Financial & Commercial Product Development
Islamic Finance is relatively hindered by the need to develop new products and services for users and sellers across the financial supply chain. the evolution of Islamic Finance rides on the dexterity of financial institutions to retain and attract clients based on financial products that are both innovative and responsive to markets volatility and customer expectations particularly as compared against conventional products and tool offered by non-Islamic banks and institutions.
When approaching the development of Islamic financial products and services, Consilium Advisory makes to its clients two key distinctions— Shariah-based products, or Shariah-compliant products.
Financial products and services created based on concepts and rules based on the Holy Qur’an and Sunnah and other sources of Islamic commercial law such as Mudarabah, Musharaka, Salam, etc.
Financial products and services influenced in their design by conventional finance and converted into Islamic products such as credit cards, forward currency, derivatives, etc.
To initiate proper Islamic financial product development project, we place a multitude of factors under scrutiny including:
- - Discovery of the principal Islamic commercial contracts governing the development ofprospective product or service.
- - Identification of the rules governing the contract in question to assist the concerned Shariah scholars and specialists develop a sufficient understanding of the product or service and proclaim the proper framework for the product or service in question.
- - Application of relevant Islamic rules and teachings in the rollout of the new product or service to ensure its religious and cultural acknowledgment.
Consilium Advisory’s approach to the conceptualization and design of any given financial product or service is one of care and diligence. We exert all possible efforts to ensure our clients’ requirements are met while maintaining compliance with Shariah.