Islamic Banking Advisory Services
In light of the current trends in the banking, investments, and financial services industry which showed a solid and growing demand for the Sharia-Compliant products, we are trying to develop a comprehensive set of advisory services to enable our clients meet their customers’ needs.
Conversion of Conventional banks into Islamic banks.
Development of new Documents related to acquisition and uses of
Funds by Islamic Banks.
- In KSI, our experts have experience in developing all the documents that lead to the conversion of some conventional banks into Islamic Banks. Some of these documents are legal (Sharia compliant) that initiates the relation of the Islamic banks with its clients in terms of both acquisition and uses of funds (i.e. it includes the agreements for the opening of current accounts, saving accounts and investment accounts).
- The documents also include all the necessary procedures and manuals needed to execute the operation of these accounts.
Development of complete set of Manuals and procedures.
- We prepare all the manuals and procedures related to the opening and
operating current accounts, saving accounts, and investment accounts.
- The manuals and procedures also include the provision of debts to clients, whether corporate or individual financing. Each mode of financing will have its own manual and set of procedures. The provision of personal loans, car loans, housing loans or any other type of financing facility or credit card should have its own manual and procedure.
Setting of policies and procedures.
- The Islamic bank policies related to the provision of financing services and facilities and the procedures for the execution of these policies should be set as part of the necessary documents for the establishment of Islamic banks.
- Preparation of staff and manpower.
- The selection of the right staff is equally necessary for the success of newly established Islamic banks. Our experts can assist in the selection of the staff for the bank and the necessary training programs that the staff may need to join.
Establishment of Islamic Banking Counters.
Setting of objectives and targets.
- Islamic banking counters are normally established to serve the clients who are interested in completing their banking transactions in a Sharia-compliant system. Our experts can assist in the setting of the right objectives and targets for the window.
Establishment of policies and procedures.
- The Islamic banking policies related to the provision of financing services and facilities and the procedures for the execution of these policies should be set as part of the necessary documents for the establishment of Islamic banks.
Development of Manuals and procedures.
- The Islamic bank policies related to the provision of financing services and facilities and the procedures for the execution of these policies shall be set as part of the necessary documents for the establishment of Islamic banks.
Development of Islamic banking products.
- KSI-Bahrain experts can assist in the development of Islamic financial products such as the Islamic funds which are compliant with the principle of Sharia. Such services include the following:
Preparation of complete documents related to Islamic banking products such as:
- Islamic Current Accounts, Saving Accounts, General Investment Accounts
and Restricted Investment Accounts.
- Murabaha, Mudaraba, Musharaka, Ijara and Salam transactions.
- Development of Islamic Credit Cards, Letter of Credit and Letters of
Securitization of Assets (development of Islamic securities)
Preparation of documents related to all types of Islamic securities (Sukuk) such as:
- Mudaraba Sukuk backed by investments financed through
Mudaraba mode of finance.
- Ijara Sukuk.
- Istisnaa Sukuk
Establishment of Islamic Collective schemes for Project Finance
- Development of Appropriate Islamic Funds for Finance of
- Preparation of all necessary documents for Fund raising.
- Advise on the Portfolio management of Islamic Financial
- Assist in obtaining approvals in Bahrain for the registration and
marketing of collective investment schemes.
Development of Islamic Insurance Services.
- Assist in the establishment of Islamic insurance and reinsurance
- Development of Islamic Insurance policies, like fire, marine, car and life
- Development of saving insurance programs.
Development of Islamic Trusts.
- Establishment of Islamic Trust policies.
- Use of trusts as a mean for funding of projects.
- Advices and Assistance in the preparation of Islamic Trusts.
Advise on Regulatory aspects of Islamic Financial Services.
- Advice on the special features of the Islamic banking system.
- Advice and assistance on the of Islamic Financial
Institutions. Regulations and Standards
- Development of appropriate Regulatory policies that suit Islamic Finance
in a dual banking system.
5. Advice and Assist on the Application of the Accounting & Sharia Standards issued by The Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI).
- Assist in the application of the Accounting and Sharia standards of
the Islamic Financial Institutions.
- Assist in the training for the use of AAOIFI Standards.
Assistance and advice on Islamic banking training services.
- Assist in the development of appropriate training programs.
- Participate in the delivery of the training courses and materials.
- Participate in the conduct of studies and researches related to the
Islamic banking system.