Sedco Capital outsources external audit to SRB
Dubai, August 18, 2014
Sedco Capital, a leading provider of shari’a compliant investment solutions, has assigned the external shari’a audit of its $160 million real estate funds to the Shariyah Review Bureau (SRB).
The two funds, which SRT will be periodically auditing the implementation of the shari’a guidelines are Sedco Capital Partners Group Opportunities Fund and Sedco Capital Real Estate Income Fund I, said a statement.
The firms have finalised the scope of work wherein Sedco Capital will outsource the Shari’a audit of its two real estate funds to SRB in order to independently ensure that the investments, Zakah verification, implementation of the modalities and reporting functions are conducted in accordance with the shari’a guidelines set out by Sedco Capital Shari’a Supervisory Board, it said.
Khalid Gama, Sedco Capital’s internal shari’a advisor, said: “We pride ourselves to be a fully shari’a complaint investment and solution provider since the start of Sedco Capital in 2010 and Sedco Group operations in the 70’s. Our internal shari’a compliant approval process is very thorough as it is done with close collaboration with top scholars in the shari’a industry; the SRB’s audit will complement our process and add credibility to our already detailed process."
Yasser S Dahlawi, CEO and founder of SRB, said: “With the phenomenal faith based growth in Shari’a compliant assets in the Middle East, and particularly in the Kingdom of Saudi Arabia, the market for Islamic real estate investment assets is poised for continued growth.
“Our shari’a compliance audit will help build a more integrated real estate governance, procedural reviews, and investor reporting. We are very excited to expand and offer our services to Sedco Capital to better serve the shari’a compliance interests of the funds stakeholders.” - TradeArabia News Service