Shariah Advisory and Governance

The importance of Shariah governance and Shariah compliance has increased over time to ensure that financial institutions, corporates, and other entities fulfill their commitment to Shareholders and clients by remaining Shariah-compliant. Standard settings bodies such as AAOIFI and IFSB have issued detailed Shariah governance standards for the industry to follow and regulators have adopted the necessary rules to ensure the Shariah-compliance of their licensed businesses. We understand these requirements and know how best to help our clients ensure their Shariah compliance at all lines of defense, protect their reputation, fulfill regulatory requirements, and assure shareholders and customers of adhering to the highest Shariah standards.

Below are our Shariah advisory and governance services:

  • Shariah Board Services
  • Shariah Consultation
  • Shariah Governance Set Up
  • Shariah Assurance
  • External Shairah Audit

A financial institution, a company, or a fund set up a Shariah Board to advise them on day-to-day Shariah matters and to supervise its Shariah compliance. We help our clients in outsourcing their Shariah Board needs to us. We set up a Shariah Board for them from our wide network of reputable and experienced Shariah scholars in a cost-efficient manner.

In setting up your Sharia Board we consider the size of your business, your budget, your regulatory requirements, and your target segments of clients.

  • We will do all the necessary work on your behalf to deliver the Shariah Board opinions to your company’s door steps
  • We assign a Shariah manager to your company to be your focal point and your secretary to the Shariah Board
  • Shariah compliance has no price, we provide this service at an affordable cost for your convenience
  • It is hassle free and brings you peace of mind because we take care of relationship management with Scholars and delivers quick and quality results to you.

Our team of experts and Shariah scholars is highly expert in the various aspects of Islamic laws and Fiqh. By reaching us, you get access to Shariah experts who are well-known and respected in the industry. Their opinion and Fatwa not only assure your shareholders, clients, and supervisory bodies of your compliance with Shariah, it also adds a commercial value to your products and services.

We can support you with:

  • One-time Shariah advice to grant you clarity and peace of mind. This includes review of your business, product, or service to obtain a Shariah certificate or Fatwa
  • Continuous Shariah advice and support for your business on retainer basis
  • Structuring a deal and reviewing its documentation for Shariah compliance
  • Advice on mergers, acquisition, or converting conventional operations to Islamic (partially or fully), and reviewing a company for Shariah compliance prior to initial public offering
  • Reviewing the business, assets, or stock that you plan to acquire to determine Shariah compliance

The requirements for having robust Shariah governance framework, internal policies, and guidelines have increased in recent times as the Islamic finance industry is heading towards further growth and maturity.

Our experts have firsthand experience of setting up Shariah governance framework for both regulators and financial institutions.

Our Shariah governance framework pack for regulators include:

  • National Shariah Board agreements and terms of reference
  • Shariah governance regulations, policies, and implementation guidelines.
  • National Shariah Board secretariate policy.

Our Shariah governance framework pack for banks, insurance and Takaful companies, and corporates includes the following:

  • Engagement agreements with Shariah Board members
  • Terms of reference of the Shariah Board
  • Shariah secretariate policy
  • Shariah research and product development policy
  • Shariah review and compliance policy
  • Shariah noncompliance risk management policy
  • Shariah screening of products and transaction policy
  • Purification and late payment amount policy
  • Shariah audit policy

Shariah Assurance comprises three lines of defense: Shariah compliance, Shariah internal reviews, and Shariah audit. As you can hire our professional services to minimize your costs for Shariah Board Services, you can hire our services for efficient and hassle-free Shariah assurance services that include the following:

  • Your day-to-day business compliance with Islamic banking and governance regulations in your jurisdiction, and industry Shariah, accounting, and governance standards such as AAOIF and IFSB
  • Periodic internal Shariah reviews to ensure post execution compliance with Shariah
  • Annual or periodic internal Shariah audit

In many jurisdictions, the regulators require external Shariah audit in addition to the internal Shariah audit.

Whether you are a financial institution pursuing compliance with regulatory requirements or a supervisory authority requiring the Shariah audit of a licensed entity, our highly skilled Shariah auditors can fulfill your requirements by performing a thorough audit of the entire entity or Shariah governance or a business line focused Shariah audit.

Upon completion of the audit, our AAOIFI Shariah certified auditors will sign the certified results and will assist in addressing any regulatory queries the are raised subsequent to the submission of the Shariah audit finding report.

FAQs

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