Established since 1989, National Finance Company (NFC) has been serving corporate firms and individuals in financing their investment plans business requirements. Today, it has signed an outsourcing Sharia supervisory agreement with Shariyah Review Bureau (“SRB”) to help NFC maintain its growth initiatives in compliance to Sharia.
NFC’s growth has quadrupled in the last years, driven by success across its wide spectrum of financing lines to diverse businesses and SMEs. SRB will enhance its Sharia compliance management capabilities to the core of NFC’s business, overseeing all departments and there processes. As part of the agreement, SRB will also help NFC setup a Sharia Board, certify new products and manage the Sharia audit strategy for its growth initiatives as the company accelerates its investments in the Kingdom. Khalid AbuHimid , CEO of NFC, said, “Leveraging on our past experience and capabilities, we aim to create the state of the art products for the customers we serve. With demand for innovative financing and leasing solutions growing rapidly in Saudi Arabia, NFC has a unique opportunity to be a premier Financing partner in the market. And with SRB’s support, we will streamline our Sharia compliance approval process and drive innovation in a changing landscape.”
As a global Sharia Advisory firm, SRB is responsible for review, certification, and Sharia Audit strategy for 37% of the Financing companies licensed by SAMA in the Kingdom. Among its goals are optimizing Sharia compliance control and enhancing the end-to-end Sharia supervisory journey while maintaining the sophistication and approach of the financing businesses its serves.
Yasser S. Dahlawi, CEO of SRB, said “For over 13 years we have been offering the most comprehensive Sharia outsourcing solutions with a proven services model to help customers like NFC get their products certified quickly and increase their agility.” Commenting on the new assignment Yasser added, “We look forward to working with NFC’s team and deliver exceptional value with our Sharia Advisory services.”