By Leandra Monteiro
- Asset Management
Malaa Technology (Malaa) a Saudi-based FinTech, announced having received Shariah certification for its platform that provides financial planning and wealth management services to its customers.
Having secured its Permit from CMA, Malaa provides its users a seamless experience to invest in Sharia-compliant ETFs.
Faisal Alqarni, Chief Strategy Officer, Malaa said, “We are happy today to announce the launch of our asset management division in the form of a very simple and automated Robo-advisory solution, empowering our users who rely on Malaa for their expense management and budgeting features to invest their savings in a seamless and integrated way. Malaa leverages Open Banking to allow users to track their expenses by connecting their bank accounts directly in the app, and now they can also open investment accounts and receive recommendations on the best asset allocation for them provided by our algorithms. Our goal is simple, we aim to build the best wealth management tool for individuals by automating everything related to investing and savings through technology.”
Speaking on the assignment of SRB, Faisal said, “Our number 1 objective was to ensure Sharia compliance when offering investment opportunities to our customers. And SRB is a trusted name in the region when it comes to Sharia Advisory and audits.” He added, “As a regulated entity SRB provides its clients the legal comfort. And with its dedicated team of in-house scholars and auditors it is well positioned to monitor our KSA’s business affairs.”
Shariyah Review Bureau’s services have a first-mover advantage and have amassed a significant base of technical Sharia expertise and direct experience working on some of the leading profile institutions globally. “We are more than a Sharia advisory company – we’re a partner that helps institutions manage Sharia Board and Sharia audit functions and help build this capacity as they grow and scale to new markets,” said Yasser S. Dahlawi, CEO, Shariyah Review Bureau. “Our appointment by Malaa’s wealth management is intended to become a meaningful resource for Sharia supervision of their ETF investment pools. We are excited to partner with their platform.”
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