23 August 2016 Mouwasat Medical Services
is pleased to announce that it has appointed Shariyah Review Bureau (SRB) as its Sharia Advisor to help ensure that its financial dealings comply with best practices in Sharia.
A corporate Shari'a Advisor for 26% of the Investment Companies licensed by the CMA, SRB will help Mouwasat maintain its equity and business documentation in line with the principles of Sharia. Their assignment was effective June 20, 2016.
"Catering to our Kingdom's Islamic values and faith based investment requirements we are proud to assign SRB as our Shari'a Advisors to help us manage the health of Shari'a compliance as we prepare to expand our medical facilities in the GCC," said Mr. Nasser Sultan Al-Subaie, CEO of Mouwasat.
He added "as a firm dedicated to the well-being and health of our communities we always seek a long-term view and sustainable alignment of interests with those of our Muslim customers and investors. And a Shari'a compliant equity position will help our stakeholders trade our holdings in the Kingdom's Islamic financial markets."
"SRB brings a wealth of proven business and Islamic financial leadership experience," "We're tremendously fortunate to have such a creative, experienced and operationally strong Sharia Advisor," said Nasser.
"Mouwasat is an asset to our society because of its relentless focus on improving health and lives by deploying latest medical technology, and it is also a standout growing business," said Yasser S. Dahlawi CEO and Founder of SRB. "It is incredibly exciting to serve as the Sharia Advisor of a Saudi iconic medical company that is dedicated to enhancing our lives with their high standards of healthcare," Yasser said. "We look forward to working with their management team to continue to deliver their compelling vision for achieving Sharia Compliance."
Commenting briefly on the benefits of going Shari'a compliant for listed firms, Yasser adds, "it will potentially help Mouwasat's equity become Sharia compliant thereby offering a larger means of increasing the number and diversity of security holders by tapping Islamic institutional investors and broadening the shareholder base." He further adds, "Given the Kingdom's predominant Muslim population, our engagement will help Mouwasat improve its public recognition with commercial interest, while improving its Islamic investor profile."