Shariyah Review Bureau (SRB) works with wealth managers, private banks, and family offices to support the Sharia compliance and Zakat requirements of their high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients. Our services are designed to add value by providing structure advice, clear Sharia reference framework, and Sharia reporting for the investment portfolios.
We not only enhance Sharia governance, transparency, and investor confidence. We also support both Sharia-mandated and non-Sharia portfolios providing independent, regulator-safe Sharia advisory.
1. Sharia Investment Guidelines & IPS Support
We assist wealth managers, private banks, and family offices in defining Sharia asset guidelines tailored to client investment preferences and objectives. These guidelines are typically incorporated into the Investment Policy Statement (IPS) and serve as the reference point for Sharia compliance at the portfolio level. This includes:
- Translating Sharia principles into practical investment parameters
- Supporting wealth managers in documenting and maintaining Sharia mandates
This service ensures that Sharia compliance expectations are clearly defined before investments are made.
How this will add value
A private bank manages a diversified discretionary portfolio for an UHNW family that wishes to remain Sharia aligned but retain flexibility across private equity, real estate, and listed equities.
SRB works with the relationship team of the private bank to translate the family’s preferences into clear Sharia investment boundaries (permitted sectors, leverage thresholds, purification treatment, exceptions policy). These are embedded into the IPS.
Value delivered:
The relationship managers will gain clarity and confidence when proposing investments to UNHW’s and the family receives a documented, auditable Sharia policy, reducing disputes and Sharia non-compliance risk.
2. Portfolio-Level Sharia Oversight
We provide portfolio-level oversight by focusing on:
- Reviewing the portfolio against the agreed Sharia guidelines in the IPS
- Identifying inconsistencies, Sharia drift, or exposure concerns from a Sharia perspective
- Assessing overall alignment with Sharia principles
This provides investors with independent comfort and Sharia governance.
How this adds value
A family office has accumulated a multi-year portfolio built across different advisors, geographies, and asset classes. While initially compliant, the portfolio has evolved organically. SRB conducts a portfolio-level review against the agreed IPS and identifies:
- Sharia drift in certain funds due to changes in leverage
- Exposure to income streams requiring purification
- Investments that no longer meet the family’s stated Sharia tolerance
Value delivered:
The family office gains early visibility of Sharia risks before they escalate. And the portfolio is realigned without forced liquidation, preserving commercial outcomes.
3. Annual Sharia Audit (Portfolio or Investment-Specific)
SRB conducts annual Sharia audits either for the full investment portfolio, or specific investments, based on the Strategic Asset Allocation and underlying Sharia principles.
Audits are conducted using recognised Sharia governance methodologies (including AAOIFI Sharia Governance Standard No. 2), adapted to the scope of the engagement. Findings are presented clearly, with practical recommendations for remediation where required.
How this adds value
A wealth manager offers Sharia mandated discretionary portfolios to multiple HNW clients and needs a defensible Sharia assurance process. SRB performs an annual Sharia audit of the portfolios, reviewing Sharia compliance with AAOIFI Sharia standards to ensure transaction level adherence.
Value delivered:
- The wealth manager obtains independent Sharia assurance
- Relationship teams can demonstrate robust Sharia governance without operational burden
- Clients receive a clear Sharia audit report, reinforcing trust and long-term engagement
4. Zakat Calculation
We provide zakat services for Sharia-mandated portfolios, and portfolios or clients who are not strictly Sharia-focused but require accurate zakat calculation. Our services include:
- Zakat calculation for individual investments or entire portfolios
- Zakat audits to validate methodology and accuracy
- Treatment of complex asset classes and mixed income streams
This allows wealth managers to meet the Sharia and financial obligations of HNWs with diverse mandates.
How this adds value
An UHNW client holds operating businesses, listed equities, private funds, real estate, and cash across jurisdictions. The family office struggles to calculate Zakat consistently year-on-year and across variant industries and diversified asset classes. SRB reviews the asset base, applies appropriate Zakat treatment to each class, and issues a clear Zakat calculation and methodology note.
Value delivered:
The family gains confidence that Zakat is calculated correctly with the wealth manager avoiding liability and reputational exposure.
Want to learn more about how we can support you? Contact us today at +973 17215898.
