Saudi’s MFC pushes its digital Sukuk issuance with Shariyah Review Bureau

By Arya M Nair, Intern Reporter
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Saudi Arabia’s Mudaraba Financial Company (MFC) has partnered with Shariyah Review Bureau (SRB), the Bahrain-based world’s leading Corporate Sharia Advisor, to ensure all aspects of its digital Mudaraba Sukuk issuance platform meet the requirements of Sharia approval.

The platform automates the Sukuk issuance process in line with Saudi Arabia’s regulatory frameworks for the innovation of financial technology (Fintech) in the capital market.

Shariyah Review Bureau is licensed by the Central Bank of Bahrain (CBB) and has hundreds of clients covering multiple industries around the world. Its services have grown in demand as financial institutions digitize and look for ways to speedup the Sharia compliance management process and to reduce costs of Sharia Board overheads.

Yasser Dahlawi
Yasser Dahlawi

“In the past two years we have seen financial products being automated to deliver effective and efficient services. The pandemic has accelerated digital adoption and we believe MFC’s platform will competitively scale-up the issuance and settlement practice of the Sukuk market. We will add Sharia assurance and value be leveraging our scholarly expertise and Sharia audit capabilities as they promote their Sukuk solution regionally.”

SRB has established itself as one of the leading Sharia advisory companies in the Kingdom of Saudi Arabia. The firm leads with a dedicated team of Sharia Consultants and Sharia auditors based out of Bahrain with more than 30 scholars covering 19 countries.

Mr. Mosaed Al Enezy, CEO of MFC said that “We needed to assure our customers that the underlying modality, its processes, and legal documents have been reviewed and subsequent transactions are periodically audited by  the leading Islamic industry experts. That’s why we partnered up with SRB, who will complement and enhance our existing Sharia control functions, while allowing us to continue focus on providing superior financial services to our customers.

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