Shariyah Review Bureau (SRB), signed an agreement with Oman Investment Authority (OIA) to certify and supervise its Shariah-compliant REIF (also known as RIET in other jurisdictions).
Oman Investment Authority (OIA) is the sovereign wealth fund of Oman, managing and developing the Sultanate’s funds and assets. It is responsible for implementing government policies and advancing targeted economic sectors.
SRB has been assigned to support the Shariah compliance requirements of the RIEF structure as per the AAOIFI guidelines. The service will pair the functionality of reviewing contracts and fee mechanism, and monitoring all activities with an annual Shariah audit while administering the Shariah Supervisory Board functions.
SRB is regulated by the Central Bank of Bahrain and has become a global leader in professional Shariah advisory and Shariah audit services, serving clients from various industries including banking, asset management, insurance, and fintech industry. The CEO of SRB, Yasser Dahlawi, said “Our latest assignment as a Shariah Advisor to the RIEF reinforces a sense of trust and expectation that clients have when they engage with Shariyah Review Bureau”. “Our Shariah advisory and audit services are well-positioned to address the necessary Shariah control requirements needed to ensure compliance and meet robust expectations of the regulated Islamic industry in which we operate. We wish their REIFs structures a successful listing on the Oman exchange” he added.
Muzna Abdullatif, Acting Manager, Real Estate Investments said “We are very pleased with our partnership with SRB with its international track record of handling Sharia consultation, certification, and audit services. We are looking forward to our partnership and the role they will play as Shariah advisors for the REIF.”
