open to investors seeking to make investments in Shariah compliant assets,” said Gregor Koželj, Founder and Chief Executive Officer. “With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption and it is for this reason that we are seeing an increasing demand for our Product in the Islamic markets. We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive new business opportunities for investors in the marketplace compatible to their faith based values,” said Francesca Greco, Director and Co-Founder of X8 AG.

The Sharia Advisory engagement will enable X8 to allow the facilitation of more integrated currency trading, and asset preservation that leverages on Sharia compliant principles. “We remain committed to retaining the expertise of Shariyah Review Bureau as we seek to drive the growth of X8 in the rapidly expanding markets of Sharia compliant investments ” said Gregor.

Based out of Bahrain and licensed by the Central Bank of Bahrain, Shariyah Review Bureau (“SRB”) has been serving the Islamic financial markets for well over 13 years. With 34 scholars spanning 19 countries its Sharia certification and Sharia audit services are recognized globally. SRB is widely considered as one of the world’s leading Sharia advisory organization offering banks, insurance and asset management institutions a range of Sharia certification and supervisory services across all major asset classes. It also provides its advice to wealth management companies, high-net-worth individuals and family offices.
“We are keenly looking forward to X8’s vision to advance digital currency capabilities by systematically using Blockchain and Artificial Intelligence techniques” said Yasser S. Dahlawi, Founder and CEO of SRB. “Moving forward we will work closely with the team at X8 to ensure that they have access to  the levels of expertise required for attaining Sharia compliance in their business facilities.” Yasser added, “High quality Sharia advice and certification services are critical to our business and we are ready to deliver what’s required to support the future ambitions of X8 in the Islamic financial market.”

As a full-service Sharia Advisory company, SRB’s certification complement its ICO screening services and solutions and covers Blockchain protocols, Tokens and Cryptocurrencies.  “Blockchain based projects require detailed review of its design and technical structuring aspects” said Mansoor M. Ahmed, AGM at SRB’s Dubai office. “At SRB, we aim to simplify this for our clients by providing end-to-end Sharia Board, review, certification, consultation and Sharia audit services into one cost-effective package. As a result, clients get consistent Sharia advice and added value in terms of access to the right Sharia scholarly resources as and when required.”

Alpha Capital to create new financial value with Shariyah Review Bureau

Alpha Capital to create new financial value with Shariyah Review Bureau

Alpha Capital, the Kingdom’s latest novel boutique Investment firm focused on Asset Management and Alternative Investments announced today the assignment of Shariyah Review Bureau (“SRB”) to oversee its Sharia compliant investment funds and securities business.

Alpha Capital’s bespoke products and services, are designed to help investors build and grow their investors, and include direct access to fixed income fund, structured products, discretionarily managed portfolios, investment real-estate funds and private funds. The combination of Alpha’s specialist knowledge in identifying risks and optimizing investments is seeing an increased level of interest from regional institutional clients. The firm has already established two standalone Sharia compliant public Funds this year and is now working on a range of investment funds to meet the needs of its growing private asset business in the Kingdom. Fahad Khalid AlSaud, Managing Director and CEO at Alpha Capital, said: “we are working hard in building great opportunities for institutional investors and HNW’s in the Kingdom wanting to diversify their portfolio with  an excellent return profile  in multiple asset classes.” Speaking on alpha returns he added “the needs of the markets are changing and diversification backed with positive returns are key to creating wealth, and this is why we are structuring our investment case with alpha based returns in this challenging market.”

Commenting on the assignment of Shariyah Review Bureau, Moath AlNaeem, Chief Investment Officer at Alpha Capital stated, “We welcome SRB to our investment business. The appointment of a global Sharia advisory firm which has certified investments across all asset classes and with deep knowledge of the Islamic industry highlights our commitment to growth in Sharia compliant alternative investment business.”

Shariyah Review Bureau is licensed by the Central Bank of Bahrain and has hundreds of clients covering multiple industries around the world. Its services have grown in demand as financial institutions continue looking for ways to speed-up the Sharia compliance management process and to reduce costs on Sharia Boards overheads. “We strive to be a complete Sharia advisory resource for asset managers, providing them with the full spectrum of Sharia certification and Sharia equity screening services they need to help meet their goals,” said Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau. “Creating long-term value between institutions and scholars has always been at the core of our business and we believe that we have succeeded by building a scholarly platform spreading over 19 countries and a committed team of in-house consultants that can deliver quick reviews and certification, as well as deliver and monitor Sharia compliance for clients like Alpha Capital.”

Banque Saudi Fransi to augment its Sharia compliance management with Shariyah Review Bureau

Banque Saudi Fransi to augment its Sharia compliance management with Shariyah Review Bureau

Banque Saudi Fransi (BSF), the Kingdom’s leading bank today announced that it has assigned Shariyah Review Bureau to help augment its internal Sharia audit functions.

BSF has one of the largest suites of Sharia compliant products and services dedicated to companies, individuals and banking institutions in the Kingdom. Mazen Elrayes, Advisor to Islamic Banking at BSF commented: “As BSF grows, we continue to broaden our Sharia supervisory framework in order to better serve our customers by delivering leadership in Sharia control designed to meet the requirements of our Islamic products and services.” He added, “Sharia audit is often the most labor-intensive stage of the Sharia compliance management process. During this phase, each aspect of the products, services and operations is diligently reviewed and analyzed to determine what Sharia risks the bank may be facing. To achieve this we need qualified and experienced Sharia auditors who understand the Sharia construct and issues in compliance and are able to make the necessary audit calls and reduce risks.” “We expect SRB to rigorously review and audit our products, operations and treasury procedures and help enhance the Sharia compliance management system in BSF.”

SRB’s Sharia audit services are designed to bridge the gap between the issuance of Sharia certification and management of Sharia compliance. Since its inception, SRB has launched multiple Sharia audit services from Sharia Supervisory audits to co-sourcing audits to Independent External Sharia Compliance audit (IESCA) to financial institutions. With 100+ Sharia audit and reviews of companies, banks, insurance firms, and asset managers, SRB prides itself on being an Islamic industry leader.

“Our Sharia audit services have earned a reputation of excellence in the Islamic banking industry,” said Chief Executive Officer, Yasser S. Dahlawi. “Over the years we have worked hard to build the right combination of skills, experience and team to oversee the continuous development of internal Sharia audit programs for Islamic banks in the region.” Commenting on the new engagement Yasser added, “We look forward to working with BSF and further strengthening their Sharia control procedures.”

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