Business entities, when established, often aim to set up their operating frameworks in compliance with Islamic Sharia principles. Additionally, there are business entities that currently operate under traditional frameworks and may decide, in the course of their ongoing operations, to transition their business activities to align with Sharia principles.
In all cases, these entities require the support of a specialized consulting firm, whether for establishing or converting their operating frameworks in accordance with the provisions of Islamic Sharia, to ensure compliance with Sharia principles and attain operational efficiency and effective governance.
What are the Sharia-compliant Operating Frameworks?
Sharia-compliant operating frameworks comprise a set of policies, procedures, organizational structures, and operational systems that ensure all company operations and activities are in line with Islamic Sharia principles and the applicable regulatory controls.
Why do business entities convert from traditional systems to Sharia-compliant frameworks?
There are multiple strategic, operational, and commercial reasons that motivate entities to align their operations with Sharia principles, including but not limited to ensuring compliance with Sharia, applicable laws, and regulatory instructions, meeting market and customer demand for Sharia-compliant products and services, and taking advantage of growth opportunities and gaining a competitive edge.
Who can benefit from Sharia-compliant Operating Framework Advisory Services?
All companies and entities, whether financial or non-financial, can benefit from these services, including banks, finance companies, investment companies, and listed and licensed companies seeking to conduct their business in compliance with Islamic Sharia.
Do these services comply with laws, regulatory requirements, and international standards and best practices?
Yes. All operating frameworks we design adhere to Sharia principles, comply with applicable laws and regulatory requirements, and incorporate international standards and best practices to ensure full legal and operational compliance.
What is the added value to business entities from Sharia-compliant Framework Advisory Services?
- Ensure that business frameworks are in compliance with Islamic Sharia principles, laws, regulations, resolutions, rules, and instructions issued by the regulators.
- Promote the stakeholders’ confidence in the business entities and enhance its reputation in the marketplace where it operates; and
- Ensure compliance with the up-to-date international standards and best practices, which are relevant to the entity’s business activities.
What are the services offered by Baker Tilly Kuwait?
Sharia-compliant Framework Advisory Services through the following phases:
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Current State Assessment
Analyzing and evaluating the services and products offered by the business entity, as well as its existing policies, procedures, and operational systems, from a Sharia perspective.
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Design of Sharia-compliant Operating Frameworks
Developing policies, procedures, and operational systems to ensure full compliance with Islamic Sharia principles.
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Implementation Support
Providing guidance and assistance to business entities in implementing Sharia-compliant operating frameworks, including training to ensure full adherence to the new frameworks.
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Performance Review and Evaluation
Offering recommendations for continuous improvement and ensuring sustainable compliance with Sharia standards.
Why Baker Tilly Kuwait?
- Baker Tilly in Kuwait is a member of the Baker Tilly International network based in the UK, ranked amongst the top 10 global accounting networks.
- Extensive experience in providing Sharia-compliant Framework Advisory Services to companies operating across various business sectors in the State of Kuwait.
- Highly experienced bilingual team with specialized academic qualifications and professional certifications.
- Commitment to performing Sharia-compliant Framework Advisory Services engagements according to predefined timelines with no delays, and responsiveness to client requirements.