Silicon Valley-based Tribal Credit has engaged Shariyah Review Bureau (SRB) – a GCC-based Shari’a Advisory firm – to review, certify, and supervise Shari’a compliance for its new corporate cards and working capital products in Islamic markets.
As a result, Tribal Credit, which provides integrated financial solutions for startups across the Middle East and emerging markets, has now become one of the first standalone credit and expense management solutions to offer Shari’a compliant products in the MENA region.
The CEO and co-founder of Tribal Credit, Amr Shady, 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.”
“Through our deep knowledge of the corporate cards and financing market in the startup and SME ecosystem, we expect to unlock new potential for businesses and investors with this new partnership.”
SRB has been at the forefront of Shari’a advisory for more than seventeen years and leads in providing Shari’a certification, Islamic product structuring, and Shari’a Audit services to international financial institutions, asset management houses, fintech, insurance firms, and alternative wealth management organisations.
Speaking about the engagement of SRB’s services to oversee its Shari’a compliant side of the business, Tribal Credit’s co-founder and president, Duane Good, 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 degree and powerful Shari’a compliant finance solutions that provides startups in emerging markets with flexibility and financial control.”
Tribal Credit is strengthening its network and strategically managing the Islamic financial ecosystem in order to adapt fast to constantly changing business needs and deliver innovative credit card and financing solutions to startups and SMEs in the coming years.
The CEO of SRB, Yasser S. Dahlawi, 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.”
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