Shari’a compliant roads for Al Istithmar

One of the Kingdom’s top investment firms, Alistithmar Capital, has hired Shariyah Review Bureau (SRB) as its Shari’a Advisor to manage its high-volume Shari’a compliance work such as reviewing agreements, certifying funds, and performing Shari’a Audit on pertinent corporate and public assignments.

“Following the extraordinary performance of the Saudi Islamic market in recent years, it is important for investors now to have exposure to a wider range of investments as part of their growth strategy,” says Hesham A. Jamee, CEO of Alistithmar Capital. “Our upcoming Shari’a compliant funds are tailored to meet the requirements of individual investors so as to allow them to diversify across alternative real-estate investments and strategies in a series of portfolio solutions” he adds.

On the assignment of SRB, Arch. Khaled Madkhali, AGM at Alistithmar Capital comments, “We’re thrilled to launch our Islamic Funds with SRB as our Shari’a Advisor.” He continues “they have become a leader in helping businesses and investments around the world comply with Shari’a. We selected them because they enable us to focus on our core business while providing full review, certification and Shari’a coordination effectively and with transparency.”

An important benefit of institutional Shari’a Advisory services that is often overlooked is the ability for enterprises to tap into best practice standards. Managed services for Certification and Shari’a Audit can help companies to achieve operational excellence, which in turn reduces costs and enhances the quality of work. Such managed Shari’a Advisory services can ensure companies are not heavily dependent on scarce scholarly resources.

“The long term investment in our Shari’a review and audit facilities is making a significant contribution to our client’s overall businesses, Islamic product launch dates, performance and strategic positioning,” says Yasser S. Dahlawi CEO at SRB in a statement.

“Our ability to meet quick product certification timeline, reduced prices of Shari’a Board functions has enabled us to maintain and improve market share in a number of sectors particularly in the Kingdom of Saudi Arabia.”

Commenting on the assignment, Yasser writes “We are excited in offering our services to leading players like Alistithmar Capital. We’ll be delivering our service from a large-scale, multichannel scholarly platform, which benefits from an inner tier team of Shari’a review managers and seasoned experts who are dedicated to serving Alistithmar’s Shari’a compliance needs at all times.”

 About Alistithmar Capital

AlIstithmar Capital is a Saudi Limited Liability investment company and a subsidiary of the Saudi Investment Bank that was granted license by the Saudi Capital Market Authority on 2007 (License Number 11156-37). Since its authorization; Alistithmar Capital has grown constantly and impressively to play an important role in promoting investment opportunities in the Saudi and GCC markets.

In 2011, it merged with SAIB BNP Paribas Asset Management Company one of the leading asset management companies in the world. The new merged company constantly strives to provide high standard services and products that create lasting value for all its stakeholders in the following areas:

  • Brokerage
  • Asset Management
  • Investment Banking
  • Advisory
  • Custody

Led by a strong management and board-of-directors, Alistithmar Capital is poised for rapid growth. The team’s unique experience and insight allows the company to discover new opportunities and reveal their true potential.