Embrace Integrity : Leading the Way in Islamic Finance Compliance

About us
The primary purpose of the Islamic Financial Advisory (IFA)is to provide guidance and oversight to ensure that all activities conducted by an organization are in accordance with Shariah principles. This is particularly important in sectors such as Islamic finance, where adherence to ethical and religious guidelines is crucial.With expertise rooted in Shariah law, we ensure every aspect aligns with ethical standards, fostering trust and prosperity within the community

Composition:
A Shariah Board Committee typically consists of scholars and experts in Islamic law (fiqh) and finance. Members are chosen based on their knowledge, expertise, and reputation in the field of Shariah compliance. It’s common for the committee to include:
  • Shariah scholars with deep understanding of Islamic jurisprudence and its application to modern financial practices.
  • Experts in Islamic finance who understand the practical implications of Shariah principles on financial products and transactions.

Compliance

Ensuring your business operations adhere to industry regulations and standards with our comprehensive Compliance service.

Product Development

We provide consulting and development services to help businesses create and market Islamic products for the global market. Product development requires collaboration among Shariah scholars, financial experts, legal advisors, and market specialists. By adhering to Shariah principles and addressing market needs, Institutions can develop innovative products that cater to the growing demand for ethical and Shariah-compliant financial solutions.

Training

Our Islamic Finance Training & Development service provides comprehensive courses and workshops designed to educate professionals and individuals about principles and practices of Islamic finance.

Research and Analysis

Conducting research and analysis on contemporary financial issues and their compliance with Shariah principles. This helps in adapting traditional Islamic jurisprudence to modern financial practices and innovations

Fatwa Issuance

Issuing Shariah-compliance opinions (fatwas) on specific financial products or transactions. These fatwas confirm that the product or transaction meets the requirements of Islamic law and are often sought by financial institutions and businesses to ensure their operations are Shariah-compliant.

Islamic Wills

Our service provides guidance and support for those seeking to draft a will in accordance with Islamic inheritance laws.

Dr.Shaykh Muhammad Ashraf Petersen

Director & Head of Research

Dr. Shaykh Muhammad Ashraf Petersen is a vibrant, dedicated and determined academic . Over a period of 19 years, he committed himself to this pursuit. After completing his degree in 2011 he was privileged to have passed his entrance exam to the Master's Degree at the Islamic University of Madinah, and thus became the first South African student to study at this level at this renowned institution. After successfully completing his Master's Degree with excellence and First Class Honors, he was humbled to learn he was one of only fifteen students globally to have been granted admission to the PhD program. At the end of 2022 he successfully completed his PhD with a GPA of 4.96 out of (5). His primary focus of specialization during his studies has been in Islamic Jurisprudence or Fiqh. He has always been passionate about Fiqh as it deals with practical and relevant matters that members of the community face on a day-to-day basis. He strives to contribute to the pursuit of finding new and innovative solutions to contemporary issues in the effort to advance our communities.

Shaykh Muhammad Ariefdien

Director & Head of Training and Implementation

Sheikh Muhammad was born in Cape Town.  After high school he received a scholarship to study at the Islamic University of Madina in Saudi Arabia and completed a Honors degree in Shariah Law.  Upon returning to his homeland he pursued a MBA degree from the Nelson Mandela Business School with specialisation in Islamic Finance and Business Strategy.Sheikh Muhammad is also a khateeb for Friday sermons around the Bay and CT area, and acts as an adviser for various Mosques and community organisations. He is the founder of Alfurqan Institute for Adult learning. He previously held a position as Regional Islamic Finance Head for both ABSA and FNB for the Eastern and Southern Cape. Sh Muhammad is currently the head of Finance for iERA Africa.

Moulana Ebrahim Benting

Director & Head of Operations

Moulana Ebrahim holds an Honours degree in Islamic Studies from the University of Western Cape. He has also memorized the Noble Quran at a very young age. He has a passion for teaching and has held various teaching positions at Institutes around Cape Town. With a very specific interest in Languages Moulana has been lecturing in Saudi Arabia for the past year . He also teaches Quranic sciences at the Alfurqan Institute for Adult Learning.

