Tamweel for trading & Installment Company (TTIC) assigns Shariyah Review Bureau as it ambitiously looks at accelerating Shari’a compliant products and growth for its Islamic consumers.
TTIC, one of the Kingdom’s leading financial services providers, today announced that it has signed an agreement with Shariyah Review Bureau (SRB), a global Shari’a Advisory firm focused on helping institutions attain Shari’a compliance in their investments, funds and transactions, to help TTIC achieve compliance in its financial programs.
Headquartered in Dammam (KSA), TTIC helps customers finance their needs in a Shari’a compliant manner. Their key product lines include Heavy Equipment Leasing, Murabaha Operations, Financial Lease Solutions, and Vehicle Acquisition Control. TTIC solutions are used by more than 12000 clients.
“We’ve seen an uptick in the adoption of Shari’a compliant finanicing products. They are the next-generation of programs which our customers are continuously looking out for,” says Mohammed Abdulrahman AL Mousa, Chief Executive Officer, TTIC. ” To achieve this demand we have developed a comprehensive scheme of Islamic Products to meet rising sustainable consumer requirements.” He adds “In this evolving industry of the Kingdom, TTIC mix of expertise, deep understanding and exposure of the customer needs, domain and market capabilities are progressing well into our market success and recognition in the Kingdom of Saudi Arabia.”
Commenting on the assignment of the Shari’a Advisor, Mousa said, “SRB offers unlimited Shari’a consultancy services that is backed by its international track record of providing practical and reliable solutions to multiple sectors in the Islamic industry. TTIC will leverage on their Shari’a Advisory infrastructure, which allows for dynamic, robust and international scholarly deployment of resources to effectively support and supervise our customers tailored demands.”
SRB provides the resources necessary to keep a comprehensive Shari’a compliance management system to implement and maintain Islamic financial practices. Shari’a Certification and periodic supervisory reviews helps enterprises achieve compliance with Shari’a in their investments while annual Shari’a Audit allows them to measure the sustainability and Shari’a compliance health of their offerings, operations practices and the effectiveness of their internal control systems.
“Islamic financing transactions are strong across the globe while in the Kingdom of Saudi Arabia such deals are surging. As Shari’a Advisors serving institutions worldwide we see all three regions – GCC, Europe, and Africa – with an incredible upward momentum” states the Founder and CEO of SRB, Yasser S. Dahlawi. He adds “As a result we are seeing demand for our institutional Shari’a Supervisory Board services continually forge ahead as more and more players look for standardized practices in Shari’a certification and Shari’a Audits.”
On supervising TTIC’s activities he comments “We are proud to offer our services to them. We believe their efforts to offer sustainable Shari’a compliant programs and use of SRB’s services to monitor and maintain their transactional plans in a Shari’a compliant way is evidence of their seriousness and loyalty to Islamic financial consumers.”