Saudi: MIS Forward receives Sharia certification from SRB

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Saudi Arabia - MIS Forward, a provider of Buy Now Pay Later (BNPL) solutions in Saudi Arabia, has received the Sharia compliance certification from Shariyah Review Bureau, for its MIS Forward App solution in light of Shari’a principles.

The solution offers customers a method to pay a purchase at the partner merchants’ site without any interest or fee for the customer. MIS Forward will be available to online stores and merchants in Saudi Arabia.

Meshari Baselem, the compliance Manager of MIS Forward said: “The key process of the solution consists of 3 main steps, Onboarding through a profile check, usage and continuously repayment. The service allows eligible customer to buy now and pay later for goods or services that are purchased from stores and merchants listed in MIS Forward website or App. Not every customer is approved as each transaction is subject to a review and a detailed check.”

Commenting on receiving the Sharia certification from Shariyah Review Bureau (SRB), he stated: “We wanted to ensure our offering is Sharia compliant and to add value to our payment solution we secured the advisory of Shariah Review Bureau who are a reputable name in the region when it comes to Sharia compliance and audit. They have the track record of supporting payment solution providers with Sharia compliance and we stood to benefit from their service and experience.”

SRB is a renowned global Shari’a advisory firm. Regulated by the Central Bank of Bahrain, it serves a diverse clientele across the financial landscape. The firm has been engaged with many fintech and blockchain entities with its diverse offerings.

Yasser S Dahlawi, Founder and CEO of Shariyah Review Bureau, said: “We have seen a predominant rise in BNPL financing players where the fintechs are capturing value by providing to customers where traditional institutions have remained slow to respond.” Commenting on the engagement with MIS Forward Yasser added, “We will support and supervise our new partners as they scale their offering and enter a competitive financing payment solution market.”