- June 24, 2019
-- echtenstein based company Elite Icon Trust
is seeking to pioneer a Sharia compliant Global Real Estate Digitalization program. It assigned Shariyah Review Bureau (SRB), a Middle-Eastern Sharia advisory firm regulated by the Central Bank of Bahrain, to review its project and business activities in light of Sharia principles. After receiving their approval, Elite Icon Trust
is now preparing to scale-up its business by securing an operating license "EIT DIGITAL ASSETS Ltd"
at Astana International Financial Centre (AIFC); a financial hub in Nur-Sultan, Kazakhstan.
AIFC jurisdiction is based on U.K. Law & is a symbol of modern Kazakhstan. The China Development Bank along with reputable Chinese international corporations are located in the AIFC as Kazakhstan is the Central Asia's buckle of China's Belt and Road Initiative.
EIT founder & CEO of EIT Digital Assets Ltd Marius Jedlickij said: "EIT intends to disrupt the global real estate market, starting with luxury hotel rooms. We wanted to cater to the evolving need of Islamic investors in this age of digitization and hence created a Blockchain platform whereby through a clever use of smart contracts, the investor is entitled to room revenue sharing arrangement from luxury hotel rooms which are in different geographical locations"
Commenting on the leadership of AIFC, Marius added, "We would like to share our sincerest appreciation to CEO Mr. Nurlan Kussainov. It is under such professional team management AIFC is rapidly becoming a safe and prosperous financial hub of central Asia.''Shariyah Review Bureau (SRB)
which has been very active in supporting Fintechs in Shariah compliance, foresees much development to follow in all sectors of Finance. Digitization of platforms which use Blockchain and smart contracts, help eliminate costs tied to third-party involvement, speeds up the process and adds to the overall efficiency of the business model.
"Sharia Supervisory services have become more critical, requiring an increasing amount of committed resources, improved availability and enhanced product structuring expertise," said Yasser S. Dahlawi, Founder and CEO of SRB
. He points to its year-over-year growth as evidence of this growing trend in Sharia Board outsourcing. In just three years, SRB has tripled its customer base, and is now widely considered as the largest Sharia Advisory institute services company in the Kingdom of Saudi Arabia and Bahrain. The company serves more than tens of thousands of transactions ranging from mid-market investment companies to the top insurance and asset management firms. Yasser adds "Our goal is to be a Sharia advisory leader for financial institutions seeking to maintain and offer Islamic financial investments, which means excelling in meeting the needs of our clients like Elite Icon Trust."