Tamra Capital partners with Shariah Review Office
By Leandra Monteiro
- Capital Market Authority
- exchange traded funds
Tamra Capital, a Saudi company FinTech under license from the Capital Market Authority, will use robo-advisory technology to provide competitive and convenient access to global financial markets. It partners with the Shariyah Review Bureau (SRB) to ensure that its operations, legal documents and investment offerings are Shariah compliant.
Initially, Tamra Capital’s focus will be to provide goal-based investment opportunities by offering diversified and balanced investment portfolios across different asset classes and markets through the use of exchange-traded funds (ETFs). ) worldwide.
Tamra Capital has already launched a web-based platform and is seeing great momentum and interest from the local community. As a short-term geographic focus, it has regional expansion plans as it prepares to launch a mobile trading app early next year.
“We want to exploit the gap we see in the local and regional market where conventional vehicles and other robotic advisory platforms are offering expensive and non-compliant products. Through Tamra Capital’s platform, we will be able to offer ‘faith-centric’ clients profitable and convenient opportunities to invest in Shariah-compliant ETFs that span different asset classes and markets,” said Salauldean Jamal Khashoggi, managing director of Tamra Capital.
Speaking about SRB’s mission, Salauldean said: “We wanted all of our partnerships to capitalize on their reputation, credibility and strength. Therefore, we did not compromise when seeking to partner with a reputable and esteemed Shariah consulting firm. He added, “We stand to gain from our engagement with SRBs who will review all of our legal documents, provide ongoing consultation and conduct periodic audits to provide assurance to our clients and investors.”
Shariyah Review Bureau provides end-to-end Shariah consulting solutions that are centrally deployed and provide oversight, functionality and fast execution of Shariah in product certification. It has become a simple and attractive option for FinTechs who want to focus on faith-based customers. SRB caters to this demand with its outsourced services and keeps the cost of Sharia overhead for these fintechs to a minimum. Startups should also benefit from SRB’s diversified exposure to the financial market.
“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 industry for years to come. Unlike traditional investment platforms, robo-advisors automate the investment process by relying on algorithms and other data to create and manage client portfolios. said Yasser S. Dahlawi, CEO of the Shariyah Review Bureau. He added, “Being the first fintech in the Kingdom, we are delighted to partner with them for Sharia advisory, certification and auditing services.”
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