Riyadh – Mubasher: Banque Saudi Fransi (BSF) on Monday said it assigned the Shariyah Review Bureau (SRB) in a bid to raise its internal Sharia audit functions.

As a part of our expansion plans, we have taken this step to augment BSF’s Sharia compliance management to support Islamic products and services requirements, and serve clients better, commented Advisor to Islamic Banking at BSF Mazen Elrayes.

“Sharia audit is often the most labour-intensive stage of the Sharia compliance management process. During this phase, each aspect of the products, services and operations is diligently reviewed and analysed to determine what Sharia risks the bank may be facing,” Elrayes added.

The BSF official forecast that the deal with SRB would improve the Saudi bank’s  Sharia compliance management system.

Through its Sharia audit services, SRB seeks to bridge the gap between the issue of Sharia certification and management of Sharia compliance.

“Our Sharia audit services have earned a reputation of excellence in the Islamic banking industry,” stated SRB CEO Yasser S. Dahlawi, noting that his institution was looking forward to working with BSF and supporting their Sharia control procedures.