Souliyat Sodjete

Head of Compliance

Souliyat Sodjete is an Islamic Finance professional with years of specialized experience in Islamic capital market and Islamic banking. With a Master's degree in Islamic Finance Practice from the International Centre for Education in Islamic Finance (INCEIF) in Malaysia.Her expertise in Financial and Shari'ah Advisory is further validated by her certifications as a Certified Sharia'ah Adviser and Auditor (CSAA) and Financial Modeling and Valuation Analyst (FMVA). Her commitment to professional growth continues with her pursuit of the Certified Islamic Professional Accountant (CIPA) qualification.  A notable achievement in her career is her contribution to structuring the first private green Sukuk in Africa, marking a significant milestone in sustainable Islamic finance. Her work has contributed significantly to the development of Islamic financial instruments and compliance frameworks in Nigeria. A multilingual with strong proficiency in English and French, she brings a valuable multicultural perspective in administering functions. Her passion for social, Islamic, and sustainable finance drives her efforts to advance innovative solutions in the financial sector, particularly in addressing contemporary social issues faced by the global Muslim community.

Zakariyya Du Preez

Compliance Officer

Moulana's educational journey began at Darul Uloom Zakariyya, where he completed the esteemed Aalim Faadhil course. He then dedicated himself to serving Florida's community as an Imam. Complementing his Islamic scholarship, Moulana enhanced his financial expertise through: - Completing a year of Iftaa studies - Earning a BCom in Financial Management from MANCOSA - Specializing in Islamic finance via The ETHICA Institute of Islamic Finance Moulana's unique blend of Islamic knowledge and financial acumen positions him as a valuable resource for the community. Moulana is a trainee in our Shariah Compliance department.

What is Islamic finance?
Islamic finance refers to financial activities that adhere to Shariah (Islamic law) principles, which prohibit the charging of interest (riba) and promote risk-sharing, asset backing, and ethical investments.
Why is interest (riba) prohibited in Islamic finance?
Riba is prohibited in Islam because it involves making money from money without any effort or risk-taking, which is seen as exploitative. Instead, Islamic finance encourages fair profit-sharing and risk-sharing.
What is the difference between Islamic finance and conventional finance?
Conventional finance operates based on interest and allows for speculation and uncertainty. Islamic finance, on the other hand, prohibits interest and emphasizes ethical investments, asset backing, and risk-sharing partnerships.
What are the key principles of Islamic finance?
The key principles include:
  • Prohibition of interest (riba).
  • Prohibition of uncertainty or speculation (gharar).
  • Promotion of risk-sharing (mudarabah and musharakah).
  • Prohibition of investing in unethical or haram activities (e.g., alcohol, gambling, pork).
How does Islamic finance ensure compliance with Shariah law?
Organizations consult with Shariah scholars who provide guidance and oversight to ensure that financial products and transactions comply with Islamic principles. They also conduct regular audits and reviews.
What are some common modes of financing in Islamic finance?
Common modes include:
  • Murabaha (cost-plus financing).
  • Mudarabah (profit-sharing partnership).
  • Musharakah (joint venture partnership).
  • Ijara (leasing).
  • Sukuk (Islamic bonds).
  • Qard al-Hasan (benevolent loan).
Is Islamic finance only for Muslims?
No, Islamic finance principles can benefit anyone seeking ethical and socially responsible investment options. Many non-Muslims also use Islamic financial products due to their adherence to ethical guidelines and risk-sharing principles.
How does Islamic finance handle insurance?
Islamic finance uses a concept called Takaful, which is based on mutual cooperation and shared responsibility among participants. It operates without interest and adheres to Shariah principles, ensuring that risk is shared among all participants.

  • 81 Church Street, Cape Town City Centre, Cape Town, South Africa
  •  Mon-Fri - 08:00-17:00