FATWA Certification

FATWA Certification Service

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Shariah Certification is an important step which adds the required credibility to your Islamic product offering. Clients and investors seek to work with such products which have credible Shariah certification or Fatwa.

Such Shariah certification involves managing a Shariah board which could be tedious and expensive for individual funds or companies! Ratings Intelligence can lend its expertise in Shariah certification by managing the entire Shariah certification process for you through its in-house Shariah Advisory Board.

Ratings Intelligence has extensive experience of working with the thought leaders in Shariah compliant product structuring and brings its vast experience to help clients in their Shariah certification process.

Why this certification service?

Shariah certification differentiates a product and makes it eligible for investment by Islamic investors. It is important to choose your certification advisor as your product should then get easily accepted by other Islamic institutions which may be your clients.

At Ratings Intelligence we work with Shariah scholars of such repute which helps in ease of acceptance of our certified products by financial institutions in the west as well.

What do we offer?

Vast experience of Islamic product structuring by professionals who have worked with leading financial institutions in the West

Access to one of the best Shariah scholars

How do we do it?

Our vast network of renowned Shariah scholars and tremendous teamwork enables us to resolve the most complex financial issues and achieve the utmost result for every commitment.

We at Ratings Intelligence coordinate well with our clients and Shariah Advisory Board for the proposed products.

We review the products proposed by our clients extensively and make the changes if required in accordance with the Shariah guidelines to ensure the compliance with the Shariah principles.

We present those products to our Shariah Supervisory Board who also gives a through review and issues Fatwa.

Fatwa Certification Process

Fatwa Certification Process

Client will submit a proposed product to RI

Ratings Intelligence will structure fund

Fund will be reviewed by Ratings Intelligence

Changes suggested by RI will be submitted to client

Client will approve the suggested changes and send back to RI

RI will submit to Shariah board

Shariah board will review

If the Fund passes the Shariah guidelines, Fatwa will be Issued and will be sent to the client.

Shariah Advisory Board Members

At Ratings Intelligence, we work with a Shariah board that consists of some of the most internationally acclaimed and reputed Shariah scholars.

Our Fatwa and Sharia Supervisory Board comprises of the following renowned Sharia scholars:

Dr. Muhammad Ali El-Gari

Dr. Muhammad Ali El-Gari


Dr. Nazih Hammad

Dr. Nazih Hammad


DDr. Mohammad Amin Ali Qattan

Dr. Mohammad Amin Ali Qattan


Each of the members of our Shariah Advisory Board is highly qualified and is respected internationally. They have vast expertise in Shariah compliance matters and ensure that only the most robust products and services get Fatwa certification.

Our board functions in a collaborative manner and precisely monitor each of the products to avoid any kind of violations or discrepancies in the Shariah principles.

Why choose Ratings Intelligence for Certification services?

Ratings Intelligence is one of the oldest Shariah advisory firms. Our uniqueness lies in the fact that we work very closely with our Shariah board while structuring Islamic products. This differentiates our offering - being a robustly Shariah scholar driven structuring process.

By choosing us, you will enjoy a range of benefits that include the following

  • Shariah committeeEasy access to a world-class and renowned Shariah committee.

  • Shariah certificationMinute and critical examination of each proposed product for certification.

  • Shariah Stock ReviewTimely guidance to clients ensuring the product is re designed for Shariah Certification.

  • Shariah proposed productsAll proposed products are reviewed and examined by the Shariah Board. Our Shariah Scholars are well versed in conventional finance as well as in Islamic finance ensuring a functional Shariah compliant product.

Responsibility of Shariah Advisory Board

The Shariah Advisory board is responsible for undertaking a variety of tasks, right from the quarterly reviews to a minute examination of the proposals.

Its range of functions includes:

  • Participation in the product development

  • Encouraging and suggesting ideas for designing activities

  • Assessment and approval of matters pertaining to Shariah

  • Issuance of the Fatwa and Shariah auditing

  • Issuance of an annual certification of Shariah compliance

Research Reports

Ratings Intelligence publishes periodic industry insight reports. For custom reports please contact us.

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Abdul Hadi Shaikh

Head - Equity Screening & Audit

+91 98 8622 1227

Reach Us

London Office
158, Coombe Lane West Kingston-Upon-Thames KT2 7DE, UK

Kuwait Office
Al Salhiya - Ali Al Salem Str, AL Jawhara Tower - 7th Floor,
P.O. Box 38920 Abdullah Al Salem, Kuwait - 72260

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IndiQube Sigma, 7th B Main Road, Koramangala 1A Block, 3rd Floor, Bengaluru, Karnataka - 560034