Siraj Finance PJSC stands as a distinguished non-banking Islamic financial institution (NBFI) headquartered in Abu Dhabi, UAE. Established with a steadfast commitment to providing Shari’ah-compliant financial solutions, the company serves a diverse clientele, including individuals, small and medium enterprises (SMEs), and corporations. Regulated by the UAE Central Bank, Siraj Finance is dedicated to fostering economic growth and financial inclusion through innovative, ethical, and transparent financial products. As part of Trizac Holding LLC, which operates under the esteemed Al-Otaiba Group, Siraj Finance embodies a legacy of sustainability, integrity, and excellence in the financial sector.
Company History
Siraj Finance’s journey began in the late 1990s when it was founded as the National Finance Company with an initial capital of AED 50 million. In December 2007, the company underwent a significant transformation, rebranding itself as Siraj Finance PJSC. This rebranding marked a pivotal moment in its evolution, aligning its identity with its mission to illuminate the path of Islamic finance. Over the years, the company has seen notable changes in ownership and strategic direction.
In early 2007, Addax Bank (Bahrain) acquired a controlling stake through a private placement memorandum, issuing 126.5 million shares of AED 1 each, bringing the total paid-up capital to AED 126,500,000. By 2012, Waha Capital (Abu Dhabi) held the majority stake. A significant milestone came in 2015 when Trizac Holding LLC, under the Al-Otaiba Group, acquired the majority stake from Waha Capital and other shareholders, a move approved by the UAE Central Bank. This acquisition solidified Siraj Finance’s position as a key player in the UAE’s financial landscape, with Trizac Holding now owning more than 98% of the company.
Services and Products
Siraj Finance offers a comprehensive suite of Shari’ah-compliant financial products designed to meet the varied needs of its clients. For individuals, the company provides personal financing solutions that adhere strictly to Islamic principles, ensuring ethical and transparent financial services. These solutions are tailored to support personal financial goals, such as home purchases or personal investments, while maintaining compliance with Shari’ah standards. For businesses, Siraj Finance offers tailored corporate financing options, including equipment, machinery, and vehicle financing, as well as real estate financial products.
These solutions are crafted to support businesses in their growth and expansion while remaining fully compliant with Islamic finance standards. Additionally, the company provides diversified investment plans aimed at helping clients grow their financial portfolios in a manner that aligns with Shari’ah principles. Siraj Finance’s commitment to innovation and customer-centricity ensures that its products are accessible through modern, regulatory-compliant channels, leveraging the latest technology to enhance the client experience. The company’s focus on providing affordable and easy solutions has made it a trusted partner for businesses seeking to enrich the economic experience in the Gulf region.
Leadership and Management
At the forefront of Siraj Finance’s success is its leadership team, which combines vision, experience, and a deep understanding of the financial sector. Mohamed Rusan Fyroze serves as the chief executive officer, bringing extensive expertise from his previous roles at prominent financial institutions such as Ajman Bank and Finance House p.j.s.c. With a Master of Business Administration (2008-2010), Mr. Fyroze has been instrumental in steering Siraj Finance towards growth and innovation. His leadership is marked by a commitment to ethical practices and community engagement, as evidenced by his generous donation of AED 100,000 (approximately SLRs. 54,00,000) to the ‘Itukama’ COVID-19 Healthcare and Social Security Fund in 2021. This act of philanthropy underscores his dedication to financial excellence and social responsibility.
Vision and Mission
Siraj Finance’s vision is to become the leading NBFI in the UAE, setting a benchmark for Islamic financial services. The company’s mission is to deliver financial solutions that are Shari’ah-compliant and value-driven, aiming to maximize ethical profits for stakeholders while providing a rewarding environment for employees. Its objectives include fostering a professional and innovative workplace, ensuring transparency and integrity in all operations, and contributing to the economic development of the region. By leveraging cutting-edge technology and customer-centric approaches, Siraj Finance strives to offer diversified financial products that cater to the evolving needs of its clients. The company’s goals emphasize sustainability, regulatory compliance, and the use of innovative channels to deliver exceptional financial services.
Recent Developments
As of May 2025, Siraj Finance is preparing for an important update to its schedule of charges, set to take effect on May 20, 2025. This update reflects the company’s ongoing commitment to transparency and fairness in its dealings with clients. Additionally, the Annual Report for 2024 has been published, providing stakeholders with insights into the company’s financial performance and strategic directions. These developments underscore Siraj Finance’s dedication to maintaining high standards of governance and client satisfaction. The company’s focus on digital innovation is also evident in its efforts to enhance client accessibility and streamline operations, positioning it as a forward-thinking leader in the UAE’s financial sector.
Siraj Finance PJSC stands as a shining example of how modern financial practices can be seamlessly integrated with Islamic principles. Under the leadership of Mohamed Rusan Fyroze and the guidance of its experienced board, the company continues to grow, offering innovative financial solutions that cater to the diverse needs of its clients. With a strong foundation built on ethics, transparency, and innovation, Siraj Finance is well-positioned to play a pivotal role in the UAE’s financial landscape and beyond, illuminating the path for sustainable and inclusive economic growth. Its commitment to Shari’ah-compliant services, coupled with a customer-centric approach, ensures that Siraj Finance remains a trusted partner for individuals and businesses seeking ethical financial solutions.
