Saudi-based Lendo which is seeking to provide peer to peer financing in compliance to Shariah today announced that it has engaged Shariyah Review Bureau (“SRB”) to help support its Shariah supervisory function by overseeing its offerings, crowdfunding structures and operations.
Lendo committed to operating with the highest degree of commitment to Sharia compliance and engaging a top-tier independent Shariah advisory firm that the stakeholders can trust its peer to peer activities are in compliance to the principles of Shariah. “We are committed to maintaining Shariah oversight and controls of our Islamic transactions” said Osama Al Raee, Co-Founder & CEO of Lendo. “A Sharia supervisory review and audit on our product, services and operations by a well-known local Sharia advisory company will allow us to confirm the efficiency of our Sharia control processes for management bodies, investors and customers. We expect Shariyah Review Bureau to contribute to the further optimization and improvement in Sharia supervisory oversight and help us optimize our Sharia risk management system based on their experience with similar firms.”
Lendo has been working to acquire it license in SAMA’s sandbox regulation while continuing to focus on developing peer to peer funding practices in light of Shariah compliance. "Today, fin-tech firms have a growing need to support Sharia supervisory programs, onboard new Sharia audit partners, and improve Sharia compliance," said Mohammed Jawabri, Founder & COO at Lendo. Commenting on the newly assigned Shariah advisory firm he stated, “their services are designed to help us optimize the Sharia compliance function for our P2P offering while significantly reducing the burden on our internal Sharia supervisory resources. Given their experience and track-record in serving fin-tech firms they will also support us with industry-leading insights from a Sharia compliance perspective, providing Lendo with comprehensive and scalable options to meet its needs now and in the future.”
SRB is regulated by the Central Bank of Bahrain and has become a global leader in professional Shariah advisory and Shariah audit services, serving clients from the banking to asset management to insurance and fin-tech industry. SRB is considered as one of the most respected Shariah advisory firms in the region. "Creating long-term relationships with the stakeholders of our clients has always been at the core of our business” said Yasser S. Dahlawi, Founder and CEO of SRB. “we will work with Lendo to improve their Sharia compliance processes, review Sharia oversight procedures for P2P financing, tighten Sharia transactional controls and eliminate any potential for future non-compliant leakage.” Yasser added, “another area of focus will be to evaluate and optimize existing Sharia control procedures and business processes to ensure they supply well-grounded Sharia structural guarantees of implementation for their respective peer to peer control tasks.
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