Swicorp, a leading financial services provider of investment banking, private equity and asset management in the Middle East and North Africa, has appointed Shariyah Review Bureau (SRB) as its sharia advisor to guide and supervise its upcoming sharia compliant funds.
 
Licensed by the Dubai Financial Services Authority and the Saudi Capital Market Authority, Swicorp is one of the leading financial institutions in Mena.

"For 25 years, Swicorp has built its reputation on its ability to screen what we believe are some of the best investment strategies for our customers from around the world," said Daniel Schenker, Swicorp CEO. "Al Dhahawi Fund is the first in a series of sharia compliant funds which we will be launching soon. It will bring together multiple top tier real-estate deals  whose historical performance has been analyzed by us as having low correlation to both traditional property investments and a number of other alternative investment techniques in one easily accessible Fund under the oversight of our seasoned professionals."

Daniel added: “SRB's global expertise to manage large Islamic financial institutes, operations and fund management, coupled with their vast network of sharia scholars covering major Islamic markets is truly remarkable. What impresses us most is that they have provided us direct access to sharia experts who can guide us on all our sharia requirements thereby allowing us to work towards the latest milestone in our strategy to build a world-class financial services platform as we enter into a new phase in our corporate journey in both investment banking and asset management.”
                                                                                                                     
According to SRB the trend to outsource sharia supervisory board services has accelerated in the corporate world as it has been found to create more efficiency, convenience and reduced costs.

Yasser Dahlawi, founder and CEO of SRB, said: “Our mission is to improve productivity in product structuring, certification and sharia audit processes on a global scale. We have committed ourselves in addressing the lack of innovation in these services in an institutionalised manner. We believe it is about establishing a stronger connection with the business trying to achieve true sharia compliance." -TradeArabia News Service