Services

Shari’a Policies and Procedures

• These documents aim to specify each department’s responsibilities in the institution, which will reduce the mistakes and errors while executing the products.
• Working with the management to design a risk control system that focuses on Islamic financing solutions and suggests tools to mitigate these risks.

• Providing Shari’a advisory to Centre’s clients concerning the structure of products, proposed financing and investment deals, and reaching the most appropriate solutions based on the client’s requirement in a manner compliant to Shari’a.
• Responding to queries raised by the financial institution and their customers concerning Shari’a Board’s resolutions.
• Addressing the needs of the Islamic trade through answering queries raised by the sectors of the trade and services, and raising the levels of Shari’a compliance, either fully or partially, through applying Islamic jurisprudence standards as determined by Shari’a.

Islamic financial systems require establishing independent Shari’a bodies, which ensure compliance with Shari’a in all the institution’s activities. We can offer the following services:

• Establishing Shari’a Boards by nominating the most suitable experts based on their experiences required for the financial institution. Also, preparing the charters for the functionality of the Shari’a boards and its committees.
• Conducting the Shari’a board’s secretarial work through preparatory work for the Shari’a Board meetings and preparing Shari’a Memos related to product queries and proposals.
• Review of documents submitted to the Shari’a Board’s review and ensure that they fulfill the presentation’s requirements.
• Preparing a draft of resolutions of the Shari’a Board and ratifying the minutes of the meeting.
• On a case by case basis, carrying research work to support the work of the internal Shari’a department and issuance of Shari’a Board’s resolution.
• Working with internal Shari’a department personnel on projects and assignments to clarify technical points from the stakeholders.
• Providing the Shari’a Board with prior Fatwas issued on a particular matter or product that help the Shari’a Board make an informed decision.
• Issuance of Shari’a compliance certificates to companies in the trade and services sectors through comprehensive Shari’a audit on the contracts, products, procedures and general policies.

• Providing Shari’a, accounting, and legal advisory in calculating Zakat based on best Shari’a practices.

Professional development and securing basic knowledge of Islamic finance and banking functionality is the central pillar in the success of any financial institution. We can offer the following services:

• Offering basic training on Islamic banking for the personnel working for the financial institution and highlighting the nature of Islamic financing products from Shari’a and legal perspective.
• Carrying specialized training programs on the financial institution’s financial products and developing skills of the personnel to deal with these products with efficiency and high professionalism and to synchronize between customer’s requirements and the product offering. All of this will assist in marketing Islamic products.
• Assisting the client organization in specifying the training requirements of the person working in the financial institution.