25 January 2016
Australia's fastest growing financial solutions provider Equitable Financial Solutions (EFSOL), announced today the signing of an agreement with Shariyah Review Bureau (SRB) as it seeks to expand its Islamic financing portfolios. The agreement will allow EFSOL to expand its footprint in the Sharia compliant market, and is expected to add $100 million of new investments to its current portfolio.
"EFSOL always welcomes new opportunities to illustrate how it can help Australian customers realize their dreams and aspirations with its innovative products," says Usman Siddiqui, Managing Director, EFSOL. "Our market surveys and client feedback programs show us that the market is looking for Islamic financial services in particular those that have a commitment to excellence".
"In fact, our Islamic offerings are another milestone in our longstanding dedication to meeting the Islamic financial requirements of our customers. We consider our company as one of the few standalone, genuinely Sharia-compliant financial solutions providers in Australia. By engaging SRB, a globally-renowned Sharia advisory firm, to provide ongoing auditing and accreditation services we are stepping into the global Islamic finance sphere. Through this assignment we will also be maintaining dedicated Sharia quality assurance personnel to ensure continuous Sharia-compliance of our offerings". He also adds, "through our deep knowledge of the country, its people, culture and its economic environment we shall continue to unlock a wealth of potential for Australian individuals and businesses to the rapidly expanding Islamic financial market of the future".
"Today, EFSOL serves more than 100 customers with distinction in Australia", says Hisham Fakhir, Director, Funds Management of EFSOL. In the next 5 years, we estimate that the companies sales and growth will be fueled by a next-generation of tech-savvy Islamic financial solution seekers and asset management establishments. To support this, EFSOL is looking at effectively building its administration and strategically managing the Islamic financial infrastructure so as to "respond quickly to rapidly growing individual needs and continue to deliver innovative products and services in the coming years." He added: "Australia is not only a fascinating country with the world's most robust financial economy. We have been doing business in the country for approximately 5 years and are well known as the most reliable and trustworthy solutions pioneer in the country."
On the assignment of SRB to oversee its Sharia compliant plans, Hisham states: "We are excited to have a Sharia advisory firm like SRB lead our efforts in delivering EFSOL's global capabilities to customers into the region". "SRB's institutional experience in the international Islamic financial markets and deep understanding of the evolving needs of ultra-high-net-worth customers will allow us to build safe, reliable, innovative and quality-based Sharia-compliant solutions to clients in Australia."
SRB is one of the leading Sharia advisory firms in the region involved in developing and supervising Islamic financial institutions and has acted as Sharia Supervisor to various organizations and financial establishments around the world. Their business model of providing efficient Sharia advisory services is increasingly key to success in the new Sharia Supervisory Board landscape. More and more firms are recognizing the huge advantages institutional bodies like SRB are offering - reducing their cost base while providing direct scholarly access, and a quality Sharia audit service.
"Times are changing in the world of Islamic financial markets. Operating in an increasingly demanding marketplace, more and more firms are looking to outsource Sharia Advisory solutions" says Yasser S. Dahlawi, Chief Executive Officer, SRB. Commenting on the assignment he adds, "We are always on the lookout to deliver value-added solutions for clients like EFSOL and will continue to enrich our services to provide faster and efficient suite of solutions for their Sharia supervisory needs."