Shariyah Review Bureau has announced its collaboration with Thomson Reuters in the initiation of Thomson Reuters latest proposition to facilitate the accessibility of the Islamic finance industry to anyone anywhere with its newly introduced solution for the Islamic markets – Zawya Islamic.
The new initiative aims to provide all subscribers worldwide access to the most common Islamic contract documentation used in the Shari’a compliant financial markets ranging from Sukuk to Investment deposit (Mudaraba) and lease-to-own (Ijara Muntahia Bittamleek) contract documentation and guidance notes.
Shariyah Review Bureau ( SRB ) has been assigned to ensure all provisions of the documentation and guidance notes are in compliance with Shari’a precepts. Commenting on the collaboration, Mr. Yasser Dahlawi said, ” Thomson Reuters is the undisputed pioneer in data collection and intelligence formation and we are proud to offer our Shari’a Advisory and Shari’a Certification services to their dynamic new mission.” He also added that ” Shariyah Review Bureau remains devoted to achieving excellence in product structuring, Shari’a certification and Islamic research, and to supporting international organizations like Thomson Reuters who can truly make a difference globally.”
Mr. Mansoor Ahmed, Asst General Manager at SRB also added “The idea of Thomson Reuters having a set of widely available certified documents utilizing various Islamic modes of financing is extremely simple but will have profound international effects” “Sharing Islamic contractual knowledge is extremely meaningful to opening up new opportunities and untapped markets for the Islamic financial system. We believe that this pioneering effort will enable institutions that have previously been isolated from Islamic Finance to access opportunities and capital from the GCC & Asian Islamic financial community and slowly change the landscape of the Shari’a compliant markets.”
Dr. Sayd Farook, Global Head Islamic Capital Markets at Thomson Reuters said, “Our efforts are intended to share the knowledge of the principal Islamic contractual structures and their related documentation we have acquired from the GCC and South Asian experience, and try to make it available to other geographical places as diverse as Latin America to Netherlands and Russia.” “One of the hopes for making these Shari’a Compliant documents widely available is to facilitate access and increase the use of Islamic Finance by freely using these standardized contracts amongst parties without having to bear the onerous costs of the traditional Shariah compliance process involving several reviews by lawyers and scholars.”
Powered by data from Thomson Reuters and partnering with global sharia’h and Islamic Finance market players, standard setters and authorities, Zawya Islamic makes Shariah-compliant investment, decision making and networking with the Islamic markets easier amalgamating:
- Fatawa, standards, regulations, legal documentation and product guidance notes, intelligently connected with scholars and instruments;
- Deep fundamental data on global Sukuk, Islamic funds, Islamic banks and financial institutions, and Shariah-compliant equities;
- Islamic finance news, research, indices, money market and benchmark rates; and
- The ICD Thomson Reuters Islamic Finance Development Indicator and the Islamic Finance Gateway Community.
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