Jeddah based Taajeer Co, offering distinctive financial services, has announced the assignment of Shariyah Review Bureau (SRB) to oversee its real-estate, machinery and vehicle trading business from a Sharia perspective.
Taajeer will typically invest in vehicle trading and equipment leasing that have strong potential to grow and stimulate the transportation and construction economy. “We are a dynamic start-up in the Kingdom that is seeking to address the challenges of the Islamic financing markets on a leasing scale,” says Abbas Alnahdi Chief Executive Officer of Taajeer. ” We are seeking to serve individuals and institutional players across the region with Sharia compliant financing allocation strategies and robust leasing capabilities. That’s why we have decided to mandate our Sharia Compliance operations to SRB and remain 100% focused on delivering solutions to multi-asset Islamic requirements both in terms of our regional positioning and our capability.”
Historically Sharia Certification and supervisory processes have been managed in-house. However, as the industry has grown rapidly, institutions are increasingly demanding faster and more accessible Sharia Advisory services for product development and cross-asset allocation investments.
With its exclusive focus on the Islamic industry, SRB is well positioned to provide Sharia consultation functionality to clients regionally and worldwide. SRB’s global scholarly platform enables clients to communicate directly with Sharia experts, and manage the entire lifecycle of the investment from conception to Certification and Sharia Audit cost-effectively.
“Outsourcing Sharia Advisory services is a valuable game-changing strategy that can help clients operate their businesses better, improve compliance to Sharia, generate more revenue and adapt quickly to shifting business dynamics” says Yasser S. Dahlawi, Chief Executive Officer of SRB. “The trend has vastly transformed Sharia Compliance’s role in the Islamic industry by making it extremely easy and productive to outsource the Sharia review functions that historically occupied most of the companies time and thus allow them to focus on deploying innovative investments that will actively position the business for growth.”
Establishments like SRB are the driving force behind Islamic business transformation. Therefore, many Islamic institutions are turning to them not only to seek specialized Advisory and Sharia Audit but also for Sharia guidance about product transformation.