Retail Banking

Islamic retail-banking industry is expected to grow unrelentingly for the better half of the next decade. Despite socio-economic challenges and regulatory risks, Islamic retail banks are expected to prevail if they develop innovative products and pursue simplified services in light of Sharia which can dramatically out-perform their conventional peers. Here, superior product structuring and quicker Sharia reviews and certification will offer a potential boost for these banks.


Our Sharia Supervisory Board services are designed to work alongside all sizes of Islamic retail-banks while ensuring Sharia governance and Islamic regulatory requirements are effectively met. The assigned committee of scholars and in-house team of Sharia consultants work with your product development team to help you prepare your business for market changes and product certification within matter of days.

 


How We Help Clients

Pricing is a critical capability for all Islamic retail-banks. For this reason we maintain our Shari’a services pricing considerably lower so as to help your bank generate significant revenue and profit. Ultimately, there are four main functions where we can help your Islamic bank:

  • Boosting Sharia Supervisory Board performanceUse the benefits of our vast scholarly network and in-house Sharia scalability to enhance the product development and certification phases.  
  • Transforming internal Sharia Reviewer processesIntroduce direct consultation with both banking and Sharia experts to optimize variant structures and so as to help generate new value-based investment streams.
  • Improving Internal Sharia Audit – Increasing the effectiveness and sufficiency of the internal controls to safeguard Sharia assets and, verifying the existence of Islamic investments making up those assets, while taking into full account all products and services along with the Islamic make-up of the bank’s internal system.
  • External Sharia Compliance Audit Conduct an independent Sharia audit, challenging and testing the processes used to make-up the Islamic eco-system of your retail Islamic bank while complying with the relevant regulator, AAOIFI mandates, local requirements and ethical standards. 


Featured Clients

Arab Bank | UAE and Qatar

Serving Since: 2010*

Arab Bank is one of the oldest banks in the MENA region with branches in Frankfurt, London, Australia, New York, Turkey, Jordan, Lebanon, Bahrain, Kuwait and Sudan. It has also played an iconic role in serving the Islamic financial market. We were entrusted in setting up and administering the Sharia Supervisory Board, product structuring and internal Sharia Audit services for its dedicated Islamic windows in both UAE and Qatar.  As part of our responsibility, we helped define and create wide-variety of products such as Current & Saving Accounts, Personal Loans, Overdraft Facilities, Trade Finance plans in light of Shari’a across the Islamic division and their necessary functions.  For the next three years we supervised the internal Shari’a control process assessing Sharia compliance criteria, including standardized tests, to bring the Islamic window’s Sharia compliance system to the next level. LEARN MORE >

 

Al Saffa Islamic Bank | Qatar

Serving Since: 2006*

Al Saffa Islamic Bank was a popular bank providing a full suite of Islamic personal banking services and products to retail customers in Qatar. They engaged us as an external Shari’a Auditor to accommodate their Sharia compliant reviews. We helped Saffa redefine their internal control capabilities using Islamic financial tools. Our Sharia Audit practice worked with the compliance department, risk management, product development and the Sharia Supervisory Board identifying key weaknesses so as to produce processes and tools that can lead to internal Sharia compliance strengths. LEARN MORE >

*These branches are no longer operational

 

United Arab Bank  | UAE

Serving Since: 2010 to 2014

United Arab Bank (UAB) has existed as a highly successful landmark Islamic bank by breaking ground for its own retail coverage. Bringing Investment Time Deposits, Goods Murabaha, Vehicle Murabaha and Islamic Credit Cards to thousands of households in the Emirates, the premier bank has managed to grow its impressive presence, streaming its offerings to faith based investors. Our effective Sharia Compliance Audit strategy presented UAB with a significant opportunity to focus on creating new internal sources of value by allowing the Bank to unify its Sharia guidelines and implementation experience across various channels, with standard back-end operations and Islamic transactional consistencies drawing stronger support from the Sharia Supervisory Board for structuring and Sharia Certification. LEARN MORE >