To review, certify and supervise Shari’a compliance for its new corporate cards and working capital products in Islamic markets, Tribal Credit, a global company from Silicon Valley that provides integrated financial solutions for startups across the Middle East and emerging markets, has partnered with Shariyah Review Bureau (SRB), a GCC based Shari’a advisory firm.
With this announcement, Tribal Credit has become one of the first standalone credit and expense management solutions to offer Shari’a compliant products in MENA.
SRB has been at the forefront of Shari’a advisory for more than seventeen years and leads in providing Shari’a certification, Islamic product structuring and Shari’a Audit services to international financial institutions, asset management houses, fintech, insurance firms, and alternative wealth management organisations.
Amr Shady, CEO and co-founder of Tribal Credit said: “As a result of the partnership with Shariyah Review Bureau, we will also maintain a dedicated Shari’a supervisory resource to ensure that our products remain Shari’a compliant”.
He also adds, “through our deep knowledge of the corporate cards and financing market in the startup and SME eco-system, we expect to unlock new potential for businesses and investors with this new partnership.”
Tribal Credit is strengthening its network and strategically managing the Islamic financial ecosystem in order to adapt fast to constantly changing business needs and deliver innovative credit card and financing solutions to startups and SMEs in the coming years.
Speaking about the engagement of SRB’s services to oversee its Shari’a compliant side of the business, Duane Good, Tribal Credit’s, co-founder, and president, said: “SRB’s experience in Islamic financial markets and deep understanding of the evolving needs of credit and expense management will enable us to develop secure, 360° and powerful Shari’a compliant finance solutions that provides startups in emerging markets with flexibility and financial control.”
Yasser S. Dahlawi, CEO at SRB, said: “Our establishment is a trusted partner to clients worldwide seeking to attain Shari’a compliance in their products and investments. Our multi-sector product certification and development consultancies all under a single roof have become quite a hit with our existing client base.” Commenting on the partnership, Dahlawi added, “We are pleased to have formed this relationship with Tribal Credit. We will bring a seasoned team of experts with unique scholarly expertise to ensure ongoing Shari’a compliance.”