Matager Finance Company, one of the leading financing companies operating in Kingdom of Saudi Arabia, today announced that it has finalized an engagement agreement with Shariyah Review Bureau to manage its Sharia compliance requirements.
Matager specializes in individual and enterprises financing and has been serving the Kingdom since 1992 by providing financing and specialized products to the private and government sector. Mohammed Salem Banaeem, CEO of Matager Finance said, “We have been providing convenient, low-cost Islamic financing access to the Kingdom for almost two decades. Staying true to our company’s vision of providing sustainable and profitable growth, we also wanted to ensure Matager complies early on to the new Shariah Governance Instructions issued by SAMA”. Speaking on the assignment of the Shariah Advisor he added, “We are delighted to have a globally recognized Shariah advisory firm like Shariyah Review Bureau (SRB) managing our Shariah compliance affairs. Their Sharia advisory and audit experience will significantly enhance our capabilities while helping us meet the new Sharia governance regulations. We expect SRB to complement and enhance our existing Shariah control functions, allowing us to continue providing superior Islamic financial services to our customers.”
SRB is one of the largest Shariah Advisory and Audit service provider 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 30% 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.
“Our Shariah Advisory and Audit services is leveraged upon years of experience working in diverse financial sectors. Hence, we are well positioned to offer clients seeking cost-effective, robust Shariah solutions and independent Sharia audits which also help meet Sharia governance requirements” stated Yasser S. Dahlawi, Founder and CEO of SRB. “We’ve been serving clients in the Kingdom for over 15 years and have assembled a dedicated team of Shariah scholars and auditors with many years of experience.” Speaking about the new assignment he added “We look forward to supervising the financing and operational activities of Matager.”