28 November 2016
Saudia’s leading financing company, Murabaha Finance, today announced that it has finalized the engagement agreement with Shariyah Review Bureau (SRB), under which SRB will be the exclusive Sharia Advisor and Sharia Auditor in connection with its financing products and operational upgrades.
Murabaha Finance has been serving the Kingdom for over 7 years and has helped support both SMEs and individuals, involving successive leasing and financing infusions totaling several hundreds of millions of Saudi Riyals.
Ayman Al Habib, CEO of Murabaha Finance said, “In providing convenient, low-cost Islamic financing access to a dynamic market of the Kingdom, Murabaha Finance has helped change the way many corporates and individuals manage their leasing and financial portfolio amid increasing market volatility. Moving forward we will be a trailblazing our facilities in terms of Sharia compliant programs, efficiency of customization, financing slate flexibility and customer focused impact.”
Speaking on the assignment of the Sharia Advisor he added, "SRB distinguishes itself in the expertise of its dedicated professional staff, its local and international footprint, ability to understand the unique opportunities in Sharia business models, and the innovative approach that Murabaha Finance will take in ensuring that its corporate and individual customers receive value-added deals in a timely and cost effective manner."
SRB is one of the largest Sharia Advisory and Sharia Audit service provider in the Kingdom of Saudi Arabia. Established to provide institutions with diversified, low-cost Sharia scholarly and Sharia Audit access, the firm manages banks, insurance companies, asset management firms, IPO’s and international funds since 2004. In Saudi Arabia alone (as of November, 2016), the firm is the Sharia Advisor for 25% of the Financing Institutions licensed by SAMA, 26% of the Saudi Investment Companies licensed by the CMA, and 23% Cooperative Insurance firms listed on the stock exchange.
“Demand for high quality Sharia Advisory expertise is on the rise as institutions search for better, cost-effective and institutionalized solutions.” stated Yasser S. Dahlawi, Founder and CEO of SRB. "Serving clients in the Kingdom we’ve assembled a world-class Sharia scholarly network and a dedicated team with many years of experience." Speaking about the new assignment he added “We look forward to supervising Murabaha Finance activities in light of Sharia."
© Press Release 2016