Malaa Technology (Malaa) a Saudi based fintech, today announces having received Shariah certification for its platform that provides financial planning and wealth management services to its customers. Shariyah Review Bureau (SRB) has been engaged on an ongoing basis and have reviewed its legal documents, investment strategy and will be supervising its investment activities in light of Sharia.
Having secured its Permit from CMA, Malaa provides its users a seamless experience to invest in Sharia compliant ETFs. Faisal Alqarni the Chief Strategy Officer at Malaa said: “We are happy today to announce the launch of our asset management division in the form of a very simple and automated Robo-advisory solution, empowering our users who rely on Malaa for their expense management and budgeting features to invest their savings in a seamless and integrated way. Malaa leverages Open Banking to allow users to track their expenses by connecting their bank accounts directly in the app, and now they can also open investment accounts and receive recommendations on the best asset allocation for them provided by our algorithms. Our goal is simple, we aim to build the best wealth management tool for individuals by automating everything related to investing and savings through technology.”
Speaking on the assignment of SRB Faisal said: “Our number 1 objective was to ensure Sharia compliance when offering investment opportunities to our customers. And SRB is a trusted name in the region when it comes to Sharia Advisory and audits.” He added, “As a regulated entity SRB provides its clients the legal comfort. And with its dedicated team of in-house scholars and auditors it is well positioned to monitor our KSA’s business affairs.”
Over the years, Shariyah Review Bureau has strongly established itself as one of the leading Sharia Advisory firm in the region. Licensed and regulated by the Central Bank of Bahrain the firm leads with a dedicated team of Sharia Consultants and Sharia auditors and also has more than 35 scholars covering 19 countries. It currently oversees the Sharia compliance management of 37% of the investment firms licensed by Capital Market Authority (CMA), KSA.
As a pioneer in the Sharia advisory and Sharia audit industry, SRB’s services has a first-mover advantage and has amassed a significant base of technical Sharia expertise and direct experience working on some of the leading profile institutions globally. “We are more than a Sharia advisory company – we’re a partner that helps institutions manage Sharia Board and Sharia audit functions and help build this capacity as they grow and scale to new markets,” said Yasser S. Dahlawi, CEO at Shariyah Review Bureau. “Our appointment by Malaa’s wealth management is intended to become a meaningful resource for Sharia supervision of their ETF investment pools. We are excited to partner with their platform.”