Saudi Arabia-based Raqamyah, a leading peer-to-peer funding platform, has announced the assignment of Shariyah Review Bureau, to manage the Sharia compliance affairs of its crowd-funding technology.

Ammar Bakheet, founding partner and chief executive officer of Raqamyah, said: “It is high-time for the Kingdom’s financial sector to explore opportunities offered by fin-tech firms to serve the SME’s segment.”

“At Raqamyah we are proactively looking to augment our capabilities in developing faster ways of connecting funders with SME’s and also enact the spectrum of SAMA’s regulations in the Kingdom.  

“For us, Sharia compliance is instrumental in achieving success. This proposition can help enhance Islamic values by challenging the way a financial transaction is formulated, and providing Sharia assurance to our stakeholders,” he added.

“We are delighted to have a globally recognized Sharia advisory firm like Shariyah Review Bureau (SRB) managing our Sharia compliance affairs. Their addition is expected to significantly enhance our capabilities in positioning our fin-tech firm for further growth. We expect SRB to complement and enhance our existing Sharia control functions, allowing us to provide superior Islamic financial services to our customers,” Bakheet noted.

Shariyah Review Bureau, founded in 2004 in Saudi Arabia and licensed by Central Bank of Bahrain in 2007 provides Sharia advisory services from setting up Sharia Boards to Sharia certification and Sharia audits to over 100 financial institutions including fin-tech firms.

“We believe in bringing a well-balanced approach of examination, verification and testing in our Sharia compliance management so as to operate in an increasingly complex Islamic financial environment” said Yasser S Dahlawi, CEO and founder of SRB.

“Being assigned by Raqamyah allows us to become the preeminent choice of Sharia Advisor for P2P firms seeking to offer its crowd-funding opportunities in the Kingdom.”

“Our Sharia advisory services are well positioned to address the critical and complex Sharia control requirements needed by fin-tech firms to offer Sharia compliant versions of their products and also meet the robust expectations of the regulated Islamic industry in which we operate,” he concluded. – TradeArabia News Service