The choice of the Shariah Supervisory Board is a crucial step in the launch of an Islamic financial operation, whether full-fledged or a window.
Whatever your project (Islamic banking, Takaful, Sukuk, or Islamic investment funds) it is essential to setup a Shariah Supervisory Board to assure your stakeholders that your products and processes are Shariah compliant.
IFAAS has earned the trust of the most prominent Shariah scholars in the area of Islamic finance from different regions of the World. Our team is well known by the Shariah scholars for implementing rigorous operational methods to identify issues and provide solutions.
We work with the Shariah Supervisory Board of our clients, if they have one. Otherwise, we can setup the Shariah Board for our clients in accordance with their specific needs and target market. We assist new players in the market to implement Shariah Supervisory Board’s rulings in line with the dynamics of the market and the governance standards of AAOIFI. We also help the established players in streamlining their Shariah compliance processes and enhancing their risk management matrices with regards to Shariah non-compliance risks.
Our relation with Shariah scholars
Working with the most eminent scholars is not easy as they are widely solicited and in high demand. Organising official meetings and obtaining certification is part of our services. We can facilitate this liaison and accelerate the approval process to obtain the final fatwa/ruling of scholars that is necessary before marketing a product or service.