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Achieve success today – Siraj Finance provides you with the best in modern innovative Shari’ah-compliant financial products and services



Achieve success today -Siraj Finance provides you with the best in modern innovative Shari’ah-compliant financial products and services

The Why:

Siraj Finance PJSC (SF) has all the amenities to grow the business portfolio to a leading finance company in the region. This growth prospect has been sighted, with the onboarding of new strategic oversight and business propositions that were rolled out in April 2016. Since then, SF has exponentially grown with incremental values been reflected in the subsequent financials. While the growth rate has taken a continuous leap, the results of the first quarter 2018 has overridden the previous performance numbers and we see the momentum to continue for higher accrual results. This technology savvy has helped to provide an edge over other players, both technically and geographically, thereby attracting more referrals and new customers base alongside the sustenance of the existing customers. SF collaborates with its strategic alliances to provide quality service to its customers backed up by competitive pricing strategy, multitude of products on cart, reliable service with the least turnaround time and one step forward on emerging market diversifications and innovation. With the extenuating approach towards the existing Islamic products on the cart, we have created a niche of value-added propositions to our customer base that could lead us to new heights in the Islamic Finance Arena. We are confident on growing SF from its existing customer base that would help us re-classify on the competency levels in the UAE market.


The How:

While we openly transcend into cross selling opportunities that potentially diversifies and exemplifies the uproot in terms of product differentiation and market niche occupancy, SF has embarked upon products that meet the visionary focus of the current and prospective customer base that drills down from Baby Boomers (1946 to 64) visionary sustenance, Generation X to Y’s (1965 to 1994) progressive methodology, while instilling an auto-mode mechanism with the Gen Z (1995 to 2012) for a confidence motion that drives immediate results on the prospects of Gen Alpha (2013 to 2025). This insight on our product positioning has led to a competitive edge on the market demands and has favoured SF to take ownership of the liability positioning bearing the intricacies of a collateralized risk based approach. In its scalable and quantifiable approach towards measuring the risk appetite of a prospective customer, an eminent customer portfolio has shed the light towards achieving multiple recognitions within a short time span. Some of the recognitions included the “Best Upcoming Islamic Finance Institution 2018” by the Global Islamic Finance Awards in Sept 2018, the“ Critics Choice – Best Non-Bank Islamic Retail

Finance Institution 2018” in Nov 2018, the “Best Labour Guarantee” Award by the “Internal Finance Awards” in Jan 2019 and more to the pipeline enlisted. SF has continuously improved its product offerings to the best outcome of meeting the demanding financial stature in a secured and timely manner. Product diversification has been the essence of maximizing coverage for relevant SME’s and Corporate portfolios that has certainly intensified the financial literacy program to a closer outreach within the UAE community.

The Modus Operandi on a three prone approach:- 

  • Resource viability and experienced hands from key industry exponents

SF is managed by a team of highly experienced and qualified individuals in the finance and banking industry. The team individually brings in 15-25 years of industry experience, that is spread across the banking and financial institutions representing various industry disciplines including Risk, Operations, Strategy, Systems, Finance, Audit, Product, Marketing & Communications, Card Associations, Anti Money Laundering and Compliance.

  • Accessibility based on the outreach capability

The collaborative approach with its strategic alliances in providing quality service to its customers backed up by competitive pricing strategy, multitude of products on cart, reliable service with the least turnaround time and one step forward on emerging market diversifications and innovation.

  • Growing portfolio of customer base and product positioning

With a focus on existing customer-base, SF risk-based classification, categorization and inter-operability of in-house systems and solutions for promoting cross sell prospects were leveraged and thereby building a stronger portfolio of the customer and customers customer.

