Sweden based Doconomy today announced that it has deployed Shariyah Review Bureau’s services to power Sharia compliance to its Åland Index. As part of the agreement Shariyah Review Bureau has been assigned to certify, supervise, and audit the index in light of Sharia principles and rulings.
The cloud-based index will allow the end users of Islamic banks and Sharia compliant payment providers all the tools they need for everyday climate action. Working with banks representing 360 million customers worldwide, the index helps consumers and market participants track the CO2 emission and water footprint of every transaction made. This is done by quantifying and measuring the impact of their consumption by connecting spending patterns of the customers with climate impact. The composition of the index is based on ESG assessments performed by Doconomy while the Sharia compliance will be managed by Shariyah Review Bureau.
“Sharia compliance is a key element in our growth plans for increasing customer base in the Middle East and South Asia,” said Doconomy CEO and Co-founder Mathias Wikström. “As the ESG markets rapidly grows, we see the adoption of our index as a win-win opportunity for Islamic banks and customers catering to faith-based principles.” Mr. Wikström added,
Speaking on the assignment of Shariyah Review Bureau, Wikström stated: “Their in-depth experience was evident throughout the Sharia certification process and proved invaluable in reaching a successful outcome. We look forward to working with them in delivering a valuable on-demand Sharia compliant facility to index providers like us and their valued Sharia scholarly insight.”
Shariyah Review Bureau provides Sharia advisory and Sharia audit services to businesses worldwide. Their services add valuable expertise and help banking and non-banking institutions including insurance, asset management, financial service providers, and fin-tech firms efficiently formulate products in light of Sharia compliance that fit the evolving needs of their customers. “Our business has developed into much more than the Sharia advisory firm it began more than 17 years ago,” said Yasser S. Dahlawi Founder and CEO of Shariyah Review Bureau. “Today, businesses from a wide variety of industries rely heavily upon our Sharia certification, Sharia Board and Sharia audit services.” “With our global footprint expanding we still remain passionate as we were 17 years ago about helping businesses transform their products and investments using Sharia principles.”
Commenting on the news engagement Yasser added, “By combining Doconomy’s climate measuring impact tools with our scholarly capabilities we are seeking to open new doors of opportunities for Islamic banking customers who wish to play a part in accelerating the transition to a lower-carbon energy future. We look forward to supervising and auditing the Åland Index in light of Sharia guidelines.”