Shariah AdvisorGeneral Information of Tawafuq Consultancy Sdn Bhd
Tawafuq Consultancy Sdn Bhd is an independent global Shariah advisory firm, committed to offering comprehensive end-to-end Islamic finance and halal solutions by leveraging on its global presence, in-depth knowledge, and integrated structure. The firm provides consultancy, research, training, and professional services in the area of Islamic banking, Islamic capital market, Islamic wealth management, Islamic asset management and Takaful. Tawafuq was incorporated as a limited liability company in Malaysia under the Companies Act, 2016 (previously known as Companies Act, 1965) on 8 October 2015.
Tawafuq Consultancy Sdn Bhd (Malaysian Company No.: 201501036171 (1161491-M)) (“Tawafuq”), is an independent global Shariah advisory firm, who are committed in offering comprehensive end-to-end Islamic finance and halal solutions by leveraging on its global presence, in-depth knowledge, and integrated structure.
Experience in Advisory and Services
Named the “Excellence Award (Islamic Finance Consultancy) 2023” by Global Islamic Finance Awards, “Best End-to-End Islamic Finance Consultant 2019” by International Finance and “Best Training Provider 2019” by Islamic Retail Banking Awards, the firm is listed as one of the Professional Ancillary Services providers with Malaysia’s Central Bank or Bank Negara Malaysia under the Malaysia International Islamic Finance Centre (“MIFC”) capacity. Registered with HRD Corporation (“HRDCorp”) and Social Security Organization (“SOCSO”) as an approved training provider, it is also enlisted as an approved Shariah adviser under the Securities Commission of Malaysia (“SCM”), registered as an Approved External Shariah Adviser under the Co-operatives Commission of Malaysia (“SKM”), empaneled on the Malaysia Digital Economy Corporation (“MDEC”) ‘s list of preferred Shariah adviser, and a member of the Fintech Association of Malaysia (“FAOM”), an exclusive fintech-related regulator-linked organization.
With experienced and well-trained Islamic finance professionals and scholars on board of the firm, Tawafuq Consultancy offers comprehensive public and in-house training courses, quality research, and well-integrated and up-to-date consultancy to financial institutions, government agencies, corporate sector, higher learning institutions, and public at large in the field of Shariah, Islamic Capital Market, Takaful, Islamic Wealth Management and Asset Management.
As of LPD, Tawafuq has a strength of 17 personnel and operates from Kuala Lumpur and Muscat specialising in various spectrum of Islamic finance with 34 funds/mandates/portfolios under supervision
Roles and Responsibilities of Tawafuq as the Shariah Adviser
As the Shariah Adviser, the role of Tawafuq is to ensure that the operations and investments of the Fund is in compliance with Shariah requirements. The Shariah Adviser reviews the Funds’ investments on a monthly basis to ensure compliance with Shariah requirements at all times and advise on the Funds’ compliance with Shariah requirements. However, the final responsibility for ensuring Shariah compliance of the Fund with Shariah requirements in all relevant aspects rests solely with the Manager.
In line with the SC Guidelines, the roles and responsibilities of Tawafuq as the Shariah Adviser are:
- Ensuring that the Fund is managed and administered in accordance with the Shariah principles.
- Providing expertise and guidance for the Fund in all matters relating to Shariah principles, including on the Fund’s deed and Information Memorandum, its structure and investment process, and other operational and administrative matters;
- Consulting the SC who may consult the Shariah Advisory Council where there is any ambiguity or uncertainty as to an investment, instrument, system, procedure and/or process;
- Scrutinising the Fund’s compliance report as provided by the compliance officer, transaction report provided by or duly approved by the Trustee and any other report deemed necessary for the purpose of ensuring that the Fund’ investments are in line with the Shariah principles;
- Preparing a report to be included in the Fund’s interim and annual report certifying whether the Fund have been managed and administered in accordance with the Shariah principles;
- Ensuring that the Fund comply, with any guideline, ruling or decision issued by the SC, with regard to Shariah matters;
- Vetting and advising on the promotional materials of the Fund;
- Assisting and attending to any ad-hoc meeting called by the SC and/or any other relevant authority.
Tawafuq’s Shariah team consists of the following personnel:
(Designated Person Responsible for Shariah Matters of the Fund)
A Chartered Professional in Islamic Finance (CPIF) from the Chartered Institute of Islamic Finance Professionals (CIIF) and a Certified Shariah Adviser & Auditor (CSAA) from the Auditing Organization for Islamic Financial Institutions (AAOIFI), Aiman holds a Bachelor of Laws (Honours) and Bachelor of Laws (Shariah)(Honours) from the International Islamic University Malaysia (IIUM) and a MSc in Islamic Finance from INCEIF, Malaysia. An Advocate and Solicitor of the High Court of Malaya (Malaysia) and a qualified Malaysian Syarie Counsel, he regularly delivers Islamic Finance courses and has completed the prestigious “i-Advisor program” organized by the Securities Commission of Malaysia (SCM).
Currently, he is a Grand Councilor of the Chartered Institute of Islamic Finance Professionals (CIIF), and a member of the Association of Shariah Advisers in Islamic Finance Malaysia (ASAS), Malaysian Finance Association (MFA), Malaysian Association of Muslim Finance Professionals (MAMFP), ASEAN Young Professionals Network (AYPN), Asian Institute of Chartered Bankers (AICB), and the International Council for Islamic Finance Educators (ICIFE). He was also the founding Deputy President of Malaysia Young Shariah Scholars Association (MySSA).
He is the Principal Consultant and Qualified Shariah Personnel for Tawafuq Consultancy, as required by SCM. He has served a major local Islamic bank assigned to the Shariah Department, whereby he oversees Shariah compliance aspect of the banking products, offerings, procedures and system and regularly conducts researches on various arising Shariah issues for consumer, business and corporate, wholesale and investment banking segments. Aiman is an accredited trainer with the Islamic Banking & Finance Institute of Malaysia (IBFIM) and an Accredited Trainer by the Human Resource Development Corporation (HRD Corp).
A Shariah Adviser listed under Securities Commission of Malaysia (SCM). Hasanan holds a Bachelor of Shariah (Honours) from the University of Malaya and currently pursuing his Masters of Shariah, Islamic Professional Credit Certification (iPCC) and Shariah Registered Financial Planner. Hasanan has various experience related to banking and Islamic capital market segments covering Shariah risk, Shariah governance, Shariah advisory, Shariah research & development, Shariah review, Shariah audit and module development. His experience includes:
• Facilitation of systematic identification, measurement, monitoring and reporting of Shariah non-compliance risks events.
• Provision of Shariah compliance oversight covering advisory, research & development, review, audit and risk.
• Provision of Shariah compliance oversight covering advisory, research & development, review, audit and risk.
• Development of various Shariah compliant banking, capital market, and social finance products.
• Processing and structuring of project financing applications and supervision of the operation.