Saudia's leading investment banking and asset management firm Anfaal Capital, today announced the outsourcing of the Shari'a Supervisory function to Shariyah Review Bureau (SRB). As the new Shari'a Advisor, SRB will oversee and supervise the firms Shari'a Compliance needs from Product structuring to Fatwa issuing, and from stock screening to periodical Shari'a Audits.
Mr. Ahmed Muzni, CEO at Anfaal Capital said "With significant Shari'a Advisory experience in institutional asset management, SRB is a great fit to advice Anfaal Capital and assist to develop innovative world-class Islamic products". He also added that "By having a dedicated team of shariah scholars and experts, SRB has the ability to deliver a speedy solutions to the business while maintaining a high level of Shariah standards, is essential in contributing towards our business growth and meeting the needs of our stakeholders."
Mr. Yasser Dahlawi, CEO at SRB said "Outsourcing Shari'a Supervisory Board functions is changing the landscape of the Islamic financial industry and we are relentlessly working to support our clients by increasing in-house scholarly resources and size of the team to support our ambitions." "It has been accelerated with greater demand from Institutional clients seeking cost-effective measures and a dynamic environment in having there queries and products quickly reviewed and verified" Mr. Yasser said in the release.
Commenting on the assignment, he also added "We are proud to offer our Shari'a Advisory services to an institute which has emerged as one of the leading Investment banking firm in the Saudi Market. We look forward to working with Anfaal Capital and leading the bank towards continued growth in the light of Shari'a."
Contact Person: Mr. Mansoor Ahmed, Asst General Manager, m.mansoor@shariyah.com , 17215898.
About Shariyah Review Bureau
Shariyah Review Bureau (SRB) is the Corporate World's leading Shari'a Advisor with scholarly presence in more than 12 countries from US, Europe, Africa, GCC and Asia. The breadth of geographical reach crossing national boundaries makes it one of few Shari'a consultancy bodies that can meet clients true international business requirements.
Licensed by the Central Bank of Bahrain it is a natural proxy to institutes seeking Shari'a Compliant Funds and transactions. Apart from clients in UK, Canada, France, Australia, Hong Kong, Switzerland and the GCC, it is also the Shari'a Advisor's for 21% of the Co-operative Insurance Firms Listed on the stock-exchange market in the Kingdom of Saudi Arabia. SRB also serves 12% of the Saudi Investment Companies licensed and regulated by the CMA.
To learn more visit www.shariyah.com
About Anfaal Capital
Anfaal Capital (Anfaal) is a CMA licensed financial institution that has been in the market since 2010. Anfaal's strength lies in its strong shareholder base in addition to its professional, team.
Anfaal's diverse global network is allowing it to deliver outstanding outcomes to all stakeholders. Main services offered by Anfaal include: Domestic and cross-border asset management, corporate finance, investment advisory and custody services.
Find more about Anfaal Capital at www.anfaalcapital.com
© Press Release 2014
