Client: Crowd Funding Platform

Shariah Research: Our client was interested in evaluating the Shariah Compatibility of their traditional revenue based financing instrument. Our team first analyzed the nature of the traditional instrument to identify any potential clashes with Shariah requirements. Next we reviewed various Shariah instruments to short list those that are best suited to structure a Shariah compliant alternative for our client. Finally, we provided recommendations to ensure Shariah compliance. These recommendations combined market best practices from different Islamic banking and Sukuk features. We also provided a comparative numerical analysis of the modified instrument’s performance for illustration.

Client: Government Sponsored SME incubator and support network

Training: SHAPE^® Malaysia delivered training for high performing SMEs under the incubator program to cover current issues in digital economy. Topics included:

• Industrial Revolution 4.0
• Digital Transformation: Opportunities, Tools and Challenges for SMEs

Client: Somali program of US foundation working with a Swedish government agency active in East African Micro Finance Program

Fatwa: SHAPE^® examined the process and proposal for a northern European aid agency to provide guarantee cover to Shariah compliant financiers as administered by an established US NGO micro finance institution. Our team tested the program procedures for Shariah compliance and provided the fatwa.

Training: SHAPE^® provided training to the Somali banks on the program. Training included building case studies from local bank experience in order to demonstrate how the credit guarantee program fit within their business models. SHAPE^® also developed train-the-trainer materials so that the NGO could provide ongoing training.

Client: Mid-sized Nigerian commercial bank launching non-interest banking window;

1. Shariah Supervisory Board (SSB). In Nigeria, the Central Bank of Nigeria (CBN) prefers to call the SSB as Advisory Council of Experts (ACE).
   • SHAPE^® team members have been appointed to the ACE for this client.
   • Function of the ACE is to review the products to be offered by the bank and provide Shariah opinions (i.e. the fatwa).
   • The ACE is an independent body that is at liberty to approve, modify or disapprove any products presented to it.
   • SHAPE^® also prepared the ACE charter, policy and procedures.
2. Consulting:

a. Strategic advisory: Non-interest banking (NIB) window launch services which included strategic plan with summary feasibility and market surveys, and regulatory responses

b. Product development & Shariah research/consulting:

• Close interaction with the business team to develop novel products best suited for the bank’s strategy and the Nigerian market.

3. Training:

• Multi level, multiple courses bank wide training
• Combination of e-learning and in person training to deliver cost effective training.
• Courses include Foundation of Islamic Banking & Finance, Islamic Treasury & Hedging, Islamic Trade Finance, Islamic Real Estate, Refinancing of Islamic Finance deals, Islamic Equity Investment and Board Briefings

Client: Major Kuwaiti bank that converted to an Islamic bank, and its international group members

1. Training:

a. Comprehensive assessment based training to support the conversion process.

• 18 different courses delivered to 240 unique staff in multiple in-person training sessions
• In person training were supplemented with e-learning for about 600 staff

b. Continued subscription of e-learning by group banks in other countries as cost effective training tool

c. Annual management trainee program

2. Consulting:

a. Transactional Advisory:

• Reviewed transaction documents and recommend the right tool to apply for treasury and corporate finance functions
• Assisted with depository product development for the private banking group
• Supported human resources department to refine job descriptions and engage skilled manpower

b. Policies, Procedures and Manuals:

• Reviewed, rationalized, and updated procedures for treasury, private banking, corporate banking and retail banking implementation.
• Prepared detailed procedure for private banking and wealth management group.
• Prepared customized product manuals covering financing and deposits products for the corporate banking group.

Client: largest commercial bank in Oman launching Islamic banking window;

1. Consulting - Strategic advisory:

a. Comprehensive Islamic window launch services- strategic plan, business plan, financial projection, regulatory responses, treasury & ALM policies, Shariah compliant alternative to fund transfer pricing

b. Under the sponsorship of our client, SHAPE^® submitted the following to the regulators:

• Survey of best practices for the regulation of Islamic banking window
• Recommended adaptation of local law to enable Islamic capital market activities

2. Training

• Multi level, multiple courses bank wide training
• Courses include Foundation of Islamic Banking & Finance, Islamic Retail Banking, Islamic Corporate Banking, Islamic Treasury & Hedging, Islamic Trade Finance, AAOIFI Accounting, IFSB Risk Management, Islamic Project Finance, Sukuk & Securitization, and Islamic Funds
• Customized Islamic finance briefings to the Bank’s BOD and Islamic finance task force
• Customized Islamic finance regulatory briefings to the Central Bank of Oman (CBO) & Capital Market Authority (CMA)

3. Shariah Advisory Board member - upon completion of the consulting assignment, one of SHAPE^® member has been appointed to the Shariah Advisory Council of the Bank as industry expert.

Client: Second largest Islamic bank in UAE, 2007 onwards

Training:

• Multi level multiple year assessment based training for staff and management trainee program.
• Combination of e-learning and in person training to deliver cost effective training.
• The second and third level trainings were customized to incorporate the bank’s product and Shariah views
• SHAPE^® prepared customized product manuals as the bank’s training supplement. The product manuals elaborate on Shariah and business background, product structure, procedures, AAOIFI accounting, IFSB risk issues, etc