Saudi Arabia-based finance company Tamwily and Shariyah Review Bureau (SRB) have signed a partnership deal covering shariah supervision, monitoring and shariah supervisory audit.

The agreement comes as Tamwily seeks to integrate shariah compliance in its offerings to customers as well as high value added shariah assurance to all clients for whom dealings in congruence to their faith is a high priority, said a statement.

The arrangement will allow Tamwily to rely on SRB, a global shariah advisory firm, to oversee and manage the Islamic auto leasing and financing systems, while offering the highest level of performance in Shari’a compliance certification and assurance.

Tamwily, has been leading the Saudi auto-credit industry for 20 years. With its commitment to Sharia-compliant financing programmes it has been offering a wide array of brands such as Hyundai, BMW, Land Rover, Jaguar, TATA, Mini, and Rolls Royce in addition to Hyundai and Ankai heavy commercial vehicles.

Abbas Al-Nahdi, chief executive officer of Tamwily, said: “We are strengthening our leadership in Saudi Arabia, for us it’s the undisputed historic market of the GCC. And our assignment of SRB helps secure the future development of Tamwily’s shariah compliance in the kingdom. This operation will help us improve the Islamic performance of our auto offerings and financing systems.
 
"This is the right time to invest our leadership in catering to our customers growing faith based needs.”

“Tamwily will continue to focus and build this area and deliver the best possible Shari’a compliant offerings and leading-edge platforms to its customers,” he said.

Yasser S Dahlawi, CEO of Shariyah Review Bureau, said: "We are delighted to deploy our shariah advisory services to Tamwily and integrate new capabilities of Shari’a supervisory audit on their offerings.

“With their customer-centric focus and a mission to uphold Shari’a compliance in their businesses we expect Tamwily to rapidly transition into Saudi’s No 1 auto financing player.” - TradeArabia News Service