RAQABA launched its activities in the U.S with shari'a audit on structures and design
of the products in Islamic financial institutions http://raqaba.co.uk/?q=en/node/1414/ Each product in the financial institutions has specific policies and procedures, and the degree of difficulty to understand these policies and procedures vary in accordance to basic rules which are: (A) Shari'a rules. (B) Laws and regulations. (C) The instructions of the central bank and the supervisory authorities. (D) The related standards, including accounting standards. (E) Controls elements. The products may resemble sometimes in the name only, however the structure and design of the product may differ substantially, for instance, there are many types of the leasing which the Islamic financial institutions use, one of them is Ijara ended with ownership (ijarah muntahia bittamleek). It is leasing with promise to ownership leased property to the lessee at the end of the lease period or during, the ownership can be either by donation or sale. There are other financing structures of leasing they are characterized by creativity, it has been mentioned in the Sunnah and enriched by our scholars, this financing structure has been restructured based on very famous jurisprudence issue is Sale with the benefit exception (or sell the asset or neck with benefit exception), it has found a way to apply smoothly and intelligently in an environment that is facing legal challenges and different legislative, through one of our clients in the United States (American Finance House - LARIBA). An understanding of the structure and design of the product includes understanding its shari'a structure, laws affecting it; related instructions of the central bank and supervisory authorities, related accounting standards, and controls elements. All policies and procedures including contracts which arrange relations between the financing and all related parties (suppliers, investors .. etc.) are an integral part of the structure and design of the product. And also the understanding of the structure and design of the product is half of shari'a audit. One of the shari'a audit services is to express an independent professional opinion on the structure and design of the product, this service is new at the level of theory and practice, Raqaba has provided this service to one of its clients in the United States (American Finance House - Lariba). This service stands out as a necessary condition for activation the shari'a audit on the implementation. Dr. Abdulbari Mashal (Chairman , Raqaba Group) sees that shari'a audit service on structures and design of the products will impact positively on raising the quality and efficiency of products and services compliant with shari'a rules. Also Dr. Mashal added that the shari'a audit is still expanding to accommodate other services similar to financial audit, and he expect that providing an independent professional opinion about the internal shari'a control system of the institution will be required in the professional practice significantly. It is noteworthy that RAQABA -In a step that reflects the professional status of the group in the field of shari'a audit and Islamic financial consultation - has signed an agreement for an independent external shari'a audit with American Finance House (Lariba) by one of the group companies (Raqaba - US) in the second half of 2014. The agreement contains provision independent external shari'a audit services on structures and design of the products, thus enhancing (Lariba) efforts in its responsibility for the design and implementation of the contracts and transactions in compliance with shari'a rules. RAQABA (Raqaba - US) has issued the first shari'a audit report in the United States after a professional work continued for several months about examination of structures and procedures for "LARIBA" Home Financing Model "Declining Participation in the Usufruct (DPU)" (the product) , it will be followed by the issuance of the shari'a audit report on the implementation of the contracts and transaction for the year ended 31.12.2015. It is worth mentioning that RAQABA group offers a wide range of shari'a audit services as well as Islamic financial advisory services include the following: - External Shari’a Audit, - Internal Shari’a Audit, - Agreed Upon Procedures (Special Purpose Audit), - Corporate Governance Audit, - Establishment of and Conversion of Financial Institutions to Islamic System, - Structuring and Development of Islamic Bonds (Sukuk) and Other Islamic Financial Products, - Development of Policies and Procedures of Products and Processes, - Assistance in the Design of and Implementing Systems That are in Compliance - with the Islamic Laws and Regulations (Shari’a), - Shari’a Compliant Equities Index, - Foundation and Management of Shari’a Supervisory Boards (SSBs), - Development of Policies and Procedures of Internal Shari’a Audit, - Establishment and Management of the Internal Shari’a Audit Department, - Establishment and Management of External Shari’a Audit Office, - Developing and Monitoring Shari’a Quality Systems, - Design of Seminars' Programs and Conferences, - Islamic Commercial Arbitration, American Finance House (LARIBA) was founded in 1987 in Pasadena, California in the United States; it was created by a group of businessmen. The main objective of this company is interest-free financing for all segments of society, by leasing or participation through specialized products in home financing, commercial property financing, auto financing, and equipment financing. Related Links: Establishment of (Raqaba- USA) in the United States http://raqaba.co.uk/?q=en/node/1392/ - -- -- You received this message because you are subscribed to the Google Groups "Kantakji Group" group. 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