Dar Al Etiman expands with Shari’a Compliant offerings

15/02/2015 13:19 AST

Dar Al Etiman, the financial arm of Saudi based Universal Motors Agencies (General Motors Dealers) today announced the assignment of Shariyah Review Bureau (SRB) to supervise its upcoming Shari’a compliant products as it looks to expand its offerings in the region.

Dar Al Etiman, which has been in operation since 2007 includes 170 people who handle national and local portfolios and is widely considered as one of the Kingdom’s leading Motor financial company

"Listening to the needs of our clients and striving to achieve those goals is at the heart of our business, and this year we decided to extend our strategy and execute offerings which a rising number of our customers have been demanding," Mohammad Muhawesh, the General Manager at Dar Al Etiman said in a statement. "We concluded to partner with SRB institute to lead our product design, offering structure and leasing programs in a Shari’a compliant way. This decision is expected to ensure that Dar Al Etiman stays at the head of industry with innovative Islamic products in a rapidly changing financial landscape and to be in compliant with SAMA new regulation for finance companies "

Commenting on SRB’s role Mr. Muhawesh writes “Their extensive experience both locally and internationally will be instrumental to our Islamic financial growth strategies,"

SRB, offers clients three prime services: Shari’a Supervisory Board solutions, Shari’a Consultation and Shari’a Audit outsourcing. SRB is supported by team of dedicated professionals and 27 scholars from around the world and is widely acclaimed as the trusted and preferred choice of Shari’a Advisor delivering services to some of the GCC’s most prominent Shari’a compliant financial companies; institutional, insurance, funds, and investment managers.

“Our approach provides clients with direct access to Shari’a experts and organizational readiness to find solutions to clients challenging tasks in a Shari’a compliant manner,” writes founder and CEO of SRB, Yasser S. Dahlawi in a statement. “This gives clients the ability to tap new market positions and seize arising opportunities within a Shari’a context.” He also writes "We are thrilled to be working with Dar Al Etiman in helping them achieve Shari’a compliance.”

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.

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