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.