Texas, USA – Sputnik, today announces receiving Sharia certification for its Sputnik ATX Fund II as a mark of compliance from Shariyah Review Bureau (SRB) – a Bahrain based Shariah advisory firm licensed by the Central Bank of Bahrain.
Sputnik is already one of the top performing venture capital funds, deploying smart capital with education to the most impactful technologies and founders. Joe Merrill, the General Parter said “We attract the top global ventures to apply for funding and select less than 1% to join our portfolio and come to Austin, Texas for training. We de-risk investment by teaching nerds how to sell and scale, improving returns and also providing us unrivalled diligence on founders and their companies.”
Managing General Partner, Oksana Malysheva, added that “Sputnik ATX successes are recognized not only our top decile performance, but the quality of the co-investors in our portfolio. The top funds in the world come to us for deal flow. Our investors get on cap tables earlier for superior returns.”
Speaking on the newly assigned Sharia Advisor, Joe said “We wanted to set up a VC Fund that focused on technology, services, consumer goods and resonated with our Islamic faith driven investors. Given the market name, track-record and experience we brought Shariyah Review Bureau on board to supervise the Sharia compliance elements of the screening, investment, and audit; further strengthen trust in our investors.”
With 17 years of experience, Shariyah Review Bureau has become a global leader in helping businesses achieve Shari’a Compliance. Regulated by the Central Bank of Bahrain SRB provides Shariah advisory and Shariah audit services, serving clients from the banking to asset management to insurance and fin-tech industry. It currently serves approximately 37% of the investment firms licensed by CMA in Saudi Arabia.
Yasser S. Dahlawi, the Founder and CEO of Shariyah Review Bureau, remarked that his firm has made significant progress since its inception 17 years ago, when it started by providing Sharia audit to banks. Having supervised over 400 funds, investment managers have relied on SRB’s proficiency in advising a variety of investment transactions and funds. On the new engagement he said “Our team nurtures a deep relationship with all its clients. We will continue to provide the confidence that Sputnik’s investors and stakeholders seek as our team delivers assurance through our Sharia advisory, certification and Sharia audit service to the Fund.”
