Banque Saudi Fransi (BSF), a leading bank in Saudi Arabia said that it has assigned Shariyah Review Bureau to help augment its internal Sharia audit functions.

 BSF has one of the largest suites of Sharia compliant products and services dedicated to companies, individuals and banking institutions in the Kingdom.

Mazen Elrayes, advisor to Islamic Banking at BSF commented: "As BSF grows, we continue to broaden our Sharia supervisory framework in order to better serve our customers by delivering leadership in Sharia control designed to meet the requirements of our Islamic products and services.”

“Sharia audit is often the most labour-intensive stage of the Sharia compliance management process. During this phase, each aspect of the products, services and operations is diligently reviewed and analyzed to determine what Sharia risks the bank may be facing. To achieve this we need qualified and experienced Sharia auditors who understand the Sharia construct and issues in compliance and are able to make the necessary audit calls and reduce risks.

 “We expect SRB to rigorously review and audit our products, operations and treasury procedures and help enhance the Sharia compliance management system in BSF,” he added.

SRB’s Sharia audit services are designed to bridge the gap between the issuance of Sharia certification and management of Sharia compliance. Since its inception, SRB has launched multiple Sharia audit services from Sharia Supervisory audits to co-sourcing audits to Independent External Sharia Compliance audit (IESCA) to financial institutions. With 100+ Sharia audit and reviews of companies, banks, insurance firms, and asset managers, SRB prides itself on being an Islamic industry leader.

“Our Sharia audit services have earned a reputation of excellence in the Islamic banking industry,” said chief executive officer Yasser S Dahlawi.

“Over the years we have worked hard to build the right combination of skills, experience and team to oversee the continuous development of internal Sharia audit programs for Islamic banks in the region.” Commenting on the new engagement Yasser added, “We look forward to working with BSF and further strengthening their Sharia control procedures.” – TradeArabia News Service