Shariyah Review Bureau

What Shariyah Review Bureau does

Shariyah Review Bureau W.L.L (SRB) is a Bahrain-licensed, Manama-headquartered professional services firm founded in 2004 that positions itself as the world's first independent Sharia assurance institution. Its core offering is end-to-end Sharia compliance for Islamic financial institutions (IFIs), spanning Sharia Supervisory Board (SSB) setup and management, ISAE 3000-aligned assurance engagements, internal/external/remote Sharia audits, express certification, digital asset Sharia assessment, and IPO/Sukuk governance. Underlying delivery rests on human-expert methodology grounded in AAOIFI accounting and Sharia standards, executed through a curated bench of 40+ Sharia scholars across 17 countries and a 20+ member consultant/auditor core; senior scholar oversight was historically provided by Dr. Mohammed Ali Elgari as Chairman for two decades. SRB operates a portfolio of roughly two dozen products organized around three pillars — Sharia Governance (SSB, audits, BOD support, sukuk governance, account-holder pool audit), Certification of Compliance (Express Certification, Digital Asset Assessment, IPO Certificate, Global Sharia Certificate), and Advisory & Research (Private Equity Screening, ESG Advisory, Family Office Advisory, Zakat services, conflicting-views research).

SRB's business model is professional-services fees under written contracts with a relationship-manager structure: each client is assigned a dedicated manager who oversees certification and audit functions for the engagement lifecycle. Pricing is bespoke and not publicly disclosed; SRB explicitly states its services are priced considerably lower than competitors — a posture that, combined with a largely variable scholar network, supports a lean operating cost base relative to peer Sharia advisory firms. The firm's go-to-market is enterprise field sales targeting regulated financial institutions, with claimed coverage of 30%+ of SAMA-regulated financing institutions in Saudi Arabia, 50%+ of Saudi-listed cooperative insurers, and 27%+ of CMA-licensed asset managers. Customers span commercial banks (BOK International, SNB Capital, American Express Saudi), Takaful and reinsurance operators (Tawuniya, Saudi Re, AXA, AL Alamiya, AL Sagr), financing companies (Al Saqr, EFCO, Gulf Finance, Eqraz, Tamweel Aloula), capital markets issuers (Lazurde, Tanmiah, Tibbiyah, Maharah), fintechs and crypto platforms (Algorand, CoinMena, Rain, Lendo, FlexPay), asset managers (Blominvest, Alpha Capital, ADS), and payment solutions providers (Jigal, Tribal Credit, CrediMax). SRB originally launched in Saudi Arabia, expanded to Bahrain under a CBB license in 2008, and now lists clients in the US, UK, France, and New Zealand; in October 2025 it was acquired by Riyadh-based Al Marjea for Professional Services and continues to operate synergistically with its Bahrain operations intact.

Name

Shariyah Review Bureau

Legal name

Shariyah Review Bureau W.L.L

Website

https://shariyah.net

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Shariyah Review Bureau is a Bahrain-licensed independent Sharia assurance firm serving Islamic financial institutions globally. It provides Sharia Supervisory Board setup, ISAE 3000 audits, express certification, digital asset assessment, and ESG advisory across banking, insurance, fintech, and capital markets.

Ownership category

akta.pro rank

Product category

Sharia Compliance and Assurance Services

NAICS

Accounting, Tax Preparation, Bookkeeping, and Payroll Services (54121)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

akta.pro secondary industries

Islamic Investment Banking & Capital Markets Services (FSABAGAG), Islamic Private Banking & Wealth (FSABAGAD), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Corporate Banking (FSABAGAC)

Keywords

• Sharia compliance services
• Islamic finance advisory
• Sharia audit assurance
• Sharia certification services
• Islamic banking compliance

