New Finance fast-tracks to offer Islamic financial products


29/06/2015 10:19 AST

New Finance, a Kazakhstan based first Islamic microfinance (SME financing) company today said that it had selected Sharia Review Bureau (SRB) to transform, certify and oversee a number of its Sharia compliant product and operations.

The Bahrain-based Sharia Advisory services provider will supervise the Islamic operations to support New Finance's Sharia product strategy. Areas that New Finance is currently looking to lift its customers engagement are Ijara, Murabaha and Musharaka. "In the near future, we expect to be generating richer experiences with our Shari’a compliant offerings and more opportunities for engagement and participation in our Islamic products," said Timur Alim, Founder and CEO of New Finance. "We will focus resources in ways that will better benefit the next generation of Sharia sensitive customers, while still offering distinctive products in specialist areas of Kazakhstan."

Commenting on the assignment of SRB, Timur added “Moving to SRB for key Sharia Certification and Supervisory services will ensure that we have access to levels of expertise, scholarly resources and innovative market practices that simply aren’t achievable from a smaller in-house Sharia compliance facility. High quality Islamic fiqh guidance and Sharia Consultation services are critical to our business and I’m certain our engagement will deliver what’s required to support our future Islamic financial ambitions.”

SRB is an outsourced Sharia Advisory and Sharia Audit firm. Its specializes in creating personalized, quality Sharia Certification and Islamic product structuring results for a wide range of clients from Islamic banking, insurance, energy and non-banking sectors. Their mission is to provide high impact, professional Sharia compliance management solutions for their clients. The firm has also been constantly evolving over the past ten years to provide efficient Sharia Supervisory Board on a local, national and international basis.

Yasser S. Dahlawi, Chief Executive Officer of SRB commented "These days, Sharia compliant projects require direct access to Sharia resources, expertise and technical guidance and are widely seen as long-term sustained initiatives. We often see interested companies struggle to execute such projects especially in the their ongoing Sharia Compliance efforts. At SRB, we aim to simplify this for our clients by providing end-to-end Sharia compliance services that bundle our Certification, Consultative and Sharia Audit expertise. As a result, clients get consistent deliverables and added value in terms of access to the right Sharia resources when they need them."

Almaty is one of the most populous city in Kazakhstan and is widely held as the start-up/financial capital of the country. With 97.7 percent of all businesses in the City of Almaty being small businesses, there is plenty of opportunity and need for Sharia compliant services.

“Our Assignment as Sharia Advisor by New Finance is part of a major initiative that is expected to significantly improve interest in Kazakhstan’s Islamic financial market” stated Mansoor M. Ahmed, Assistant General Manager at SRB. “The multiple year engagement will see SRB provide New Finance with a range of our outsourced Sharia Supervision and Certifying services.” He added, "We are determined to continue playing a pioneering role in innovative Sharia Advisory solutions for businesses in Kazakhstan.”

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