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Dar Al Etiman ... expansion with Shari’a compliant products

Saudi GM dealer enlists SRB for Shari’a offerings

MANAMA, February 16, 2015

Dar Al Etiman, the financial arm of Saudi-based Universal Motors Agencies, a dealer of General Motors, has assigned Shariyah Review Bureau (SRB) to supervise its upcoming Shari’a compliant products as it looks to expand its offerings in the region.

"Listening to the needs of our clients and striving to achieve those goals is at the heart of our business, and this year we decided to extend our strategy and execute offerings which a rising number of our customers have been demanding," said Mohammad Muhawesh, general manager at Dar Al Etiman.

"We concluded to partner with SRB institute to lead our product design, offering structure and leasing programs in a Shari’a compliant way. This decision is expected to ensure that Dar Al Etiman stays at the head of industry with innovative Islamic products in a rapidly changing financial landscape and to be in compliant with Sama new regulation for finance companies.”

Commenting on SRB’s role Muhawesh said: “Their extensive experience both locally and internationally will be instrumental to our Islamic financial growth strategies.”

SRB offers clients three prime services:  Shari’a Supervisory Board solutions, Shari’a Consultation and Shari’a Audit outsourcing. SRB is supported by team of dedicated professionals and 27 scholars from around the world and is widely acclaimed as the trusted and preferred choice of Shari’a Advisor delivering services to some of the GCC’s most prominent Shari’a compliant financial companies; institutional, insurance, funds, and investment managers, a statement said.

“Our approach provides clients with direct access to Shari’a experts and organizational readiness to find solutions to clients challenging tasks in a Shari’a compliant manner,” said founder and CEO of SRB, Yasser S Dahlawi.

“This gives clients the ability to tap new market positions and seize arising opportunities within a Shari’a context. We are thrilled to be working with Dar Al Etiman in helping them achieve Shari’a compliance,” he added.

Dar Al Etiman, which has been in operation since 2007, includes 170 people who handle national and local portfolios and is widely considered as one of the Kingdom’s leading motor financial company, the statement said. – TradeArabia News Service




Tags: General Motors | Shariyah Review Bureau | SRB |

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