PayTabs goes Shari’a compliant with Shariyah Review Bureau
PayTabs, a rising star of the Middle East dedicated to providing hassle free online payment solutions for SME’s has hired Shariyah Review Bureau (SRB) to help run its business in a Shari’a compliant way.
The online payment solution, first of its kind in the GCC, is aimed at addressing the needs of the smallest entrepreneurs and businesses who sell products and services online. SME’s in the GCC and elsewhere can use PayTabs payment systems even if they do not have a website with the comfort and security of payments being directly transferred into their bank accounts.
PayTabs founder and CEO, AbdulAziz Al Jouf said, “Our hassle free offerings to businesses are distinguished by our customized, unique and integrated payment attributes. This has allowed our organization to expand our payment collection services to multiple industries by providing simple solutions that virtually any entrepreneur no matter what the size of his business can participate in without complexity.” Commenting on the assignment of SRB as PayTabs’ Shari’a Advisor, he added “Ensuring our businesses are running in a Shari’a compliant way is vital to an entrepreneur’s success. And at PayTabs we want to ensure that all our activities are Shari’a compliant and here they [SRB] bring an extremely strong industry knowledge capability that will allow us to expand our platform and meet the demands of Shari’a conscious customers.” “We are delighted to have them as our Shari’a Advisors to guide us through the Islamic financial requirements and we look forward to playing a key role in developing the first of its kind Islamic online payment solution.”
“As a rapidly growing business, we deal with several clients ranging from SMEs to corporate at any given time. And as we look at serving Ethical and Islamic customers of all sizes we saw that there was more to contend with especially in the case of achieving Shari’a Compliance and Certification. We decided to assign SRB to help execute our online payment transformation and invoicing solution in a Shari’a compliant manner,” stated M Hassan Saduddeen, Chief Operating Officer. “Our agreement with SRB increases our degree of confidence in meeting our internal Islamic business objectives and provides us greater flexibility to scale up our business as PayTabs grows” he added.
SRB will provide online payment structuring, documentation review, Shari’a Certification, customer query support and periodical Shari’a Audit’s to ensure PayTabs continues to operate in a Shari’a compliant manner.
The broad-based strength is clear across the entire Middle East SME market, with growth expected almost everywhere we look,” said SRB’s founder and CEO Yasser S. Dahlawi. “A typical challenge faced by almost all small businesses in the Middle East is how to scale up their businesses without adding significant overheads in building financial payment gateways. While banks and brokers do offer e-solutions at hefty prices it still remains a pipe-dream for most SME’s to have their own critical infrastructure in place for managing their payment flows. Here PayTabs’ expertise is expected to manage the financial relationship in a smooth and efficient manner without incurring huge setup costs.”
Commenting on the assignment Yasser said, “We welcome PayTabs efforts in systematizing their operations and solutions with Shari’a and look forward to helping them maintain compliance as they grow and serve small business’s needs.”
Commenting on PayTab’s entrance in the rapidly growing world of Shari’a compliant businesses, Mansoor M. Ahmed, Assistant General Manager at SRB said “As a global Shari’a Advisor we have a big responsibility to play a role in helping SME’s grow and expand their resources in accord to Islamic values. And by helping PayTabs launch its solutions in a Shari’a compliant way we are contributing towards that cause.” “We are very excited to work with PayTabs. Their revolutionary scheme backed by highly efficient technology is expected to change the online payment business and open new doors for the next generation of SME’s by providing them much needed flexible payment and fee collection solutions” added Mansoor.
PayTabs is a company co-owned by Saudi Aramco Entrepreneurship Ventures (Wa’ed). It started its operations in 2013 and incorporated in the Kingdom of Saudi Arabia. The company has around 35 employees spread across multiple countries and is rapidly expanding. The company’s objective is to contribute to the relatively untapped eCommerce potential in the MENA region by offering an easy to integrate payment processing solution. Using advanced fraud monitoring tools, it caters primarily to SME’s.
To learn more, visit www.paytabs.co