Saudi Arabia-based fintech licensed by the Capital Market Authority, Tamra Capital has partnered with Shariyah Review Bureau (SRB) to ensure its operations, legal documents, and investment offerings are in compliance with Shariah.
Initially, Tamra Capital’s focus will be to provide goal-based investment opportunities by offering investment portfolios that are diversified and balanced across different asset classes and markets through the use of global Exchange Traded Funds (ETFs).
Tamra Capital will use robo-advisory technology to provide competitive and convenient access to global financial markets.
Mr. Salauldean Jamal Khashoggi, the Managing Director of Tamra Capital, said that, “We want to tap the gap we see in the local and regional market where conventional vehicles and other robo-advisory platforms are offering expensive and non-compliant products.”
“Through Tamra Capital’s platform, we will be able to provide ‘faith-centric’ customers cost-effective and convenient opportunities to invest in Sharia-compliant ETFs that cover different asset classes and markets,” Mr. Khashoggi further added.
Shariyah Review Bureau provides end-to-end Sharia advisory solutions that are centrally deployed, and offer Sharia supervision, functionality, and quick turnaround in product certification.
SRB caters to this demand through its outsourced services and keeps the cost of Shariah overheads for these fintechs to a minimal. The start-ups also stand to benefit from SRB’s diverse exposure to the financial market.
“Our appointment by Tamra Capital reflects a growing interest in the region to facilitate investment strategies using robo-advisory services; a practice that we see will shape the asset management sector in the coming years. Unlike traditional investing platforms, robo-advisors automate the investing process by relying on algorithms and other data to build and manage customer portfolios,” commented Mr. Yasser S. Dahlawi, CEO of Shariyah Review Bureau.