The What:

Ahmed Bin Khalaf Al-Otaiba,Chairman, SIRAJ PJSC

Ahmed Bin Khalaf Al-Otaiba,Chairman, SIRAJ PJSC

Back in April 2016, a range of products were released in the market of which Labour Guarantee has taken precedence in terms of cash margin utilization and in extending built-up facility for new innovative projects and diversification of fund management. SF has embarked upon products that drive corporate customer initiates and projects that were either stalled or being revamped subsequent to a revised business approach that are qualitatively screened and relatively quantified with a practicable roll out plan. Based on the market appetite and the readiness of the industry players to circumvent emerging challenges, SF has maintained a level playing field in penetrating to different specs of market vibes that are competitively priced and strategically positioned. Products that range from Corporate portfolio to SME sectors was then focused as a driving mechanism towards promoting UAE’s smart initiative and SME outreach. Upon successfully rolling out the SME project initiatives, the customer uptake has taken a mounting leap towards diversified engagements and progressive implementations that was duly measured and earmarked.

Our strategic focus was to emerge in a phased manner, while depending on the customer’s confidence in promulgating the product differentiation and service levels. Our Sales team was fully equipped with necessary market entrenching leads that was convened based on an in- house survey that captured the demands of the customers and regional developments. While we sight every challenge to be a potential business prospect, our zero-liability risk tolerance appetite on E-KYC (Electronic- Know Your Customer), CDD (Customer Due Diligence), EDD (Enhanced Due Diligence) was embedded within each product categorization and onboarding methodology. Secondly, we had also leveraged social media outreach through professional, personal and closed loop community platforms to sense the vibes on SF product feasibility and compatibility. On a separate note, we were very receptive on our partners and associates support in promoting customers through various sales channels and loyalty programs. With this concentrated approach, we’ve been accepted on a favorable stand in terms of securing a growing customer base within a limited time-period.


Sunak warns of bill to be paid to tackle Britain’s ‘exposed’ finances – FT



Sunak warns of bill to be paid to tackle Britain's 'exposed' finances - FT 1

(Reuters) – British finance minister Rishi Sunak will use the budget next week to level with the public over the “enormous strains” in the country’s finances, warning that a bill will have to be paid after further coronavirus support, according to an interview with the Financial Times.

Sunak told the newspaper there was an immediate need to spend more to protect jobs as the UK emerged from COVID-19, but warned that Britain’s finances were now “exposed.”

UK exposure to a rise of one percentage point across all interest rates was 25 billion pounds ($34.83 billion) a year to the government’s cost of servicing its debt, Sunak told FT.

“That (is) why I talk about leveling with people about the public finances (challenges) and our plans to address them,” he said.

The government has already spent more than 280 billion pounds in coronavirus relief and tax cuts this year, and his March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown.

He is also expected to announce a new mortgage scheme targeted at people with small deposits, the UK’s Treasury announced late on Friday.

Additionally, the government will also announce a new 100 million pound task force to crack-down on COVID-19 fraudsters exploiting government support schemes, it said.

(Reporting by Bhargav Acharya in Bengaluru; Editing by Leslie Adler and Cynthia Osterman)

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G20 promises no let-up in stimulus, sees tax deal by summer



G20 promises no let-up in stimulus, sees tax deal by summer 2

By Gavin Jones and Jan Strupczewski

ROME/BRUSSELS (Reuters) – The world’s financial leaders agreed on Friday to maintain expansionary policies to help economies survive the effects of COVID-19, and committed to a more multilateral approach to the twin coronavirus and economic crises.

The Italian presidency of the G20 group of the world’s top economies said the gathering of finance chiefs had pledged to work more closely to accelerate a still fragile and uneven recovery.

“We agreed that any premature withdrawal of fiscal and monetary support should be avoided,” Daniele Franco, Italy’s finance minister, told a news conference after the videolinked meeting held by the G20 finance ministers and central bankers.

The United States is readying $1.9 trillion in fiscal stimulus and the European Union has already put together more than 3 trillion euros ($3.63 trillion) to keep its economies through lockdowns.

But despite the large sums, problems with the global rollout of vaccines and the emergence of new coronavirus variants mean the future path of the recovery remains uncertain.

The G20 is “committed to scaling up international coordination to tackle current global challenges by adopting a stronger multilateral approach and focusing on a set of core priorities,” the Italian presidency said in a statement.

The meeting was the first since Joe Biden – who pledged to rebuild U.S. cooperation in international bodies – U.S. president, and significant progress appeared to have been made on the thorny issue of taxation of multinational companies, particularly web giants like Google, Amazon and Facebook.

