IFAAS (Islamic Finance Advisory and Assurance Services) is an international consultancy, specialised in providing advisory services to financial institutions in the domain of Shariah Compliance. The business was incorporated in 2007 with the vision of supporting the development and growth of Islamic financial industry in the UK and Europe. Currently experiencing a sheer rate of growth, this relatively new industry is struggling to cope with the growing demand of expertise in this highly technical area, scarcely available at present.
IFAAS with its extensive specialist knowledge and comprehensive first-hand experience is in a unique position to offer efficient solutions to the critical challenges within this industry. Our aim is to help both new entrants and the existing players in the market to overcome the issues that the providers of Shariah-compliant products are facing. We provide a comprehensive range of advisory services including:
We take our clients seamlessly through these critical areas and offer bespoke and comprehensive solutions for the success of their business. Our team enjoys an inimitable mix of academic background, professional experience and ability to work in highly dynamic environments and has been recognised by a number of leading Shariah scholars for our dedication and quality of work. No wonder that our client portfolio includes a number of leading British institutions like Islamic Bank of Britain, European Finance House and Salaam Halal Insurance. In addition to earning the trust of some pioneers across the sectors of retail, investment and insurance, we have also served FTSE100 and European businesses. We are also engaged heavily with the major stakeholders in the development of the industry across the European markets.
The future plans are ambitious as we aim to be the providers of choice for Shariah Compliance and related services for the institutions offering Islamic financial products and services in the UK and Europe.
“IFAAS’ Shariah Compliance and Assurance service really hits the mark. Such a complex area requires a high level of expertise which IFAAS has been able to deliver. They have made the challenging task of launching the first independent Takaful company in Europe easier for us and helped us improve our general understanding of Islam.
IFAAS have assisted us in setting up all the appropriate Shariah compliant processes, as well as conducting regular audits and supporting the development of new products. By working with IFAAS, the company can feel safe in the knowledge that it has the right industry experts ensuring we are Shariah compliant at all times, which clearly forms a critical pillar of our overall business strategy.”
CEO – Principle Insurance Holdings