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 recognized 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 in offering 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 include:
Pre-Sharia’a Board approval support: We help institutions address Sharia’a issues prior to engaging their Sharia’a Supervisory 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. Crucially, we can also facilitate an efficient Sharia’a Supervisory 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 as defined by your Sharia’a Supervisory Board. This enables Sharia’a Supervisory Boards to effectively discharge their responsibilities, and provides the management team 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.
Zakat Advisory is a service to calculate the correct amount of Zakat payable by an individual or a company in accordance with Sharia’a.