Shariyah Review Bureau (SRB) Company Profile

Background

Overview

Shariyah Review Bureau (SRB) is a leading provider of Sharia compliance and advisory services within the Islamic finance sector. Established in 2005 and headquartered in Manama, Bahrain, SRB offers a comprehensive suite of services, including Sharia governance, product certification, audits, and investment screening, to ensure adherence to Sharia principles across various financial institutions and corporate entities.

Mission and Vision

SRB's mission is to empower businesses globally with end-to-end Sharia compliance solutions, facilitating their operations in accordance with Islamic financial principles. The company's vision is to be the premier Sharia advisory firm, recognized for its scholarly expertise and commitment to excellence in Sharia assurance.

Primary Area of Focus

SRB specializes in providing Sharia compliance services to financial institutions, fintech companies, and corporates, ensuring their products and operations align with Sharia guidelines. This includes setting up Sharia boards, conducting Sharia audits, and offering product certification.

Industry Significance

With nearly two decades of experience, SRB has established itself as a trusted partner in the Islamic finance industry, serving a diverse clientele across the GCC and international markets. Its services are integral to the growth and integrity of Sharia-compliant financial markets.

Key Strategic Focus

Core Objectives

Sharia Compliance Assurance: Ensuring that financial products and services adhere to Sharia principles.

Global Expansion: Extending services to a broader international clientele.

Innovation in Services: Developing new services to meet evolving market needs.

Specific Areas of Specialization

Sharia Supervisory Board Setup: Identifying and assembling qualified scholars to establish Sharia boards for clients.

Sharia Assurance (ISAE 3000): Providing assurance services guided by international standards to verify Sharia compliance.

Internal and External Sharia Audits: Conducting regular audits to ensure ongoing compliance with Sharia guidelines.

Product Certification: Certifying financial products to confirm their alignment with Sharia principles.

Key Technologies Utilized

SRB employs a combination of traditional scholarly methods and modern technological tools to deliver its services, ensuring accuracy and efficiency in Sharia compliance assessments.

Primary Markets Targeted

SRB serves a wide range of markets, including the GCC countries, Southeast Asia, Europe, and North America, catering to both established financial institutions and emerging fintech companies.

Financials and Funding

Funding History

SRB has been privately funded since its inception in 2005. In October 2025, SRB was acquired by Al Marjea for Professional Services Closed Joint Stock Company (CAM), a Saudi-based provider of Sharia compliance support services.

Total Funds Raised

Specific details regarding the total funds raised by SRB prior to the acquisition are not publicly disclosed.

Notable Investors

Prior to the acquisition, SRB operated independently without publicly disclosed external investors.

Intended Utilization of Capital

Post-acquisition, the combined entity aims to leverage the resources to expand its service offerings, enhance technological capabilities, and strengthen its position in the global Sharia compliance market.

Pipeline Development

Key Pipeline Candidates

SRB's pipeline includes ongoing collaborations with various financial institutions and fintech companies seeking Sharia compliance services. Notable recent collaborations include:

Salama Cooperative Insurance Company: Appointed SRB as its Sharia advisor to ensure compliance with Sharia principles.

American Express Saudi Arabia: Engaged SRB to oversee and certify the company's compliance with Sharia principles.

Raqamyah: A Saudi-based peer-to-peer funding platform that appointed SRB to manage its Sharia-compliant affairs.

Stages of Clinical Trials or Product Development

As a service-oriented firm, SRB does not engage in clinical trials or product development but focuses on providing Sharia compliance services to its clients.

Target Conditions

SRB's services are applicable to a wide range of financial products and services, including insurance, banking, investment funds, and fintech solutions, ensuring they comply with Sharia principles.

Relevant Timelines for Anticipated Milestones

Milestones are typically aligned with client project timelines, which vary based on the scope and complexity of the Sharia compliance requirements.

Technological Platform and Innovation

Proprietary Technologies

SRB utilizes a proprietary framework for Sharia audits and compliance assessments, integrating traditional scholarly methods with modern technological tools to enhance accuracy and efficiency.

Significant Scientific Methods

Sharia Assurance (ISAE 3000): Guided by international standards, this method provides assurance services to verify Sharia compliance.

Internal and External Sharia Audits: Regular audits are conducted to ensure ongoing compliance with Sharia guidelines.

AI-Driven Capabilities

While SRB does not publicly disclose the use of AI-driven capabilities, it is known to employ advanced technological tools to support its Sharia compliance services.

Leadership Team

Key Executive Profiles

Yasser S. Dahlawi: Founder and CEO of SRB, Yasser has been instrumental in establishing SRB as a leading Sharia advisory firm. He holds an MBA from the University of Hull and is a Certified Sharia Advisor & Auditor (CSAA) from AAOIFI.

Dr. Mohammed Ali El Gari: Chairman of SRB, Dr. El Gari has over two decades of experience in Sharia compliance and has chaired numerous Sharia boards internationally. He holds a PhD in Economics from the University of California.

Leadership Changes

In October 2025, SRB was acquired by Al Marjea for Professional Services Closed Joint Stock Company (CAM), a Saudi-based provider of Sharia compliance support services.

Competitor Profile

Market Insights and Dynamics

The global Islamic finance industry is experiencing significant growth, with increasing demand for Sharia compliance services across various financial sectors. This growth is driven by the expansion of Islamic financial markets and the need for institutions to adhere to Sharia principles.

Competitor Analysis

Key competitors in the Sharia compliance advisory space include:

AAOIFI: The Accounting and Auditing Organization for Islamic Financial Institutions sets standards for Sharia compliance and conducts audits.

KPMG: Offers Sharia advisory services through its Islamic Finance division.

Deloitte: Provides Sharia compliance and advisory services in various jurisdictions.

Strategic Collaborations and Partnerships

SRB has established strategic collaborations with various financial institutions and fintech companies to enhance its service offerings and expand its market reach. Notable collaborations include:

Salama Cooperative Insurance Company: Appointed SRB as its Sharia advisor.

American Express Saudi Arabia: Engaged SRB to oversee and certify the company's compliance with Sharia principles.

Raqamyah: A Saudi-based peer-to-peer funding platform that appointed SRB to manage its Sharia-compliant affairs.

Operational Insights

SRB's strategic considerations include maintaining independence in its advisory role, ensuring the integrity of Sharia compliance assessments, and adapting to the evolving regulatory landscapes of different jurisdictions. Its competitive advantages include a network of over 40 scholars from 17 countries and a comprehensive suite of Sharia compliance services.

Strategic Opportunities and Future Directions

Post-acquisition, SRB aims to leverage the combined resources with Al Marjea to expand its service offerings, enhance technological capabilities, and strengthen its position in the global Sharia compliance market. The focus will be on integrating Sharia advisory and assurance services to provide holistic solutions to clients.