IslamicFinance.de

Saudi firm Wataniya Insurance Company announced the commissioning of Shariyah Review Bureau (SRB) as their Sharia advisor. Shariyah Review Bureau will oversee and supervise the company's Shari'a Compliance needs from Product structuring to Certification, and from Investments to periodical Shari'a reviews. According to Mr. Yasser Dahlawi, CEO at Shariyah Review Bureau, outsourcing Shari'a Supervisory functions is changing the landscape of the whole Islamic financial industry. It has been accelerated with greater demand from Institutional clients seeking cost-effective measures and a dynamic environment in having there queries and products quickly reviewed and verified, he added. Shariyah Review Bureau is currently serving 22% of the listed Cooperative Insurance companies in Saudi Arabia.

Al Khonji Real Estate & Development (Aqar) signed today that it has hired the services of Shariyah Review Bureau (SRB), to advice and supervise its future course of actions and transactions in light of Shari'a principles. Mohamed Al Khonji, Chairman/CEO, said that it has decided to spread its wings in the real estate market while ensuring it is truly Shari'a compliant. The assignment of Shariyah Review Bureau is expected to help developing an enterprise-wide Shari'a compliant framework, which will cover compliance with Islamic finance across all function streams in Aqar.

Shariyah Review Bureau and Ahmad Lootah & Associates will cooperate in future in order to better serve the growing demands of UAE clients that are seeking advisory on sharia investments. The strategic relationship marks the commitment of both companies to certifying businesses and their transactions from the view of sharia investors.