Outsourcing Shari’a Supervisory Board roles to Shariyah Review Bureau (SRB) has been picking up sweet momentum in the recent past. Their compelling value proposition of having direct access to scholarly experts with reduced costs, at a time when major economies and growth in businesses are uncertain in their outputs, have only accelerated the adoption of institutionalized services of SRB. The latest addition in their portfolio of clients is a Bahrain based investment management company, Investrade.
Under the engagement agreement, SRB will use its industry-leading practices to create a Shari’a Supervisory Board delivery model, while directly handling and reporting to the members of the Shari’a Board all product structuring, queries, preliminary reviews and Shari’a Audits. This will enhance the quality and efficiency of Investrade’s integrated business investment processes, improve operational transparency, cut scholarly costs and more importantly lower the time spent on product reviews and certification.
“Investrade selected SRB because of its expertise, regulatory acceptability, strong local establishment in Bahrain, international footprint in investment funds, multiple industry track record and for its ability to deliver large transformational Islamic projects that deliver important business outcomes” said Abbas Ahmadi, Investrade’s Chief Executive Officer. “Working with them we will strengthen our business with a focus on gaining competitive advantage in the Islamic wealth and asset management sector.”
SRB has become a market leader in delivering Shari’a Advisory services that are designed to improve efficiencies in Islamic product approvals, monitoring fund transactions, quality in structuring Shari’a investments and Shari’a Audit services. “2014 has turned out to be banner year for our Shari’a outsourcing offerings, and it makes us very proud that our efforts are being recognized by industry players” said Mr. Yasser Dahlawi, Founder and Chief Executive Officer of SRB. “This is why we are expanding our focus this year on the fundamentals of creating deeper Shari’a consultation and Shari’a audit outsourcing capabilities, which has led to many new business opportunities for us. We are excited for the development and growth we have seen in our Shari’a Consultation business as a result of confidence held by clients like Investrade, and we look forward to professionally improving our services to be the Islamic outsourcing firm of choice for clients in Bahrain.”
According to Mansoor Ahmed, Assistant General Manager, SRB “we treat every company as a unique institute helping them develop and maintain a custom investment growth plan based on their own business idea, vision of the future, and strategic goals within the principles of Shari’a”. “Helping Investrade achieve its Islamic wealth transformation goals will be an important area of focus for us. We will ensure that SRB efficiently manages all Shari’a related operations while the leadership of Investrade increases its accentuation on the prime business strategy of growing their asset management products, services, and customer loyalty” he added.
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