With extensive experience in all areas of Islamic finance in different countries, we have developed dynamic methodologies for quick and efficient identification of obstacles that may impede the establishment of a stable infrastructure for Shariah-compliant financial institutions and transactions. We can conduct thorough review and analysis of regulatory, tax and legal frameworks in any market.
After identifying these obstacle and gaps, we can provide a full roadmap for implementation of Islamic finance including guidance on how to achieve dual compliance (regulatory and Shariah) and commercial viability.
We have successfully completed major studies concerning regulatory analysis of several countries of the African continent. We have also, as members of Europlace (the Islamic Finance Committee of Paris), advised the French authorities on tax instructions and many other market authorities on Sukuk issuance and Takaful regulations.
If you are a regulatory authority or a ministry, you can put your trust in us and we will help you find effective solutions to establish Islamic finance in your country. We can also conduct quantitative or qualitative market research for our clients, in these development areas:
- Strategic analysis and route to market
- Product analysis and offer mapping
- Operating model design
- Financial modelling
You can benefit from both existing and new bespoke market research. In our market research we use various approaches from face-to-face interviews to focus groups that may be conducted in different languages. At all times we ensure appropriate quality control mechanisms are implemented to produce a high standard of work that meets the industry benchmarks. We have published several exclusive and ground breaking reports to date in our series “Sizing the retail market” on:
An independent market research survey of a representative sample of 530 French of Muslim origin interviewed face-to-face. Within the framework of their research for alternatives to the conventional financial products, IFAAS and AIDIMM had a quantitative survey realized by the Market Intelligence organization IFOP.
IFOP was commissioned because of its vast experience in market research and knowledge of the Muslim community demonstrated during a poll conducted for a leading French newspaper “La Croix” in December 2007 about the evolution of Islam in France.
The objectives of this study are:
- Analyzing the understanding and behaviour of Muslim consumers towards banking products and insurance.
- Gauging the interest in Shariah compliant financing and savings and assessing the market potential for each of them.
- Identifying the scope for development and the obstacles by market segments.
The questionnaire: Consisting of 55 closed questions, the questionnaire was developed by IFOP and validated by the Islamic Finance and marketing experts at IFAAS and the professional researchers of AIDIMM.
Fieldwork: The face-to-face interviews were conducted independently by IFOP in April 2008.
Size and structure of the sample: Representative sample of 530 people of Muslim origin living in France. The representativeness of the sample was assured by the method of quotas (sex, age, profession of the head of the family etc) afterstratification by region and categorisation of urban area.Professionals / senior executives and the intermediary occupations were over-represented during the fieldwork and then returned to the original weighting.
Control: The use of filter questions and the controls applied during the analysis allow ensuring the consistency of the target and the coherence in the answers
‘Islamic Finance in Oman – Sizing the retail market’, analyses the retail market for Islamic Finance in Oman across all sectors of the financial market, including banking, finance and insurance. The report examines the current behaviour of consumers and measures future market trends to gauge the real potential of Islamic Finance in Oman. The report fulfils the demand for empirical data that new and existing players need to develop their business plans using robust scientific information.
The report summarises its findings with several conclusions including:
- The introduction of Islamic Finance in Oman is anticipated to change the country’s financial landscape over the next decade with far reaching positive effects for the overall economy
- The retail market will see a shift from conventional banking and a change in the savings behaviour leading to sizeable ‘new’ money
To prepare the report IFAAS developed a quantitative survey which was conducted by independent researchers in form of random face-to-face street interviews across the Sultanate. The sample size of over 500 Muslim individuals filtered through qualifying questions and representing a weighted mix of demographics (age, gender, region, socio-economic background, status (national / expatriate) etc) reflects a true picture of the Omani consumer market.
‘Islamic Finance in Morocco – sizing the retail market’, is an exclusive report that analyse the consumer retail market for Islamic financial products and services in Morocco.
The report is the first of its kind in Morocco and it is the result of an independent survey performed on a representative random sample of the Moroccan population across all major regions of the Kingdom.
It will be of particular importance for financial institutions looking to set-up their Islamic operations in Morocco as IFAAS’ report provides full analysis of the consumer demand for Islamic finance in the region.
It profiles consumers according to their existing use of financial products and services, evaluates their attitudes towards Islamic finance and reports on their tendency to take out Islamic products and services.
The report also analyses consumer understanding of how Islamic financial products and services work and their likely behaviour when Islamic financial products become available in the Moroccan market.
IFAAS commissioned a highly reputed local research firm to independently undertake the quantitative survey. Random, face-to-face, street interviews were conducted on a weighted sample size of over 800 individuals, reflecting a true picture of the Moroccan consumer market.
“Islamic finance in Belgium – sizing the retail market” was independently commissioned by the Association for the Development of Islamic Finance (ADEFI), an industry body dedicated to the promotion and development of ethical and socially responsible finance, in conjunction with IFAAS ( Islamic Finance Advisory & Assurance Services ) ,the international Islamic Finance consultancy.
The report sets out the market opportunities for financial institutions interested in developing their businesses in the Belgian consumer market. It provides a full analysis of the consumer demand for Islamic retail banking, finance and Islamic insurance “Takaful” and measures the likely consumer response and take-up to such products.
Boubkeur AJDIR, director, IFAAS added, “Islamic finance is a developing market in Europe including France and Belgium, and with Brussels as the heart of the EU, it offers great potential to financial services companies. The challenge for decision makers is to ensure that their early critical decisions are based on accurate market information to ensure long term success. This report will prove invaluable for many institutions keen to unlock this potential.“
Fouad TAHERE, president of ADEFI says, “Islamic finance in Belgium – sizing the retail market” is the first specialised independent report providing an insight in to the Belgian Muslim consumer’s appetite for Islamic Finance products and services. With over 70% of respondents likely to take-up such products,Islamic finance offers vast potential for financial organisations wishing to develop their offering.”
Interviews were conducted per phone on a weighted sample size of over 500 individuals, reflecting a true picture of the Belgian Muslim consumer market. The target sample was composed of adult men and women, from a variety of socio-economic categories living in Brussels, Flanders and Wallonia.
IFAAS has been at the forefront of the development and growth of the Islamic Finance industry. Its founding members were instrumental in establishing a number of pioneering Shariah-compliant brands and launching innovative products across different sectors of the Islamic financial industry. Over the last few years IFAAS has developed into the first point of call for professional advisory on Islamic financial projects in Europe, Africa, the Americas, Middle East, and beyond.
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