Saudi investment firm picks SRB as advisor
Riyadh, May 14, 2014
Mulkia Investment, a Saudi investment company, has signed up Shariyah Review Bureau (SRB) to handle and supervise its Shari’a compliant investments and to support its 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.
As per the agreement, SRB will 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 deal, Mulkia CEO Ahmed S. Almuzaini remarked: “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.”
Almuzaini said SRB fits the company's criteria for outsourcing Shari’a review services.
SRB chief executive officer Yasser Dahlawi said: "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."
It is the corporate world’s leading Shari’a advisor with scholarly presence in more than 12 countries from US, Europe, Africa, GCC and Asia. Licensed by the Central Bank of Bahrain, SRB is a natural proxy to institutes seeking Shari’a compliant funds and transactions.
"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,” he noted.
Mansoor Ahmed, the SRB assistant general manager, said the outsourcing of Shari’a advisory functions has become a "commanding business" for the company. " Our success can be gauged from the continuous assignments of clients and new projects we have been receiving,” he added.-TradeArabia News Service