Saudi based Rassanah Capital, is the latest investment firm having secured license this year to provide diverse and integrated financial services designed specifically to match the financial goals of individuals and institutions. It provides services in the field of arrangement, advice, management and operation of investment funds, managing private portfolios and financial advice. Today it announces assigning Shariyah Review Bureau (“SRB”) to supervise its compliance requirements with respect to Sharia compliant investment funds and securities businesses.
Aligning to the Kingdom’s Vision 2030 and the Islamic finance strategy mapped out by Financial Sector Development Program (FSDP), Rassanah Capital has established multiple shariah compliant funds this year to meet the growing appetite of its investor base and solidify the Kingdom’s leading position as the world’s largest holder of Islamic financial assets. Fahad Bushager, Chief Investment Officer (CIO) of Rassanah Capital, said: “We are working hard in building great opportunities for both UHNWIs and institutional investors in the Kingdom wanting to diversify their portfolio with an excellent return profile in multiple asset classes.” Speaking on returns he added “The needs of the markets are changing, and diversification backed with positive returns are key to creating wealth, and this is why we are structuring our investment case with alpha based returns in this challenging market.”
Speaking on the newly assigned Sharia Advisor, Mr. Fahad said, “Bringing SRB on board to supervise our Sharia compliance affairs strengthens trust in our stakeholders and also give us significant scale with effective and reasonable input costs for certifying and auditing Sharia compliant funds and investments.” Shariyah Review Bureau is licensed by the Central Bank of Bahrain and caters to over a hundred clients covering multiple industries around the world. Its Shariah advisory services have grown in demand as financial institutions continue looking for ways to speed-up the Sharia compliance management process and to reduce costs on Sharia Boards overheads.
“We strive to be a complete Sharia advisory resource for asset managers of all sizes, providing them with the full spectrum of Sharia certification and Sharia equity screening services they need to help meet their goals,” said Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau. “We stand ready to help Rassanah Capital with our Shari’a advisory services and wish the team long-term success as they launch their fourth Sharia compliant fund to the market.” he added.