ESAAC provides a turnkey solution for establishing a complete Islamic financial institution or a division, including Islamic Divisions of Central Banks, Islamic commercial Banks, Takaful Operators, Asset Management Companies, Mudharabah Companies etc. right from policies and procedures, standard operating procedures, Shariah Supervision & Advisory services on various Islamic Financial propositions.
Our team has been a part of the regulatory development of Islamic financial sector ranging from policy research, legal drafting, banking supervision, and policy implementation. We have expertise pertaining to regulatory works and supervision tools for Islam banks.
We are well versed in drafting, anchoring and managing various regulatory standards. We have been involved in developing regulatory framework that includes.
ESAAC’s team has also played a significant role in establishing Islamic financial divisions of conventional banks, Insurance Companies, Mutual Funds and Capital Market industry.
ESAAC provides Shariah Supervision & Advisory services on various Islamic Financial propositions. Our Shariah Scholars possess the vision and novelty from multiple disciplines with a wide range of business and industry knowledge. Beside Shariah advisory, we help clients to identify and form their own Shariah Boards. We analyze, to design and structure, implement and support, in order to provide tailor made solutions that serves beyond our client expectations, thus ensuring sustainable business development & growth within Shariah guidelines.
ESAAC not only design and develop products for its clients but also offers a product management service. We understand the complexities involved in developing a product from its inception until its launch. ESAAC product developers are well equipped with the substantial knowledge and technical expertise to drive the development project competently.
ESAAC developers initiate right from concept generation until the product is finally launched with a complete blend of customer value and satisfaction. Our novel Product Management proposition allows the clients to devote their concentration upon businesses generation. We also help clients evaluate their existing products and help them reposition in order to retain them as incessant cash cow for the organization.
ESAAC designs and develops a complete range of treasury products including policies, structures, products and procedures for addressing Reserve Management, Foreign Exchange, Liquidity Management and Islamic Money Market Instruments for its clients.
ESAAC provides a total solution to cater international trade business for Islamic Banks. A wide range of products including Funded and Non-funded Letter of Credit, Bill Discounting alternates, Documentary Collection, Export Working capital, Export Credit Insurance factoring and forfaiting.
ESAAC Training Programs intends unique training niche to equip participants with the essential knowledge and skills as well as to nurture them to become well-rounded individuals to support the growth of the Bank. We have designed the training modules to blend technical knowledge and personal development insight, which enables participants to optimize their learning through a mix of classroom training based on case studies, complemented by hands-on exposure through on-the-job training.
The training programs are staggered in different modules/level, keeping the need required by the different departments. The programs provide an insight into the key features of Islamic Banking business including the theoretical foundations and development of Islamic banking practices.
ESAAC has a fully functional team that identifies training requirements, develop comprehensive training programs including relevant simulation, design an efficient training calendar and continuously research in order to stay in line with the current global updates. On top of that, ESAAC’s profile include people having core expertise in Shariah laws and have had huge experience in their relevant fields.
Further, Institute of Business Management accredits all training modules conducted by ESAAC. Institute of Business Management (IoBM) and ESAAC have agreed to collaborate on capacity building for Islamic Financial Industry. They intend to impart professional training to executives working in Islamic Financial industries. They will carry out executive training, research, certificate and diploma courses on Islamic Finance.
IoBM is one of the premier universities of the country. The Higher Education Commission of the Federal Government as well as the Government of Sindh rated IoBM one of the country’s top universities. IoBM has also been the proud recipient of two Edunversal Palms, awarded to it at the international convention of Deans of Business Colleges in recognition of its being one of the two best Business Schools since 2010. The academic laurels IoBM has won are equally impressive.
The concept of Islamic Banking (IB) is different from that of Conventional Banks (CB). The concept is not only different with respect to funds deployment but also funds mobilization as IBs cannot enter into any interest based activity. All the funds therefore mobilized by them and the funds deployed there-against should strictly be in accordance with the Shariah principles.
For the purpose, IBs are required to devise a mechanism for funds mobilization, its deployment and the resultant manner of the distribution of profits so earned. The stakeholders of the profit distribution mechanism would include, among others, deposit-holders, financial institutions and high net-worth individuals. As the bank may itself pool its equity alongside other stakeholders in the deployment of assets, it shares the profit under the said mechanism. This mechanism so devised by the IBs is termed as “Pool Management System”.
Today, pooling various debts such as mortgages, auto loans, credit card debt obligations and selling these portfolios as bonds, pass-through securities, or Collateralized mortgage obligation (CMOs), is an everyday financial activity.
It’s estimated that global assets of more than trilion dollars are being managed according to Islamic investment principles. Islamic finance is also a subset of the global market and there is little to prevent the conventional investor from participating in the Islamic market.
Looking at the significant size, the need to structure Islamic bonds and securities in a Shariah compliant manner becomes more inevitable.
ESAAC Advisers have a global experience in structuring Sukuk models. We assist clients in advising Sukuk transaction from structuring to certification to meet funding objectives. Our approach is to ensure that both commercial and Shariah considerations are incorporated. We emphasize on developing structures that has a wide Shariah acceptance and marketability.
- Shariah review, analysis and fatwa services relating to the Sukuk transaction in hand developed products and systems.
- Assist with the management of the documentation process.
- Shariah Monitoring
- Certification of Profit distribution
- Halaal Certification
- Shariah Screening of Stock Companies
- Zakat Calculation of Business & Companies
