GLFL expands its Islamic financing business

Gulf  Lifting Financial Leasing (GLFL), a regional provider of leasing and financial services, today announced that it has engaged Shariyah Review Bureau (SRB), the largest Sharia Advisory firm in the Kingdom of Saudi Arabia, to facilitate the management of Sharia compliant certification and practices across their leasing products and portfolio accounts.

“Sharia compliant way of leasing is a simple yet powerful way to connect with our customers while adding efficiency to our offerings,” said Anan  Hammodah, CEO for GLFL. “We are proud to be at the forefront of developing innovative Islamic solutions that will cater to our customers faith based needs while allowing our clients to benefit from the Islamic financial transparency of a wide variety of products.”

GLFL was established in 1995 and is currently in the process of obtaining Saudi Arabian Monetary Authority license after converting it’s statues from limited liability to closed joint stock company. As one of the first leasing companies to develop innovative financial offerings, the company has on-boarded a number of institutions – from large constructions companies to small family businesses. “GLFL is one of the largest in the Kingdom, serving small and medium enterprises across Saudi Arabia” said Mohamed Nazimudin, CFO at GLFL. “We continue to work with clients of various sizes and degrees of complexity to solve their ever arising financial needs and requirements” “By adopting our solutions, our clients will have the ability to opt for financial leasing framework within the parameters of Sharia.” Commenting on the assignment of SRB, he added “Outsourcing Sharia Advisory function will help us achieve quality, accuracy, and assurance in our Islamic financial programs. They [SRB] provide services and experiences that exceed local knowledge, and this will enable us to build better, successful and meaningful products  for our customers’ needs.”

As the Sharia Advisor, SRB will serve as GLFL’s enterprise programs in Saudi Arabia. It will work across the company to help deliver a wide range of Sharia review services including overseeing investments, financial activities, product structuring, Sharia Certification and ongoing Sharia supervision.

SRB is widely considered a leader in Islamic financial markets, providing innovative Sharia Advisory and Sharia Audit solutions to clients all over the world. “At SRB, we strive to provide our clients with not only the best services but also the Sharia advisory expertise that helps them modulate the right solutions to complement their business and customers objectives in light of Sharia,” said Yasser S. Dahlawi, CEO and Founder of SRB. “Our Sharia Advisory model combines expertise – including 31 scholars from 18 countries, review systems and certificate verification technology. We have a long history of operating in the Kingdom and delivering Sharia Board services to types of financial and non-financial institutions,” Yasser added.