U.S. Treasury Secretary Janet Yellen told the G20 Washington had dropped the Trump administration’s proposal to let some companies opt out of new global digital tax rules, raising hopes for an agreement by summer.


The move was hailed as a major breakthrough by Germany’s Finance Minister Olaf Scholz and his French counterpart Bruno Le Maire.

Scholz said Yellen told the G20 officials that Washington also planned to reform U.S. minimum tax regulations in line with an OECD proposal for a global effective minimum tax.

“This is a giant step forward,” Scholz said.

Italy’s Franco said the new U.S. stance should pave the way to an overarching deal on taxation of multinationals at a G20 meeting of finance chiefs in Venice in July.

The G20 also discussed how to help the world’s poorest countries, whose economies are being disproportionately hit by the crisis.

On this front there was broad support for boosting the capital of the International Monetary Fund to help it provide more loans, but no concrete numbers were proposed.

To give itself more firepower, the Fund proposed last year to increase its war chest by $500 billion in the IMF’s own currency called the Special Drawing Rights (SDR), but the idea was blocked by Trump.

“There was no discussion on specific amounts of SDRs,” Franco said, adding that the issue would be looked at again on the basis of a proposal prepared by the IMF for April.

While the IMF sees the U.S. economy returning to pre-crisis levels at the end of this year, it may take Europe until the middle of 2022 to reach that point.

The recovery is fragile elsewhere too. Factory activity in China grew at the slowest pace in five months in January, and in Japan fourth quarter growth slowed from the previous quarter.

Some countries had expressed hopes the G20 may extend a suspension of debt servicing costs for the poorest countries beyond June, but no decision was taken.

The issue will be discussed at the next meeting, Franco said.

(Additional reporting by Andrea Shalal in Washington Michael Nienaber in Berlin and Crispian Balmer in Rome; editing by John Stonestreet)

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Bank of England’s Haldane says inflation “tiger” is prowling



Bank of England's Haldane says inflation "tiger" is prowling 3

By Andy Bruce and David Milliken

LONDON (Reuters) – Bank of England Chief Economist Andy Haldane warned on Friday that an inflationary “tiger” had woken up and could prove difficult to tame as the economy recovers from the COVID-19 pandemic, potentially requiring the BoE to take action.

In a clear break from other members of the Monetary Policy Committee (MPC) who are more relaxed about the outlook for consumer prices, Haldane called inflation a “tiger (that) has been stirred by the extraordinary events and policy actions of the past 12 months”.

“People are right to caution about the risks of central banks acting too conservatively by tightening policy prematurely,” Haldane said in a speech published online. “But, for me, the greater risk at present is of central bank complacency allowing the inflationary (big) cat out of the bag.”

Haldane’s comments prompted British government bond prices to fall to their lowest level in almost a year and sterling to rise as he warned that investors may not be adequately positioned for the risk of higher inflation or BoE rates.

“There is a tangible risk inflation proves more difficult to tame, requiring monetary policymakers to act more assertively than is currently priced into financial markets,” Haldane said.

He pointed to the BoE’s latest estimate of slack in Britain’s economy, which was much smaller and likely to be less persistent than after the 2008 financial crisis, leaving less room for the economy to grow before generating price pressures.

Haldane also cited a glut of savings built by businesses and households during the pandemic that could be unleashed in the form of higher spending, as well as the government’s extensive fiscal response to the pandemic and other factors.

Disinflationary forces could return if risks from COVID-19 or other sources proved more persistent than expected, he said.

But in Haldane’s judgement, inflation risked overshooting the BoE’s 2% target for a sustained period – in contrast to its official forecasts published early this month that showed only a very small overshoot in 2022 and early 2023.

Haldane’s comments put him at the most hawkish end among the nine members of the MPC.

Deputy Governor Dave Ramsden on Friday said risks to UK inflation were broadly balanced.

“I see inflation expectations – whatever measure you look at – well anchored,” Ramsden said following a speech given online, echoing comments from fellow deputy governor Ben Broadbent on Wednesday.

(Editing by Larry King and John Stonestreet)


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