Bahrain’s leading credit card issuer and acquirer, CrediMax, has signed an agreement with Bahrain based Shariyah Review Bureau (SRB) to assign the latter with the responsibility of supervising CrediMax towards designing and launching new products in compliance with the Sharia . This is in addition to taking the responsibilities of auditing CrediMax’s Sharia Compliant products. The signing ceremony took place yesterday at the Ritz Carlton Hotel & Spa. The agreement was signed by Mr. Mohammed Malik, CEO of CrediMax and Mr. Yasser Saud Dahlawi, CEO of Shariyah Review Board (SRB) in the presence of members of the press and other representatives from both organizations.

Mr. Malik shared the reasons behind this deal by saying, “We at CrediMax are in the process of finalising a distinguished line of Islamic products. We will release the products as soon as possible, once we get the confirmation from the Shariyah Review Board that the products are in compliance with Sharia rules. Our aim out of which, is to complete our lines of products and services with an Islamic compliance to enable our valued customers to choose and select between CrediMax’s variety of premium and specially designed products and services.

Mr. Malik added that “We have partnered with Shariyah Review Bureau (SRB) for this task because of SRB’s reputation as a trusted body, to verify and ensure compliance of financial products, in line with Islamic Sharia rules and regulations.”

Mr. Dahlawi expressed his thoughts on the sign up by saying, “It is rather encouraging for us to receive requests from a market leader like CrediMax, who are willing and ready to develop and provide a range of products that not only comply with the Islamic Sharia but are also creative and rich of benefits to the end user. We have conducted successful reviews for some of the biggest names in the industry and it is a pleasure to add CrediMax to our clientele. In the coming weeks we will ensure that CrediMax’s new products are in compliance with the Sharia and yet are attractive and have lots of added value.”