Despite substantial growth in the Islamic banking industry, the industry has faced various challenges. The need for businesses to comply with shariah is a responsibility that must be considered. It is an excellent opportunity for the industry to adapt the shariah business model, as it is part of the market’s competitive advantage. Recently, many companies or institutions claim they are shariah-compliant entities. However, the measurement of how the company is considered shariah is still grey.
With our shariah business consulting, IBantu helps provide a relevant business model based on the shariah principle and finds shariah issues in your organization. Aligning with the maqasid (objective of shariah), Ibantu helps companies or organizations make sure that their companies comply with shariah. In ensuring this service, specific criteria must be derived and analyzed regarding the company’s business model. This cover analyzing the product, process, financing, management, and other relevant elements that need to be derived. By ensuring this element, we will provide the company’s value proposition is in line with the objective of the company.
Product- what has been offered in the market should be in line with the shariah parameter in structuring the product. The process flow of the business model should not contradict the Islamic principle. Additionally, how the company or institution receives funding, either in the form of equity or debt instrument, needs to be considered.
To some extent, the shariah does not recognize debt-based instruments, including interest. This concept of interest will significantly impact the economy in the short and long-term implications. How will the economy be affected, and how will the business cycle move with the changes in the interest rate? As the interest increase, the conventional investor will adapt to the changes. This will make the conventional part follow the movement in the business cycle. Some available Islamic instruments can be introduced as an alternative to debt-based products; ensuring that every aspect of the financial transactions does not contradict the shariah rules and principles is essential. By providing this requirement, trust and confidence can be maintained and enhanced among the stakeholders.
IBantu allows companies to transform their businesses by focusing not only on profit-oriented but also on the entity’s compliance, driving up the profit and compliance. We offer value creation to your businesses by helping you as our client. We will ensure the services provided align with your company’s objective to add value and insight to your business model.
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