Outsourcing Shari’a helps Swicorp focus on Funds

Swicorp a leading financial services provider of investment banking, private equity and asset management in the Middle East and North Africa announces the assignment of Shariyah Review Bureau (SRB) as its Shari’a Advisor to guide and supervise its upcoming Shari’a compliant Funds.

Licensed by the Dubai Financial Services Authority and the Saudi Capital Market Authority, Swicorp is one amongst leading financial institutions who are able to activate significant proprietary investments for MENA and international opportunities across various asset classes. “For 25 years, Swicorp has built its reputation on its ability to screen what we believe are some of the best investment strategies for our customers from around the world,” says Daniel Schenker, Swicorp CEO. “Al Dhahawi Fund is the first in a series of Shari’a compliant Fund’s which we will be launching soon. It will bring together multiple top tier real-estate deals  whose historical performance has been analyzed by us as having low correlation to both traditional property investments and a number of other alternative investment techniques in one easily accessible Fund under the oversight of our seasoned professionals.”

On the outsourcing of Shari’a Supervisory Board functions to SRB, Mr. Daniel added, “Their global expertise to manage large Islamic financial institutes, operations and fund management, coupled with their vast network of Shari’a scholars covering major Islamic markets is truly remarkable. What impresses us most is that they have provided us direct access to Shari’a experts who can guide us on all our Shari’a requirements thereby allowing us to work towards the latest milestone in our strategy to build a world-class financial services platform as we enter into a new phase in our corporate journey in both investment banking and asset management.”

According to Shariyah Review Bureau (SRB) the trend to outsource Shari’a Supervisory Board services has accelerated in the corporate world as it has been found to create more efficiency, convenience and reduced costs. Founded in 2004 and headquartered in the Kingdom of Bahrain, SRB was an early international player to the Shari’a Advisory and Shari’a Audit industry. With a vision of improving the entire Shari’a Board, Consultation and Shari’a Audit experience for clients, SRB adopted an institutionalized methodology for servicing all aspects of the Shari’a review process. With an in-house team of Shari’a experts and an unwavering attention to detail, SRB quickly became a leading name in the Islamic financial industry.

Yasser Dahlawi, Founder and CEO of SRB says, “Our mission is to improve productivity in product structuring, Certification and Shari’a Audit processes on a global scale. We have committed ourselves in addressing the lack of innovation in these services in an institutionalized manner. We believe it is about establishing a stronger connection with the business trying to achieve true Shari’a compliance. Objectives such as direct communication with scholars, quicker turnarounds in product reviews, increased Shari’a supervision, and deeper Shari’a Audits have moved to the forefront. These criteria will become the standard by which clients looking at outsourcing Shari’a Board functions will measure their Shri’a Advisors.”

“I am excited to help Swicorp bring Shari’a compliant Funds to accredited investors in the Middle East,” says Yasser. “I believe the combination of their managerial expertise and strategic styles of investments along with our supervisory oversight and diligent methods of ensuring compliance with Shari’a will make Swicorp’s Funds a positive option for Islamic investors seeking to diversify their portfolio.”

About Swicorp

Headquartered in Riyadh, Swicorp was established in 1986 and has regional offices in Jeddah, Dubai, Tunis and Geneva. Its activities can be divided into principal investment, private equity, asset management and investment banking. Swicorp is licensed by the CMA under license number 12161-37

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