21/01/2014 08:12 AST

Anfaal Capital has announced the outsourcing of the Shari’ah Supervisory function to Shariyah Review Bureau (SRB). As the new Shari’ah Advisor, SRB will oversee and supervise the firms Shari’ah Compliance needs from Product structuring to Fatwa issuing, and from stock screening to periodical Shari’ah Audits.

Mr. Ahmed Muzni, CEO at Anfaal Capital said “With significant Shari’ah 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 Shari’ah scholars and experts, SRB has the ability to deliver a speedy solution to the business while maintaining a high level of Shari’ah standards, this is essential in contributing towards our business growth and meeting the needs of our stakeholders.”

Mr. Yasser Dahlawi, CEO at SRB said, “Outsourcing Shari’ah 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 the 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.”

Commenting on the assignment, he also added, “We are proud to offer our Shari’ah 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’ah.”

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