Saudi Arabia – Tamra Capital, a Saudi-based fintech licensed by the Capital Market Authority, has joined hands with Shariyah Review Bureau (SRB) to ensure its operations, legal documents, and investment offerings are in compliance with Shariah.
The company will be using robo-advisory technology to provide competitive and convenient access to global financial markets.
Initially, Tamra Capital’s focus will be to provide goal-based investment opportunities by offering investment portfolios that are diversified and balanced across different asset classes and markets through the use of global Exchange Traded Funds (ETF), said a statement from the fintech.
Tamra Capital has already launched a web-based platform and it is seeing a big momentum and interest from the local community.
As a near terms geographic focus, it has regional expansion plans as it sets to go live with a trading mobile app early next year, it added.
“We want to tap the gap we see in the local and regional market where conventional vehicles and other robo-advisory platforms are offering expensive and non-compliant products,” remarked its Managing Director Salauldean Jamal Khashoggi.
“Through Tamra Capital’s platform, we will be able to provide ‘faith-centric’ customers cost-effective and convenient opportunities to invest in Sharia-compliant ETFs that cover different asset classes and markets,” he stated.
Speaking on the SRB assignment, Salauldean said: “We wanted all our partnerships to capitalize on their reputation, credibility, and strength. Hence we did not compromise when seeking to partner up with a reputable and esteemed Sharia advisory firm.”
“We stand to gain with our engagement with SRB’s who will review all our legal documents, provide ongoing consultation, and conduct periodical audits to provide assurance to our customers and investors,” he added.
SRB provides end-to-end shariah advisory solutions that are centrally deployed, and offer supervision, functionality, and quick turnaround in product certification.
This has become an easy and attractive option for fintechs who want to focus on faith-centric customers. SRB caters to this demand through its outsourced services and keeps the cost of Shariah overheads for these fintechs to a minimal. The start-ups also stand to benefit from SRB’s diverse exposure to the financial market, said its top official.
“Our appointment by Tamra Capital reflects a growing interest in the region to facilitate investment strategies using robo-advisory services; a practice that we see will shape the asset management sector in the coming years,” said Yasser S. Dahlawi, CEO of Shariyah Review Bureau.
“Unlike traditional investing platforms, robo-advisors automate the investing process by relying on algorithms and other data to build and manage customer portfolios,” stated Dahlawi.
“Being the first fintech in the kingdom, we are excited to partner with them for Sharia advisory, certification and Audit services,” he added.
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