Sharia’a Scholars play a pivotal role in the Islamic Finance sector, as it is only following their explicit approval that a product or transaction is deemed to be Sharia’a compliant.
There is a recognised global shortage of suitably qualified Sharia’a Scholars in the industry, serving an increasing number of Islamic Finance institutions. Consequently, access to Sharia’a input when required can be challenging.
At Deloitte, we are unique amongst professional services firms in offering our clients access to Sharia’a advice, embedded within our team. Our Sharia’a Scholar, Mufti Hassaan Kaleem, works alongside our Islamic Finance practitioners, together creating an unrivalled ability to provide innovative market leading advice. The scope of services we provide to clients include:
Pre-Sharia’a Board approval support: We help institutions address Sharia’a issues prior to engaging their Sharia’a Board. This mitigates the risk of Sharia’a non-compliance; an important factor considering the significant resources that can be invested in developing products, transaction structures or business operations. Uniquely, we also facilitate an efficient Sharia’a board final approval process through “Scholar to Scholar” interaction.
Sharia’a internal audit programmes: We design and execute audit programmes to facilitate the ongoing monitoring of Sharia’a compliance. This enables Sharia’a Boards to effectively discharge their responsibilities, and provides company management with a third party review.
Sharia’a governance framework: We help institutions design and implement robust governance frameworks, reflecting the specific requirements of operating under a Sharia’a Compliant framework.