Mulkia selects Shariyah Review Bureau as Shari’a advisor


14/05/2014 13:18 AST

Mulkia Investment announced today the signing agreement with Shariyah Review Bureau (SRB) to handle and supervise its Shari’a compliant investments and to support Mulkia’s broader Islamic funds transformation strategy.

Licensed by the Capital Market Authority (CMA), and headquartered in Riyadh, Mulkia operates Shari’a compliant asset management, corporate finance, and investment services tailored to suit the needs of individual and institutional investors. SRB is expected to support the Shari’a compliance requirements of Mulkia within regulated industries under the CMA. The service will pair the functionality of reviewing sophisticated contracts, certifying funds and corporate transactions, and monitoring all activities with annual Shari’a audits.

Commenting on the outsourcing of Shari’a Supervisory Board functions to SRB, Ahmed S. Almuzaini, CEO of Mulkia said “We are proud to have found a partner with an international track record of handling Shari’a consultation and certification services for businesses seeking to tap the Islamic market. We believe their support will help us offer greater scale investments and growth opportunities, whilst allowing us to dynamically push ahead with our own unique goals.” He also stated “SRB fits our criteria for outsourcing Shari’a review services – they are themselves regulated by the Central Bank of Bahrain; we expect from SRB to provide Shari’a consulting services solving complex industry-specific structures. They also have a fantastic international clientele base, and it’s a very strong local establishment in the Middle East – particularly in the KSA.”

The Chief Executive Officer of SRB, Yasser Dahlawi, added: “Our latest assignment as a Shari’a Advisor to Mulkia reinforces our business approach by continuously strengthening our range of outsourcing Shari’a certification and Shari’a audit services to meet challenging market requirements. We believe that speed in fund approvals and direct access to Shari’a advisors are important factors in the Shari’a compliant market space.” “If Islamic financial institutes want to use innovative products and superior investment experience as a competitive differentiator and means of attracting new clients, they cannot be slow with their Shari’a structuring and certification processes,” said Mr. Dahlawi.

Mansoor Ahmed, Assistant General Manager added, “The outsourcing of Shari’a advisory functions has become a "commanding business" for us. Our success can be gauged from the continuous assignments of clients and new projects we have been receiving.” Commenting on the powerful model of SRB, he explained, “Our goal is to help Islamic clients and new entrants balance the demands of Shari’a regulatory compliance while allowing clients to effectively focus and commercially manage their business agendas. The traditional model of hiring individuals to run Shari’a advisory functions is gradually losing ground to the paradigm of outsourcing Shari’a compliance for efficiency. And we have practically seen that this arrangement allows clients to focus more on client investment mandates and cultivating new business leads.”

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.

Press Release
Economic and Business News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 134 249,399
GFH 0.49 144,733
EMAAR 8.42 3,692,923
DSI 0.39 5,020,221
OOREDOO 1165 1,473
DHBK 30.35 233,681
CBQK 29.9 22,876
Recent News

Staff retention to be the biggest challenge for Gulf firms in the next
Retention of employees will be the biggest challenge for human resources managers in the Arabian Gulf region over the next 12 months, according to a report by recruitment agency Hays, as a more subdu

Philippine healthcare CEOs to explore Qatar investment climate
Executives from a Philippine-based medical organisation are set to sign a memorandum of understanding (MoU) with a local business group in Qatar for a medical facility project in Doha. Dr Jose Tiong

Blueprint for $1.5bn Dubai Food Park unveiled
The blueprint for Dubai Food Park (DFP), the latest addition to Dubai Wholesale City (DWSC), has been unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister

Saudi Arabia's 13b riyal sukuk nearly three times oversubscribed
Saudi Arabia, the Arab world's largest economy, said its 13 billion Saudi riyal (Dh12.7bn) Islamic bond sale drew demand for nearly three times the amount of sukuk on sale.

Subscription

Kuwait current account surplus narrows in Q1
Kuwait’s current account surplus fell for the first time in three quarters at the start of 2017, narrowing from KD600 million ($1.98 billion) in the fourth quarter of 2016 (4Q16) to KD300 million in

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?