Michigan based community bank. 2003 onwards

The bank started as an Islamic window and launched its full fledged Islamic subsidiary after three years of operation. The bank’s Islamic operation started with 4 transaction worth about US$1 million in the first year and grew to about US$150 million portfolio after 9 years of operation.

 

i. Consulting:
a. Strategic Advisory: prepared market study of prospective demand for Islamic finance in
Michigan, and later in other states
b. Comprehensive Product development & Shariah research/consulting:
  • Developed a comprehensive set of Islamic financial products including mudaraba based Profit Sharing Deposits (PSIA), Islamic mortgage products (agency Murabaha and Ijara Muntahiyya Bi Tamleek), and small business funding products.
  • SHAPE® licenses its FDIC approved proprietary profit sharing depository products to the client.
  • The core Ijara mortgage alternative product (MALT®) is structured to be funded by a certificate to allow for future sukuk issuance based on a pool of certificates.
  • Prepared detailed procedures for the deposits and MALT® products.
  • Assisted in securing approval from US government sponsored entity (GSE) for securitization of the MALT® product according to Shariah standard.
  • Secured related fatawa from reputable Islamic scholars
  • Provided front and back office implementation training, including marketing and operational procedures
  • Coordinated with systems vendors, regulators, and auditors.
  • Assisted with the development of the correct accounting treatments.
  • Provided third party origination transaction for MALT® and PSIA
c. Shariah audit: conduct period Shariah audit for the client

ii. Shariah Supervisory Board (SSB).
  • Provide ongoing product updates and advise on new product offers
  • Updated the existing fatawa, and issue new fatawa relating particular business issues and client inquiries.
  • Respond by circulation to periodic Shariah inquiries
  • Interact with business and marketing team to provide accurate responses for customer inquires related to Shariah and the bank’s product

US based data content and analysis company. 2006

 

i. Training: Islamic wealth management.

ii. Shariah consulting:

  • Respond by circulation to periodic Shariah inquiries related to development of detailed and accurate Islamic equity screening parameters
  • Provided additional resources for the enhancement of the firm’s Shariah screening and fund management platform.