A leading insurance provider, Saudi Arabian Insurance Company (SAICO), today signed the Sharia advisory agreement with Shariyah Review Bureau to strengthen and grow…Keep Reading
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 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,”
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.”
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