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Sharia Certification and Compliance Services: SRB generates revenue through professional service fees charged for Sharia certification, audit, and advisory engagements. Clients engage under written contracts with fee agreements. Services include Sharia supervisory board setup, product certification, internal and external Sharia audits, and ongoing compliance reviews.
2. Sharia Governance and Advisory: Ongoing governance advisory retainer arrangements for managing Sharia Supervisory Board functions, reducing costs on SSB administration for financing companies and Islamic banks.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Shariyah Review Bureau provides independent Sharia assurance, certification, and audit services for Islamic financial institutions worldwide. Its offerings span Sharia Supervisory Board setup and management, internal and external Sharia audits (including remote/digital audits and ISAE 3000 assurance engagements), certification of products, services, and digital assets (including cryptocurrencies), and advisory work on sukuk governance, IPO compliance, private equity screening, ESG, and Zakat purification. Services are delivered through a global network of 40+ Sharia scholars across 17 countries, with each client supported by a dedicated relationship manager under written contract.

Product overview

Shariyah Review Bureau (SRB) offers a comprehensive suite of Sharia compliance and assurance services for Islamic financial institutions. The portfolio consists of core Sharia governance services (Sharia Supervisory Board setup, Internal/External/Remote Sharia Audits, ISAE 3000 Assurance), certification services (Express Certification, Digital Asset Assessment, IPO Certification, Global Sharia Certificate), and advisory offerings (Private Equity Screening, ESG Advisory, Family Office Advisory, Zakat Services). SRB serves multiple industry verticals including banking, insurance (takaful), fintech, payment solutions, capital markets, financing companies, and family offices. The services are delivered through a global network of 40+ Sharia scholars across 17 countries, providing both standardized certifications and customized advisory solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Sharia Supervisory Board Setup & Management Establishes and manages Sharia Supervisory Boards (SSBs) for financial institutions, assigning qualified scholars to oversee Sharia compliance, issue fatwas, and supervise products on an ongoing basis.
• Sharia Assurance (ISAE 3000) International Standard on Assurance Engagements (ISAE 3000) certification providing independent verification that an Islamic Financial Institution complies with Sharia principles and rules.
• Internal Sharia Audit Provides assurance to IFI management on adherence to Sharia rulings, assessing internal controls, governance structures, and risk management mechanisms.
• External Sharia Audit Independent assurance engagement providing reasonable assurance of an IFI's compliance with Sharia principles during a specific period, based on AAOIFI and regulatory standards.
• Remote Sharia Audit Sharia audit conducted using electronic means where evidence is obtained remotely and evaluation is performed digitally to determine conformity with Sharia standards.
• Board of Directors Support for Sharia Governance Advisory services supporting Boards of Directors in establishing and maintaining effective Sharia governance frameworks within Islamic financial institutions.
• Managing Sukuk Governance Oversight and governance services for Sukuk programs ensuring compliance with AAOIFI Sukuk Governance Standards throughout the issuance lifecycle.
• Audit on Account Holder & Investment Pools Review-based assessment examining the extent of an IFI's compliance with Sharia principles for investment pools and account holder funds.
• Express Certification Accelerated Sharia certification service for products and services requiring quick turnaround while maintaining rigorous compliance standards.
• Sharia Assessment for Digital Assets Specialized evaluation of cryptocurrencies and digital assets against Sharia principles, with ongoing reassessment programs tracking compliance status over time.
• IPO Certificate of Sharia Compliance Certification service for companies seeking Islamic listing, examining capital activities and investment actions in light of Sharia principles.
• Global Sharia Certificate Comprehensive Sharia certification recognized internationally for products, services, financial offerings, or institutions meeting specific Sharia standard requirements.
• Private Equity Screening Sharia compliance screening for private equity investments and funds, analyzing business activities and financial statements per defined accounting ratios.
• ESG Advisory Environmental, Social and Governance advisory services integrating Sharia principles with sustainable development goals.
• Wealth Managers & Family Office Advisory Sharia advisory services for wealth managers, private banks, and family offices covering estate planning, investment compliance, and Zakat calculations.
• Research on Conflicting Views in Sharia Research services analyzing divergent scholarly opinions in Islamic jurisprudence for complex financial transactions.
• Zakat & Purification in Investments Advisory services for calculating and purifying investment returns to ensure Sharia-compliant wealth management.
• Banking Industry Sharia Services Comprehensive Sharia advisory and audit services for retail, commercial, and private Islamic banks, including SSB performance, internal Sharia audit support, external compliance audit, and account holder pool audits.
• Insurance (Takaful) Industry Sharia Services Sharia compliance services for Takaful and cooperative insurance companies, including policy development, Sharia board engagement, and Takaful product structuring.
• Fintech Industry Sharia Services Sharia certification and audit assurance for fintech platforms offering innovative financial services to Islamic investors, including crypto exchanges and digital asset platforms.
• Capital Markets Industry Sharia Services Services for Islamic investment banks and listed companies including IPO Sharia compliance certification, Sukuk structuring, Islamic debt and equity advisory, and external audit of sukuks.
• Payment Solutions Industry Sharia Services Sharia certification and assurance for payment gateway providers, merchant accounts, and electronic payment platforms, including credit card program certification.
• Asset Management Industry Sharia Services Sharia oversight for asset management firms covering billions in investments, including continuous compliance attestation, fund and product certification, and rapid SSB fatwa issuance.
• Financing Companies Industry Sharia Services Sharia compliance services for Islamic financing enterprises, including product certification, internal audit support, SSB cost optimization, and product structuring.
• Family Offices Industry Sharia Services Sharia compliance services for single and multi-family offices covering estate planning, investment compliance, Zakat calculation, and philanthropic activities.

