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Wahed Invest announced the assignment of Shariyah Review Bureau to manage its Sharia compliance affairs. Wahed is seeking to expand geographically from its historical focus on clients in the US and now has offices strategically located in USA, UK, India, Dubai, Kazakhstan and Malaysia. Currently, Wahed serves thousands of clients from over 100 countries and with its geographical expansion and service diversification is expected to enhance its market share. Shariyah Review Bureau provides comprehensive Sharia advisory solutions from setting-up Sharia Boards to providing product consulting to Sharia review implementation and Sharia audit planning.

Malath Insurance announced today the assignment of Shariyah Review Bureau (SRB) certification and Sharia audit services to help maintain and supervise Sharia compliance. Malath offers comprehensive solutions covering classes of insurances like property, engineering, construction, health and medical for its retail and corporate customers. It currently has about 336 employees and 5 offices throughout Saudi Arabia. Malath CEO Fawaz A. Al Hijji believes that bringing Shariyah Review Bureau on board will strengthen trust in stakeholders and will provide significant scale with low input costs for certifying and auditing Sharia compliant products and investments.

Saudi peer-to-peer funding platform Raqamyah has assigned the Shariyah Review Bureau (SRB) to manage the Sharia compliance affairs of its crowd-funding technology. Raqamyah founder Ammar Bakheet said the company was developing faster ways of connecting funders with SME’s and also enact the spectrum of SAMA’s regulations in the Kingdom. Shariyah Review Bureau, founded in 2004 in 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. SRB founder Yasser S Dahlawi said the collaboration with Raqamyah makes SRB the preeminent choice of Sharia Advisor for P2P firms seeking to offer crowd-funding opportunities in the Kingdom.

Saudi-based Lendo has engaged Shariyah Review Bureau (SRB) to help support its Shariah supervisory function by overseeing its offerings, crowdfunding structures and operations. Lendo has been working to acquire its license in Saudi Arabian Monetary Authority’s sandbox regulation while continuing to focus on developing peer to peer funding practices in light of Shariah compliance. Lendo CEO Osama Al Raee expects Shariyah Review Bureau to contribute to the further optimization and improvement in Sharia supervisory oversight and optimize their Sharia risk management system. SRB founder Yasser S Dahlawi said the focus will be to evaluate and optimize existing Sharia control procedures and business processes to ensure well-grounded Sharia structural guarantees.

Health insurer Saudi Enaya has joined hands with Shariyah Review Bureau, a global Sharia Advisory firm, to offer Sharia-compliant value creating policies. CEO Lee Shurey stated that offering Sharia compliant products provides a tremendous opportunity to strengthen Enaya’s position in the region. The company had already identified Islamic cooperative insurance as a major potential more than three years ago. Enaya's HR director Moneer Brembali said that the insurer has undertaken several initiatives over the years and this agreement with SRB is another demonstration of their commitment to customers. He added that SRB’s Sharia Review Certification and Audit experience will complement the company's knowledge. SRB is a Sharia Advisor which currently serves 24% of the Saudi Cooperative Insurance market in the kingdom. It also has an established record of innovation to expand and improve leading insurance practices.

#Kazakhstan based SK Leasing (SKL) announced that it has engaged Shariyah Review Bureau (SRB) to help the company achieve Shari'a Compliance in its business activities. Managing director Duman Nurbayev said SKL is going to be the first leasing company in Kazakhstan to be fully converted into Sharia compliant activities. Also, they are planning to be the first company in the CIS region which will provide a wide range of Islamic Financial products and services. SKL finances projects in the real economy sector for renovation, modernization and expansion of fixed assets. SKL has 3 domestic offices and approximately 240 clients. Its regional network includes representations in Almaty, Astana and Atyrau.