Bahrain-based CoinMENA has announced that it has appointed Shariyah Review Bureau (“SRB”) as an outsourcing facility to manage and supervise the Sharia certification and Sharia audit services for its digital asset platform.
CoinMENA was created to help investors at both the retail and institutional level identify business opportunities for digital assets like Bitcoin, Ethereum, and Ripple that meets the investor’s own standards around long-lasting returns. “Getting certified as Sharia-compliant is another milestone in CoinMENA’s dedication to client excellence and becoming the leading blockchain and digital assets company in the MENA region”, said Dina Sam’an, Co-Founder & Managing Director of CoinMENA.
CoinMENA will provide its clients with an advanced platform that allows them to buy, sell and hold digital assets that are diversified and Sharia-compliant. Dina added, “Seeking the Sharia certification and working with the Shariyah Review Bureau, which has extensive experience working with Fintech firms, allows us to increase our focus on the private Islamic investors’ space by offering them a universe of stable Sharia-compliant digital assets with the potential of growth and low volatility.”
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. This has become an attractive option for supporting the needs of global Islamic financial establishments and Fintech startups. In addition to reducing Sharia scholarly overheads, this approach helps clients of the SRB centralize their firm’s Sharia Board administrative and operational tasks.
Yasser S. Dahlawi, Founder and CEO of SRB, added that “Our experience shows that overall compliance savings resulting from outsourcing Sharia Board and Sharia audit services equate to 33 to 35% compared with the cost of doing the same function in-house. Our services help transform Islamic banking, asset management and Fintech sectors, and business life.” Speaking on CoinMENA he added, “We see a whole new league of opportunities arising in the world of Islamic Fintech and digital trading.”
Originally Published on 18 December 2019 – via: IBS Intelligence