Adrian JohnsonA Saudi-based crowdfunding fintech company called Thara has partnered with the Shariah Review Bureau (SRB) to ensure compliance with Islamic law. Thara’s platform specializes in providing funding for real estate development projects and connects individual and institutional investors with investment opportunities in the sector through Murabaha financing. The collaboration with SRB will help ensure that Thara’s platform meets the requirements of Shariah law. SRB is a leading Sharia advisory firm in Saudi Arabia and has experience working with both traditional financial institutions and fintechs. In addition to overseeing Shariah compliance, SRB will provide certification and audit services for Thara’s platform and transactions. Thara’s COO, Abdulelah Alsaab, commented that the collaboration with SRB was a natural step towards ensuring compliance with Shariah and that the company would benefit from SRB’s reputation and experience in the market.
Thara, a Saudi based fintech, today received Shariah certification from Shariyah Review Bureau (SRB) for its crowd-funding financial services provided through its platform Press Release January 29, 2024 ISLAMIC FINANCE PHOTO Thara focuses on providing funding for real estate development projects. Its platform facilitates the connection between individual and institutional investors, offering them investment opportunities in the real estate development sector through Murabaha financing. Abdulelah Alsaab, COO of Thara said “We wanted to bring a platform to the Kingdom’s business environment which opens up the financing market and provide opportunities to the investor base.” “The platform’s mechanics have been designed simple and those who meet the due diligence check can conveniently connect for their respective financing needs and investment objectives.” he added. On securing the sharia certification Abdulelah commented “We wanted to ensure that we have the best technological platform and comply with shariah. Designating Shariyah Review Bureau to oversee the business model’s Sharia compliance was the natural step towards the objective. They carry a reputable name in the market for shariah advisory and we stan to benefit from their experience and market exposure.” Over the years, Shariyah Review Bureau has strongly established itself as one of the leading Sharia Advisory firm in the Kingdom of Saudi Arabia. It currently caters to 52% of the cooperative Insurance firms, 37% of the financing activities and 32% of the investment firms listed on Tadawul exchange. In addition to traditional financial institutions, SRB has been providing Shari’a board, certification and Audit services to numerous Fintechs with diverse consumer offering. “Year on year we have been witnessing a rise in digital adoption by the market players. Start-ups have been at the forefront of this disruption who seek top technological solutions whilst complying with the sharia requirements.” said Yasser S. Dahlawi, Founder and CEO of SRB. “We look forward to supervising Thara’s platform and its transactions in light of Sharia and provide their stakeholders the trust and the assurance they seek.” he added. For more information on Thara, you can address to aalsaab@tharaco.sa. For all Shari’a Advisory related queries, you can contact hashim@shariyah.com Send us your press releases to pressrelease.zawya@lseg.com © Press Release 2024 Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
