Aljabr Financing Corporation (AJFC), announced today, that it has appointed Shariyah Review Bureau to ensure and enhance services of shariah audit and compliance.
Established in 2014, Aljabr Financing Corporation is licensed by Saudi Central Bank (SAMA), Mr. Mohammed Ibrahim Aljabr – Member of the Board of Directors of AJFC said “We are one of the pioneering Saudi companies specialized in providing productive assets finance, consumer finance, financial lease, for both SMEs & individuals. The Company serves customers through branches across the Kingdom, focusing on serving both institutional and individual clients. Plans are underway to expand this business and broaden the range of financing services.” Commenting on the newly assigned Shariah advisory firm he stated, “They are a reputed Shariah advisory firm in the region, backed with years of experience in providing Shariah compliance solutions and audit assurances. Given their track record, we are proud to engage with an experienced team that helps us to focus on delivering more value and service to our customers.”
SRB is one of the largest Shariah Advisory and Audit service providers in the Kingdom of Saudi Arabia. Founded in 2004, it is licensed by Central Bank of Bahrain to provide Shariah advisory services from setting up Shariah Committees to providing independent Shariah audits and assurance programs to financial institutions of all nature. In Saudi Arabia alone, the firm is the Shariah Advisor for 37% of the Financing Institutions licensed by SAMA, 32% of the Saudi Investment Companies licensed by the CMA, and 52% Cooperative Insurance firms listed on the stock exchange.
“From a humble beginning of providing Sharia audit to an Islamic bank 15 years ago, our firm has come a long way serving the regulatory needs of Islamic financial industry” said Yasser S. Dahlawi Founder and CEO of Shariyah Review Bureau. “Our Sharia compliance, advisory and audit services are well positioned to address the critical and complex Sharia control requirements of the regulated Islamic industry in which we operate.” Speaking about the new assignment he added “Our team is looking forward to supervising the financing and operational activities of Aljabr financing Corporation in light of SAMA Shariah Governance standards.”