IdealRatings, an Islamic compliant fund management service provider, has introduced a new Sukuk Shariah screening solution.
Developed in collaboration with Saudi Arabian financial institutions, the new service will reduce the burdensome approval process of these instruments.
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It will also handle the compliance hurdles faced by Sukuk investors and will also minimize the turnaround time for screening and approving Sukuk.
The online screening service has been particularly developed for Islamic investors and treasuries aiming to balance their portfolios through low risk fixed income instruments in addition to complying with the mandates defined by their Shariah boards.
Additionally, the solution will allow investors to screen Sukuk against different Shariah guidelines such as AAOIFI, OIC, Malaysia Securities Commission (SC) and define their own custom composite Shariah guidelines.
The investors have the capacity will also be to screen global Sukuk universe and construct a portfolio of Sukuk that conforms to both their Shariah mandate as well as Investment financial standards.
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By GlobalDataAt the same time, IdealRatings has also rolled out a series of Sukuk indexes to provide the Sukuk service clients with benchmarks required for Islamic fixed income portfolio management.
Alinma, Yasser Al-Marshde, the general manager of Alinma’s Shariah group, a Shariah-compliant bank in Saudi Arabia that assisted in the development of the new service, said: "Compiling, analyzing and screening Sukuk documentation is indeed an enormous effort; and this intuitive, intelligent service, with its impressive technical solutions and features, helps Sukuk investors screen global Sukuk against the requirements set by their Shariah Boards."
Bader Al-Omar, Shariah group head at Jadwa Investment, principal inspectors to the new service, said: ". This is part of our overall strategy that focuses on supporting the advancement of Shariah-compliant financial and investment tools available in the industry."
