MANAMA: Saudi Arabia’s National Finance Company (NFC) has signed an outsourcing Sharia supervisory agreement with Bahrain-based Shariyah Review Bureau (SRB).
NFC will integrate SRB’s Sharia compliance management capabilities into the core of its business, overseeing all departments and processes.
SRB will also help NFC set up a Sharia Board, certify new products and manage the Sharia audit strategy for growth initiatives.
“NFC’s growth has quadrupled in the last years, driven by success across its wide spectrum of financing lines to diverse businesses and SMEs,” said the company’s chief executive Khalid AbuHimid.
“With demand for innovative financing and leasing solutions growing rapidly in Saudi Arabia, NFC has a unique opportunity to be a premier financing partner in the market. And with SRB’s support, we will streamline our Sharia compliance approval process and drive innovation in a changing landscape.”
SRB chief executive Yasser Dahlawi said, “For over 13 years we have been offering the most comprehensive Sharia outsourcing solutions with a proven services model to help customers like NFC get their products certified quickly and increase their agility.”
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