Shariah Advisory Services
- Shariah Advisory and Certification
- Shariah Audit and Reviews
- Shariah oriented Capacity Building
- Advisory for Shariah Supervisory Board /Committee formation
- Shariah Compliance for Financial Contracts
- Shariah Screening for Indices and Stock Markets
- Shariah Structure for Islamic Fintech & Islamic Cryptocurrencies
Shariah Advisory and Audit department of AlHuda CIBE is working to make this world a true Islamic principles-based society in all aspects of life, especially in Islamic financial institutions.
⦿ Shariah Advisory and Certification
Under this service, we offer our services as Shariah Advisor (either on permanent basis or on periodic retainer ship basis) by advising the financial institutions for maintaining their businesses according to the Shariah principles. We guide our clients by supervising their financial and business matters and actively participating through the creative and innovative techniques in Shariah-compliant investment and services.
⦿ Shariah Audit and Reviews
Independence observation of transactions and deeply examines of business matters is called the Shariah audit. The demand for Shariah audit practice is mainly to strengthen Shariah compliance and enhance the integrity of the IFIs. Shariah audit is currently being performed by IFIs to ensure that the activities and operations of an IFIs are adherence to Shariah. Due to the unique features of the IFIs such as the prohibition of riba, gharar, maysir, and additional requirements that the activities must comply with Shariah principles, the current statutory audit may not be sufficient to satisfy the Shariah requirements. In the Shariah audit, the auditors must also attest that management has complied not only with the Shariah aspects but also with the wider objective of Shariah which is to protect and improve the condition of human life in all dimensions.
Shariah Review encompasses the timely and periodical review conducted to provide an independent judgment regarding the policies and investments of any firm in the light of the Shariah Standards. '
'And do not consume one another's wealth unjustly or send it [in bribery] to the rulers so that [they might aid] you [to] consume a portion of the wealth of the people in sin, while you know [it is unlawful]'' (Chapter 2, Surah Al-Baqra: Verse; 188)
⦿ Shariah oriented Capacity Building
We shall make it possible to arrange the events to realize the need and importance of Shariah advisory and Shariah audits as awareness campaigns, seminars, training, workshops, and discussion platforms on Shariah advisory and audit.
⦿ Advisory for Shariah Supervisory Board /Committee formation
The Board of Directors forms the Shariah advisory committee/ Shariah supervisory board which is comprised of no fewer than three members and not more than five members, of whom the majority are non-executive members and not members of the Board of Directors. The Shariah advisory committee / Shariah supervisory board will guide and ensure all the activities, to secure the system of transactions, so that any illegal or non-Shariah-compliant activity that is prohibited in Islam will not happen.
⦿ Shariah Compliance for Financial Contracts
We provide our financial services to financial institutions to analyze their business models, specifically their financial contracts to guarantee their way of conduct is in line with Shariah standards.
⦿ Shariah Screening for Indices and Stock Markets
We offer Shariah services for screening the stocks and indices under the light of Shariah rulings. This creates Shariah-compliant investment avenues. Our Shariah advisor along with a professional team enables the stocks to be scrutinized under Shariah laws to provide opportunities for investors looking forward to interest-free investments in the stock market and stock indices.