Saudi based Peer-to-Peer Funding Platform Raqamyah signs with Shariyah Review Bureau

Saudi based Peer-to-Peer Funding Platform Raqamyah signs with Shariyah Review Bureau

Raqamyah, the Kingdom’s Peer to Peer funding platform, announced the assignment of Shariyah Review Bureau, to manage the Sharia compliance affairs of its crowd-funding technology.

Ammar Bakheet, Founding Partner and Chief Executive Officer of Raqamyah, said, “It is high-time for the  Kingdom’s financial sector to explore opportunities offered by fin-tech firms to serve the SME’s segment.” “At Raqamyah we are proactively looking to augment our capabilities in developing faster ways of connecting funders with SME’s and also enact the spectrum of SAMA’s regulations in the Kingdom.”

Speaking about Sharia compliance Mr. Ammar added, “For us, Sharia compliance is instrumental in achieving success. This proposition can help enhance Islamic values by challenging the way a financial transaction is formulated, and providing Sharia assurance to our stakeholders.”

Mr. Ammar further stated, “We are delighted to have a globally recognized Sharia advisory firm like Shariyah Review Bureau (SRB) managing our Sharia compliance affairs. Their addition is expected to significantly enhance our capabilities in positioning our fin-tech firm for further growth. We expect SRB to complement and enhance our existing Sharia control functions, allowing us to provide superior Islamic financial services to our customers.”

Shariyah Review Bureau, founded in 2004 in the Kingdom of Saudi Arabia and licensed by Central Bank of Bahrain in 2007 provides Sharia advisory services from setting up Sharia Boards to Sharia certification and Sharia audits to over 100 financial institutions including fin-tech firms. “We believe in bringing a well-balanced approach of examination, verification and testing in our Sharia compliance management so as to operate in an increasingly complex Islamic financial environment” said Yasser S. Dahlawi, CEO and Founder of SRB.

Speaking on the engagement with Raqamyah, Yasser commented, “Being assigned by Raqamyah allows us to become the preeminent choice of Sharia Advisor for P2P firms seeking to offer its crowd-funding opportunities in the Kingdom.”

Yasser ended by stating, “Our Sharia advisory services are well positioned to address the critical and complex Sharia control requirements needed by fin-tech firms to offer Sharia compliant versions of their products and also meet the robust expectations of the regulated Islamic industry in which we operate.”

Lendo integrates Sharia supervisory services of Shariyah Review Bureau

Lendo integrates Sharia supervisory services of Shariyah Review Bureau

Saudia-based Lendo which is seeking to provide peer to peer financing in compliance to Shariah today announced that it has engaged Shariyah Review Bureau (“SRB”) to help support its Shariah supervisory function by overseeing its offerings, crowdfunding structures and operations.

Lendo committed to operating with the highest degree of commitment to Sharia compliance and engaging a top-tier independent Shariah advisory firm that the stakeholders can trust its peer to peer activities are in compliance to the principles of Shariah. “We are committed to maintaining Shariah oversight and controls of our Islamic transactions” said Osama Al Raee, Co-Founder & CEO of Lendo. “A Sharia supervisory review and audit on our product, services and operations by a well-known local Sharia advisory company will allow us to confirm the efficiency of our Sharia control processes for management bodies, investors and customers. We expect Shariyah Review Bureau to contribute to the further optimization and improvement in Sharia supervisory oversight and help us optimize our Sharia risk management system based on their experience with similar firms.”

Lendo  has been working to acquire it license in SAMA’s sandbox regulation while continuing to focus on developing peer to peer funding practices in light of Shariah compliance. “Today, fin-tech firms have a growing need to support Sharia supervisory programs, onboard new Sharia audit partners, and improve Sharia compliance,” said Mohammed Jawabri, Founder & COO at Lendo. Commenting on the newly assigned Shariah advisory firm he stated, “their services are designed to help us optimize the Sharia compliance function for our P2P offering while significantly reducing the burden on our internal Sharia supervisory resources. Given their experience and track-record in serving fin-tech firms they will also support us with industry-leading insights from a Sharia compliance perspective, providing Lendo  with comprehensive and scalable options to meet its needs now and in the future.”

SRB is regulated by the Central Bank of Bahrain and has become a global leader in professional Shariah advisory and Shariah audit services, serving clients from the banking to asset management to insurance and fin-tech industry. SRB is considered as one of the most respected Shariah advisory firms in the region. “Creating long-term relationships with the stakeholders of our clients has always been at the core of our business” said Yasser S. Dahlawi, Founder and CEO of SRB. “we will work with Lendo  to improve their Sharia compliance processes, review Sharia oversight procedures for P2P financing, tighten Sharia transactional controls and eliminate any potential for future non-compliant leakage.” Yasser added, “another area of focus will be to evaluate and optimize existing Sharia control procedures and business processes to ensure they supply well-grounded Sharia structural guarantees of implementation for their respective peer to peer control tasks.

Elite Icon Trust (EIT) to digitalize global real estate opportunities with Sharia compliance in AIFC

Elite Icon Trust (EIT) to digitalize global real estate opportunities with Sharia compliance in AIFC

Elite Icon Trust (EIT) to digitalize global real estate opportunities with Sharia compliance in AIFC.

