Saudi Arabia-based Osoul Modern, a leading finance company, has signed a sharia advisory agreement with Shariyah Review Bureau (SRB) to help create new value in its Islamic financing solutions.
By selecting SRB for its integrated Sharia compliance management platform, Osoul Modern will now have access to an enterprise-grade Sharia scholarly and Sharia audit infrastructure along with deep Islamic financial knowledge and extensive industrial practices, said the company in a statement.
SRB provides clients with a dedicated team of Islamic financial expertise and a deep knowledge base made up of 27 Sharia scholars and Sharia Auditors.
Saeed Ahmed Baghlaf, managing director of Osoul Modern, said: “We are building our financing capabilities for the future. We have been working hard to create unmatched offerings to attract small and medium enterprise (SME’s) vital to the kingdoms economy.”
“With a focus on enhancing our corporate financing portfolio programmes we seek to provide unique class opportunities which help finance essential service projects in Saudi Arabia,” he said.
“We are pleased to be teaming up with SRB, the fastest growing Sharia Advisory firm in the Middle East. This engagement will provide Sharia compliance assurance to our customers and create exciting new opportunities for innovative products that comply with Sharia,” he added.
Yasser S Dahlawi, the chief executive of SRB, said: “This direct access to experts and scholars helps empower every person, team and business within an organisation to bring together new insights and drive faster Sharia approvals so as to seize new growth and opportunities.”
“Outsourcing Sharia Advisory functions are a relatively new practice; however, as banks and financing companies have grown more familiar with the benefits of such arrangements, demand for direct Sharia scholarly access has increased substantially,” he said.
“Through this arrangement, Osoul Modern will benefit from our Sharia Consultation, certification and Sharia Audit services, a value proposition that will further position Osoul for continuous growth,” he added. – TradeArabia News Service