Sunday 2 April 2023

Yasser S Dahlawi

Madkhol gets Shariah certification for services from SRB

MANAMA, Bahrain, February 8, 2023

Madkhol, a Saudi based technology platform that provides robo-advisory investment services, has announced receiving Shariah certification for its platform and investment activities from Shariyah Review Bureau (SRB).

The platform provides its users financial planning and wealth management service.

Saad bin Atyan, CEO of Madkhol said: "We believe we are at an inflection point where the burgeoning financial services are growing into a more connected yet decentralised digital financial world. Madkhol aims to understand the client’s investment goals from the start, and then automate the investing needed to get there. The use of AI and robo-advisors allow us to manage investments with less human intervention, making investment and wealth management more affordable, secure, and reliable for our clients.”

“At Madkhol, we assess your risk profile and financial goals to determine what works for you—providing automated investing with guidance along the way. We have developed an automated approach and are utilizing the progressive digital asset regulatory framework of Saudi Arabia in offering digital financial services that are safer, faster and better," he added.

On assigning Shariyah Review Bureau as Madkhol's Sharia advisor Saad bin Atyan commented: "We wanted to ensure that we have the best technological platform and comply with shariah. Designating Shariyah Review Bureau to oversee the business model's Sharia compliance was the natural step towards the objective. They carry a reputable name in the market for Shariah advisory and we stand to benefit from their experience and market exposure."

Over the years, Shariyah Review Bureau has strongly established itself as one of the leading Sharia Advisory firm in the Kingdom of Saudi Arabia. In addition to traditional financial institutions, SRB has been providing Shari’a board, certification and Audit services to numerous Fintechs with diverse consumer offering.

"Year on year we have been witnessing a rise in digital adoption by the market players. Start-ups have been at the forefront of this disruption who seek top technological solutions whilst complying with the sharia requirements." said Yasser S Dahlawi, Founder and CEO of SRB.

"We look forward to supervising Madkhol's platform and its transactions in light of Sharia and provide their stake-holders the trust and the assurance they seek,” he added. – TradeArabia News Service


More Finance & Capital Market Stories

calendarCalendar of Events