29 December 2014 Tamwily and Shariyah Review Bureau (SRB) finalized today a Shari'a Advisory partnership agreement covering Shari'a supervision, monitoring and Shari'a Supervisory Audit.
The agreement comes as Tamwily seeks to integrate Shari'a compliance in its offerings to customers as well as high value added Shari'a assurance to all clients for whom dealings in congruence to their faith is a high priority. The arrangement will allow Tamwily to rely on SRB, a global Shari'a Advisory firm, to oversee and manage the Islamic auto leasing and financing systems, while offering the highest level of performance in Shari'a compliance certification and assurance.
Tamwily, has been leading the Saudi auto-credit industry for 20 years. With its commitment to Sharia-compliant financing programs it has been offering a wide array of brands such as Hyundai, BMW, Land Rover, Jaguar, TATA, Mini, and Rolls Royce in addition to Hyundai and Ankai heavy commercial vehicles. Abbas Al-Nahdi, CEO of Tamwily, said: "We are strengthening our leadership in Saudi Arabia, for us it's the undisputed historic market of the GCC. And our assignment of SRB helps secure the future development of Tamwily's Shari'a compliance in the Kingdom. This operation will help us improve the Islamic performance of our auto offerings and financing systems."
"This is the right time to invest our leadership in catering to our customers growing faith based needs," Mr. Abbas adds " Tamwily will continue to focus and build this area and deliver the best possible Shari'a compliant offerings and leading-edge platforms to its customers."
For Yasser S. Dahlawi, CEO of Shariyah Review Bureau (SRB): "We are delighted to deploy our Shari'a Advisory services to Tamwily and integrate new capabilities of Shari'a supervisory audit on their offerings." He adds "With their customer-centric focus and a mission to uphold Shari'a compliance in their businesses we expect Tamwily to rapidly transition into Saudi's No.1 auto financing player."
Yasser also emphasizes how companies from multiple industries throughout the Kingdom are changing the Shari'a compliance landscape. "We are seeing unprecedented advancements and openings for established enterprises and new players who are proactively leveraging Shari'a complaint strategies across broadening industries throughout the Kingdom," says Yasser.
About Shariyah Review Bureau
Celebrating its 10th year of business, SRB provides professional Shari'a Advisory and Shari'a Audit services to public and private businesses, including commercial and corporate debt, Sukuks and Islamic equity markets, initial public offerings screening & Investment Banking Practice, energy firms and information providers.
Licensed by the Central Bank of Bahrain, SRB serves clients from US, UK, Switzerland, Canada, Hong Kong, Australia and GCC. In Saudi Arabia alone it holds the market share of 21% of the Co-operative Insurance Firms Listed on the stock-exchange market, and 13% of Saudi Investment Companies licensed by the CMA. It's service offerings span a broad set of complementary disciplines that include product certification, consultation, Shari'a Audit and equity screening. SRB's scholarly presence in more than 12 countries including the US, Europe, Africa, GCC and Asia makes it a unique Sharia consultancy body that can meet clients' true international business requirements.
For more info please visit www.shariyah.com
About Tamwily International Company
Tamwily International Company is a Customer-centered finance company based in Saudi Arabia that provides Islamic auto-financing and finance leasing solutions.The company has over 20 years of experience in the Saudi Arabian auto financing and leasing industry.
In 27th November 2014 the company has transformed from "AQSAT International Trading Company" (Limited Liability Company) to "Tamwily International Company" (closed Joint Stock Company), Tamwily International (AQSAT international formerly) has been established in 2007, Originally operating as the credit sales division of Mohammed Yousef Naghi Motors, the exclusive distributor of BMW, Mini, Rolls Royce, Land Rover, Jaguar, TATA and Ankai along with an exclusive distributor of Hyundai cars in the West Coast of Saudi Arabia.
With our commitment to innovation, accessibility and transparency, Tamwily international is a wholly customer-driven business. Our flexible, Sharia-compliant financing and finance leasing programs for a wide range of automobile brands to make it easy for our customers to find one that best fits to their budget so that they can drive their desired car. We are offering the financing leasing product to our valued Customer Individuals and Corporates along with financing schemes which serve to the small and medium enterprises (SMEs) through 33 locations in the Kingdom of Saudi Arabia which managed by our head office located in Jeddah Saudi Arabia.
© Press Release 2014