Hong Kong firm hires Shariyah Review Bureau
Manama, February 24, 2014
Treedom Hong Kong, a leader in socially responsible and sustainable investments, has assigned Shariyah Review Bureau (SRB), a global shari’a advisory firm to review, certify and oversee the shari’a compliance of its Impact Saving Plan.
Antony Bell, international business development manager at Treedom said: “Shariyah Review Bureau (SRB) is involved in certifying and supervising Shari’a Compliant businesses around the world. They have provided us direct access to Shari’a scholars and experts. Their proficiency in the structuring phase has already been instrumental in assisting us design the Oud Asset Agreement (OAA) and ensuring its feasibility from both Shari’a & business perspective.”
“There wide range of in-house scholarly expertise is expected to boost our growth goals and our relationships in the Islamic markets.
"We are looking forward to bringing our unique product into what is an exciting new market place for Treedom. Our product the OAA will be unique in the market place, bringing together Shari'a finance and Oud Oil for the first time,” he added.
Andrew Steel, CEO at Treedom said: “We are excited to present Islamic investors with an alternative asset solution. The structure for the Shari’a compliant OAA will deliver portfolio construction of Agarwood oil distillation in a scheme that offers liquidity with modest investment returns.”
“Our focus with the OAA is to enter and then expand our penetration in the Middle Eastern market.
“Research shows the comparative lack in the Agarwood market means that investment values rises steadily. As Shari’a compliant investors are actively seeking such alternative investments with increased return potential and lowered equity risk. We believe our OAA will successfully connect the Muslim Investors to the strengths of Agarwood businesses,” he added.
Yasser Dahlawi, chief executive officer at SRB said: “Treedom’s OAA is uniquely positioned to capitalize on Islamic growth opportunities. Their product is expected to stand out in the alternative asset-class market.”
“With almost a decade’s experience in Shari’a Advisory and Shari’a Audit service to financial institutions and investment companies, and have worked on many Islamic projects worldwide, including UK, Australia, Canada, Switzerland, France and the GCC.
“Domestically in the Middle East, we have worked on over 400 projects covering a wide spectrum of transactions. Our services are designed to allow international clients like Treedom effectively collaborate with us without having the need to setup long-wait meetings for reviews and Certification,” he added.
“International firms across multiple industries have begun to strategically outsource their Shari’a compliance and Advisory functions to us. Our “boots on the ground” approach appeals to clients with whom we work on a day-to-day basis spending more than 60 per cent of our time overseeing their Shari’a structures, products and queries,” explained Mansoor Ahmed, assistant general manager at SRB.
“We are very excited by SRB’s second engagement in Hong Kong. We intend on allowing Treedom to remain focused on their business while we look after all their compliance mandates in light of Shari’a and practical business applications.”
Licensed by the Central Bank of Bahrain, 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 Treedom Group is a luxury aromatic Oud oil manufacturer and supplier to the global fragrance and perfume markets. The parent company is located in Hong Kong and boasts one of the largest manufacturing facilities in South East Asia. – TradeArabia News Service