Quantifiable outcome

• SRB serves over 30% of financing institutions regulated by SAMA in Saudi Arabia
• +4 more outcomes

Named customers30 records

Segments8 records

Ideal customer profiles8 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Dar Al-Sharia for Financial Consulting: UAE-based independent Sharia advisory and audit firm offering Sharia supervisory board services, product certification, and Sharia audit for Islamic banks and financial institutions across the GCC, directly overlapping SRB's core offerings.
• IdealRatings: US-headquartered provider of Sharia screening and ESG analytics for asset managers and Islamic funds, offering automated equity, sukuk, and fund compliance screening that overlaps with SRB's private equity screening and asset management certification services.

Broad incumbents

• KPMG Islamic Finance Practice: Global Big 4 firm with a dedicated Islamic Finance practice offering Sharia advisory, audit, and tax services to IFIs; competes for the same large banking and capital markets clients as SRB but bundles Sharia work with broader consulting mandates.
• PwC Islamic Finance Practice: Big 4 firm with established Islamic Finance advisory and assurance capabilities serving GCC banks, takaful operators, and sukuk issuers; overlaps with SRB on Sharia assurance engagements while offering integrated consulting, tax, and audit services.
• Deloitte Islamic Finance Practice: Big 4 firm providing Sharia advisory, audit, and risk consulting to Islamic financial institutions across the GCC and Asia; competes with SRB for large institutional engagements where broader consulting scope is required.
• EY Islamic Finance Practice: Big 4 firm with a dedicated Islamic Finance team offering Sharia audit, tax, and transaction advisory services to IFIs, competing with SRB for enterprise banking, takaful, and capital markets assurance mandates.

Others

• Alkhabeer Capital: Saudi-based asset manager founded by SRB co-founder Ammar Shata, managing over SAR 9.2 billion in assets; while not a Sharia assurance competitor, it is a related party that consumes Sharia certification services and represents an enterprise client adjacency.
• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): Bahrain-based international standard-setting body that issues the Sharia, accounting, and audit standards underpinning SRB's service methodologies; while not a competitor, AAOIFI's mandates drive baseline demand for third-party Sharia assurance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/shariyahreview
• Facebookfacebook.com/shariyahreviewbureau
• LinkedInlinkedin.com/company/shariyah-review-bureau

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shariyah Review Bureau