Taiba Leasing, Uzbekistan’s leading Islamic leasing company, has engaged the services of Shariyah Review Bureau (SRB), a global Sharia Advisory firm, to oversee and verify the Sharia-compliancy of its products, and to carry out regular Sharia audits in accordance with the standards set by AAOIFI.
Bakhodir Kadirov, the General Director of Taiba said, “We have been actively financing businesses from different industries of the country, including agriculture, mining, food production, and cutting-edge fields like pharmaceuticals and IT. The company focuses on providing leasing services for various commercial vehicles, farming and construction machinery, as well as production and other equipment.” “We have been at the financing forefront and at present we have funded over 300 projects worth 40million USD” he added.
Bakhodir announced on the appointment of Shariyah Review Bureau by saying, “In order to sustain our growth, we have made the decision to bolster our Sharia compliance infrastructure through the hiring of SRB. We are eagerly looking forward to utilizing their Sharia advisory knowledge and audit capabilities in Taiba, which will be managed by them. Their expertise will aid us in product development and regular Sharia audits, ensuring the satisfaction of both stakeholders and our clients.”
The Shariyah Review Bureau provides financing companies with advanced Sharia solutions, enhancing their ability to manage Sharia compliance more effectively and cost-efficiently. This leads to a reduction in overall Sharia Board management expenses, less money lost from one-off consultations, and improved Sharia auditing and reporting. As a result, not only financing companies, but also banks, cooperative insurance firms, and asset management companies, can concentrate on their core operations and save money.
“Leveraging Sharia advisory services is becoming an increasingly important tool for financial institutions in the rapidly changing Islamic finance market,” said Yasser S. Dahlawi, CEO of SRB. “It is a cost-effective way to enhance or maintain Sharia compliance functions.” He added, “We are excited to work with Taiba Leasing in Uzbekistan and manage their Sharia compliance process efficiently and openly.”