Saudi-based Rassanah Capital, the latest investment firm having secured licence this year, has assigned Shariyah Review Bureau (SRB) to supervise its compliance requirements.

Aligning to the kingdom’s Vision 2030 and the Islamic finance strategy mapped out by Financial Sector Development Programme (FSDP), Rassanah Capital has established multiple shariah compliant funds this year to meet the growing appetite of its investor base and solidify the kingdom’s leading position as the world’s largest holder of Islamic financial assets.

Fahad Bushager, Chief Investment Officer (CIO) of Rassanah Capital, said: “We are working hard in building great opportunities for both UHNWIs and institutional investors in the kingdom wanting to diversify their portfolio with an excellent return profile in multiple asset classes.”

Structuring investment

Speaking on returns he added: “The needs of the markets are changing, and diversification backed with positive returns are key to creating wealth, and this is why we are structuring our investment case with alpha based returns in this challenging market.”

Speaking on the newly assigned Sharia Advisor, Bushager said: “Bringing SRB on board to supervise our Sharia compliance affairs strengthens trust in our stakeholders and also give us significant scale with effective and reasonable input costs for certifying and auditing Sharia compliant funds and investments.”

SRB is licensed by the Central Bank of Bahrain and caters to over a hundred clients covering multiple industries around the world. Its Shariah advisory services have grown in demand as financial institutions continue looking for ways to speed-up the Sharia compliance management process and to reduce costs on Sharia Boards overheads.

Full spectrum

“We strive to be a complete Sharia advisory resource for asset managers of all sizes, providing them with the full spectrum of Sharia certification and Sharia equity screening services they need to help meet their goals,” said Yasser S Dahlawi, Founder and CEO of SRB.

“We stand ready to help Rassanah Capital with our Shari'a advisory services and wish the team long-term success as they launch their fourth Sharia compliant fund to the market," he added.

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