Tribal Credit, a Silicon Valley-based global company that provides integrated financial solutions for startups in the Middle East and emerging markets, announced that it has hired Shariyah Review Bureau (SRB), a Shari’a Advisory firm based in the Gulf Cooperation Council, to review, certify, and supervise Shari’a compliance for its new corporate cards and working capital products in Islamic markets.
With this announcement, Tribal Credit became one of the first standalone credit and expense management solutions in MENA to offer Shari’a compliant products.
Amr Shady, CEO and Co-founder of Tribal Credit said: “As a result of the partnership with Shariyah Review Bureau, we will also maintain a dedicated Shari’a supervisory resource to ensure that our products remain Shari’a compliant”. He also adds, “through our deep knowledge of the corporate cards and financing market in the startup and SME eco-system, we expect to unlock new potential for businesses and investors with this new partnership.”
For more than seventeen years, SRB has been at the forefront of Shari’a advisory, leading in the provision of Shari’a certification, Islamic product structuring, and Shari’a Audit services to international financial institutions, asset management firms, fintech, insurance firms, and alternative wealth management organizations.
Tribal Credit is expanding its network and strategically managing the Islamic financial ecosystem in order to respond quickly to changing business needs and provide innovative credit card and financing solutions to startups and SMEs in the coming years.
Speaking about the engagement of SRB’s services to oversee its Shari’a compliant side of the business, Duane Good, Tribal Credit’s, Co-Founder, and President, said: “SRB’s experience in Islamic financial markets and deep understanding of the evolving needs of credit and expense management will enable us to develop secure, 360° and powerful Shari’a compliant finance solutions that provides startups in emerging markets with flexibility and financial control.”
Yasser S. Dahlawi, CEO at SRB, said: “Our establishment is a trusted partner to clients worldwide seeking to attain Shari’a compliance in their products and investments. Our multi-sector product certification and development consultancies all under a single roof have become quite a hit with our existing client base.” Commenting on the partnership, Yasser added, “We are pleased to have formed this relationship with Tribal Credit. We will bring a seasoned team of experts with unique scholarly expertise to ensure ongoing Shari’a compliance.”
