Saudi Arabia’s AJFC enlists SRB to ensure & enhance Shariah compliance

By Shilpa Annie Joseph, Desk Reporter
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Saudi Arabia
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Saudi closed joint-stock company licensed by Saudi Arabian Monetary Agency (SAMA), Aljabr Financing Corporation (AJFC) has appointed Shariyah Review Bureau (SRB) to ensure and improve services of shariah audit and compliance.

SRB is one of the largest Shariah Advisory and Audit service providers in the Kingdom of Saudi Arabia. It was founded in 2004 and is licensed by the Central Bank of Bahrain to provide Shariah advisory services from setting up Shariah Committees to providing independent Shariah audits and assurance programs to financial institutions of all nature.

Yasser Dahlawi
Yasser Dahlawi
Founder & CEO
SRB

“From a humble beginning of providing Sharia audit to an Islamic bank 15 years ago, our firm has come a long way serving the regulatory needs of Islamic financial industry. Our Sharia compliance, advisory, and audit services are well-positioned to address the critical and complex Sharia control requirements of the regulated Islamic industry in which we operate. Our team is looking forward to supervising the financing and operational activities of Aljabr financing Corporation in light of SAMA Shariah Governance standards.”

Mr. Mohammed Ibrahim Aljabr, Member of the Board of Directors of AJFC said, “We are one of the pioneering Saudi companies specialized in providing productive assets finance, consumer finance, financial lease, for both SMEs & individuals. The company serves customers through branches across the Kingdom, focusing on serving both institutional and individual clients. Plans are underway to expand this business and broaden the range of financing services.”

Commenting on the newly assigned Shariah advisory firm, Mr. Aljabr noted that, “They are a reputed Shariah advisory firm in the region, backed with years of experience in providing Shariah compliance solutions and audit assurances. Given their track record, we are proud to engage with an experienced team that helps us to focus on delivering more value and service to our customers.”

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