Saudi-based fintech, IBDA Real Estate platform facilitating listing and investment opportunities in real-estate properties, has received Shari’a certification from Shariyah Review Bureau (SRB) for its offerings.
The real estate market in Saudi Arabia has witnessed significant interest from investors seeking lucrative shari’a-compliant opportunities. IBDA is playing a pivotal role in reshaping the landscape of real estate investments, providing secure, transparent, and Shari’a-compliant solutions that align with the values and principles of investors in the region.
“IBDA Real Estate platform provides a groundbreaking platform allowing property owners to list their properties for sale or opt for a unique usufruct right sale. Owners can now sell either a portion or the entirety of their property to a group of buyers or choose to retain ownership while selling the usufruct rights for immediate liquidity. This dual-service approach caters to the diverse financial needs of property owners and investors, setting a new standard for secure and Shari’a-compliant real estate investments in the thriving Saudi Arabian market.”
Waleed Albawardi added that, “We wanted to work with a Sharia advisory firm that had considerable experience working real-estate investments and fintechs that automated the end-to-end process. Shariyah Review Bureau fits our requirements easily due to their diverse clientele experience and provides legal comfort as they are regulated by the Central Bank of Bahrain.”
Headquartered in Bahrain and licensed by the Central Bank of Bahrain, Shariyah Review Bureau has been serving the Islamic financial markets for more than 19 years. With scholars spanning 19 countries its Sharia certification and Sharia audit services are recognized globally.
Apart from serving Islamic banks, Takaful firms, asset management institutions it has also been actively engaged with fin-techs, blockchains and crypto-operators, certifying technologies, P2P lending services, tokenization of assets and reviewing ‘smart contracts’ for platforms offering digital sukuk.
Yasser S. Dahlawi, CEO of SRB stated that, “Such digitized initiatives work towards the convenience of both the real-estate owners and the retail investors who are looking for perpetual returns. The Shari’a certification and audit adds value to the offerings, and we look forward to working with the IBDA’s team helping them maintain Sharia compliance and confidence for all its stakeholders.”