Alpen Capital and Alpen Asset Advisors (Alpen) announce the formation of their Shari’ah Supervisory Board (SSB). The SSB will supervise and advise on Shari’ah related matters in conducting Islamic Financial Business including Shari’ah Review & Consultation and Shari’ah Audit. Alpen has engaged Minhaj Advisory, a firm specialized in providing Shari’ah financial advisory services, as an advisor for its Islamic offering.

The Alpen SSB comprises of renowned Islamic scholars namely Sheikh Dr. Mohamed Ali Elgari, Chairman of SSB, Sheikh Dr. Amin Fateh and Sheikh Abdulsattar Ali Al Kattan.

“The Islamic finance industry has been growing rapidly over the last couple of years and continues to grow even in the midst of the pandemic. The appetite for Sharia investing/finance has been on the rise and we are witnessing many non-Islamic firms set up Islamic offering platforms mainly to provide structured finance solutions for Sukuks. However, the Islamic finance industry is posed with the challenge of lack of standardized rules and regulations globally. The initiative taken by UAE to build a unified global legislative framework is bringing together Islamic scholars from around the world to address and reduce these discrepancies, which will further encourage firms to establish Islamic platforms. Alpen’s decision to set up an Islamic platform is timely and given their track record success is assured”, said Sheikh Dr. Mohamed Ali Elgari, Chairman of the SSB.

Sheikh Dr. Amin Fateh and Sheikh Abdulsattar Ali Al Kattan echoed the views of Sheikh Dr. Mohamed Ali Elgari and expressed that under the ‘Dubai: Capital of Global Islamic Economic’ strategy they have witnessed renewed interest and demand for Shari’ah compliant products and services. They are happy to see Alpen gearing up to offer a suite of Islamic products under the guidance of the SSB and look forward to supporting them.

“The ‘Dubai: Capital of Islamic Economy’ strategy launched under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, along with the recently announced initiative to build a unified global legislative framework for Islamic finance is expected to trigger rapid growth within the Islamic finance industry. To support these initiatives and meet the rising demand, Alpen is preparing to provide Shari’ah-compliant financial products. With our efforts we wish to contribute towards the goal to establish Dubai as the global capital of Islamic economy.” said Rohit Walia, Executive Chairman and CEO, Alpen Capital.

Alpen aims to launch their propriety Islamic product offering on receipt of approval from the Dubai Financial Services Authority for conducting Islamic Financial Business through an Islamic Window in the coming months.