Liechtenstein based company Elite Icon Trust is seeking to pioneer a Sharia compliant Global Real Estate Digitalization program.  It assigned Shariyah Review Bureau (SRB), a Middle-Eastern Sharia advisory firm regulated by the Central Bank of Bahrain, to review its project and business activities in light of Sharia principles. After receiving their approval, Elite Icon Trust is now preparing to scale-up its business by securing an operating license  “EIT DIGITAL ASSETS Ltd” at Astana International Financial Centre (AIFC); a financial hub in Nur-Sultan, Kazakhstan.

AIFC jurisdiction is based on U.K. Law & is a symbol of modern Kazakhstan. The China Development Bank along with reputable Chinese international corporations are located in the AIFC as Kazakhstan is the Central Asia’s buckle of China’s Belt and Road Initiative.

EIT Founder & CEO of EIT Digital Assets Ltd Marius Jedlickij said: “EIT intends to disrupt the global real estate market, starting with luxury hotel rooms. We wanted to cater to the evolving need of Islamic investors in this age of digitization and hence created a Blockchain platform whereby through a clever use of smart contracts, the investor is entitled to room revenue sharing arrangement from luxury hotel rooms which are in different geographical locations”

Commenting on the leadership of AIFC, Marius added, “We would like to share our sincerest appreciation to CEO  Mr. Nurlan Kussainov. It is under such professional team management AIFC is rapidly becoming a safe and prosperous Financial Hub of Central Asia.’’

EIT Digital Assets Ltd COO & Co-Partner Mr. Altay Dostanov said: “Our major aim is Real Estate Digitalization in light of Sharia principles, thus more important is to connect Young Technology minded Talented Brains to the mutual benefits and our Targets achievement.

Shariyah Review Bureau (SRB) which has been very active in supporting Fintechs in Shariah compliance, foresees much development to follow in all sectors of Finance. Digitization of platforms which use Blockchain and smart contracts, help eliminate costs tied to third-party involvement, speeds up the process and adds to the overall efficiency of the business model.

“Sharia Supervisory services have become more critical, requiring an increasing amount of committed resources, improved availability and enhanced product structuring expertise,” said Yasser S. Dahlawi, Founder and CEO of SRB. He points to its year-over-year growth as evidence of this growing trend in Sharia Board outsourcing. In just three years, SRB has tripled its customer base, and is now widely considered as the largest Sharia Advisory institute services company in the Kingdom of Saudi Arabia and Bahrain. The company serves more than tens of thousands of transactions ranging from mid-market investment companies to the top insurance and asset management firms. Yasser adds “Our goal is to be a Sharia advisory leader for financial institutions seeking to maintain and offer Islamic financial investments, which means excelling in meeting the needs of our clients like Elite Icon Trust.

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Extra to deliver more value with Sharia compliant Financing Products

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.

IPO Certificate of Sharia Compliance

Sharia Evaluation and Qualification Report

Our Sharia evaluation approach is designed to assess and support your business and financial structure. Important issues such as business model, transactional contracts, debt capacity,  financial instruments, funding options, loans and deposits status will be proactively surfaced, discussed in light of Sharia principles and addressed promptly and consistently.

We have an incredible experience in serving companies as Sharia Advisor through their IPO journey, as evidenced by our leading IPO market share in the Kingdom of Saudi Arabia – where we have advised and supported companies from different industries. As part of our Sharia evaluation we will also help your IPO transaction become aware of any “non-compliance listing” beforehand and advise on potential solutions to attain Sharia compliance.

Why Engage Us?

Our experience in managing companies going public ensures that we understand what has to happen during the IPO’s Sharia evaluation and qualification process.  Additionally, our team specializing in IPO’s Sharia qualification is multi-disciplinary, covering Sharia review, structuring, finance, Sharia audit, transactional certification. This enables us to advise your business with multiple options and develop an appropriate roadmap to help your IPO achieve Sharia compliance. We also have,

  1. A proven track record for helping client list their equities and deliver value with Sharia compliance.
  2. Deeper insights on sensitive issues by connecting with a wide-network of +34 scholars from 19 countries and help navigate matters that may require Sharia consultation.
  3. Strong working relationship with lead investors in the Kingdom and their Sharia criterion for investment.
  4. International practice using AAOIFI Sharia standards as part of evaluation and reporting.
  5. Extensive Sharia advisory capabilities and experience in working with management and other IPO advisors to achieve economic advantage in time, whilst delivering Sharia certification at a competitive price.

Why Our IPO Certification Service Is The Best Choice for You?

We  work to gain an understanding of your company’s business, contractual make-up, financial information, commercial processes and policies for the purpose of evaluation in light of Sharia principles. Utilizing the institutional knowledge gained during the IPO transaction review, we assist you in securing the appropriate Sharia contractual provisioning and in establishing a solid financial structure that meets prevalent Sharia criterion. Our services will also include,

  1. A structured evaluation of the business process in light of Sharia standards;
  2. Ensure timely identification and communication of key issues non-congruent with Sharia principles;
  3. Identify and highlight, spanning all elements of business, divestment requirements with a particular focus on non-permissible investment and income;
  4. Issue the Sharia report with in your IPO transaction timetable in line with your listing arrangements;
  5. Offer ongoing market support post-IPO to ensure your equity remains compliant as time progresses. This support is offered at both the investor and index provider level ensuring the very best outcome for your financial decision-making process.

Our Market Position:

We have been advising and supporting number of companies going public in the Kingdom of Saudi Arabia. Not only have we evaluated and certified more companies going through the listing process than any other Sharia advisory firm, but we continue to support selected companies post-IPO in maintaining their equity processes and Sharia financial control to this day. This gives us tremendous experience in guiding IPO’s in their listing journey in a Sharia compliant manner.

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.”

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