11 May 2015
Global Investment House Saudia (Global Saudi), a wholly owned subsidiary of Global Investment House - Kuwait (Global) offering asset management and investment banking services in the Kingdom, has assigned Shari'a Advisory firm Shariyah Review Bureau (SRB) to oversee its Islamic Shari'a compliant real-estate fund in line with global standards.
Global is a leading Kuwait based investment bank with operations across the GCC and wider MENA region offering a comprehensive range of financial products and services. The Company offers its clients integrated investment solutions in Asset Management, Investment Banking and Brokerage complemented by its renowned research capabilities.
Speaking about the assignment of SRB, Khaled Al-Sorayea, Chief Executive Officer at Global Saudi stated, "They are an outstanding choice to manage the Shari'a compliance of our fund in Saudi Arabia, a key and dynamic market for us. With more than 10 years of experience in overseeing the Islamic financial and asset management services industry they have created a reputable track record for supporting businesses success and a real passion for developing customized Shari'a compliant programs."
To ensure Global Saudi's upcoming real-estate fund processes and resources function in a Shari'a compliant manner, SRB will deliver Shari'a Advisory services from reviewing documentation to certifying parameters and conducting ongoing Shari'a Audits that improve Islamic control efficiencies and provide Shari'a assurance. To further enable Global Saudi fund's Shari'a compliant supervision, SRB will leverage leading Shari'a practices, Consultative expertise and Islamic compliance programs.
"Today, businesses looking to tap Islamic financial markets have an ever-growing need to support new Shari'a practices, increase review and certification service levels, and improve ongoing Shari'a compliance," said Yasser S. Dahlawi, Chief Executive Officer at SRB. "But the reality is that many don't have the time, nor the scholarly resources, neither the co-coordinative infrastructure available to address the demands" he adds.
SRB's Shari'a Advisory Services offerings are designed to help companies optimize their Shari'a compliance in their investment offerings, manage certification and scholarly board transfer operations while significantly reducing the burden on their internal resources. Commenting on this Mr. Yasser said, "Our services combine high-quality support with industry-leading Shari'a scholarly practices and infrastructure, providing financial institutions scalable options to meet their Islamic compliance needs now and in the future." He further adds, "Whether a company requires only a few skilled scholars to complete a project or requires full Shari'a supervisory on-premise solution, or wishes to outsource the Shari'a supervisory board and hosting of their entire Shari'a compliance and audit environment SRB's offerings are designed to accommodate any of these scenarios."
Commenting on the new deal with Global Saudi, Dahlawi said "Global Saudi has had a record of delivering innovative and award winning offerings and we are proud to have been selected as their fund's Islamic Sharia advisor. I'm confident that our team will provide the required support to the asset management team at Global Saudi for a successful product offering."
About Shariyah Review Bureau
Celebrating its 10th year of business, SRB provides professional Shari'a Advisory and Shari'a Audit services to public and private businesses, including commercial and corporate debt, Sukuks and Islamic equity markets, initial public offerings screening & Investment Banking Practice, energy firms and information providers.
Licensed by the Central Bank of Bahrain, SRB serves clients from US, UK, Switzerland, Canada, Hong Kong, Australia and GCC. In Saudi Arabia alone it holds the market share of 21% of the Co-operative Insurance Firms Listed on the stock-exchange market, and 13% of Saudi Investment Companies licensed by the CMA. It's service offerings span a broad set of complementary disciplines that include product certification, consultation, Shari'a Audit and equity screening. SRB's scholarly presence in more than 12 countries including the US, Europe, Africa, GCC and Asia makes it a unique Sharia consultancy body that can meet clients' true international business requirements.
For more info please visit www.shariyah.com
© Press Release 2015