Shariah Compliance & Assurance

Our unique Shariah compliance methodology provides you with a value added service in this critical area.  A number of financial institutions are applying our methodology to ensure there processes, products and services adhere to the high standards set by Shariah.

We provide a bespoke service that that meets your needs and ensures that all business functions are aligned with the demands of Shariah.  This enables all stakeholders from employees to customers and suppliers to regulators to have the assurance that businesses are conforming to regulatory and Shariah requirements.

• Process and procedure design review to ensure consistency with industry standards.  Drawing on our extensive industry experience we can assist with the design, documentation and operation of controls to ensure the accuracy of information used for management reporting and decision-making.  We can assist businesses in both financial and operational areas such as IT, Project Management, Internal Audit and Finance.
• Policy adherence where different techniques are used to assess Shariah risk, operational risk and to make specific recommendations.  As market demands increase to provide a greater range and complexity of Shariah compliant products, it is even more imperative to ensure Shariah risk is identified, assessed and appropriate solutions are implemented.  We can assist in the end to end process and ensure Shariah risk is mitigated through the risk management framework of your company.
• Evaluation of business processes and their controls.  IFAAS provides overall evaluation of management controls, risk management solutions and traditional third-party assurance. Our services enable you to gain comfort that your systems, processes and risk management procedures are operating effectively and within a well-controlled environment.
• Substantive transaction monitoring.  IFAAS can assist you in reviewing your transactions and identifying the risks, ensuring comparability between financial institutions and establishing industry standards. We can enable you to enhance your current transactional processes to ensure consistency and robustness.  Our Shariah methodology will ensure there is a full audit trail and the appropriate management information is available.