The advisory core of Sābiq's integrated Shariah architecture, delivering independent oversight, senior-level expertise and structured governance across the full Islamic finance value chain. Backed by over 70 years of collective team experience.
SĀBIQ AXIS is a comprehensive Shariah advisory solution built for institutions that require more than a compliance checkbox. It brings together an internationally recognised Shariah Supervisory Board, a senior execution team, and a structured governance architecture into a single, coherent advisory model covering banking, capital markets, investments, insurance and emerging sectors.
AXIS is designed to operationalise Shariah intent, ensuring that Shariah principles are not only correctly documented, but consistently embedded into the governance, structuring, execution and oversight functions of your institution.
We work with institutions at every stage and in every mode. This includes developing entirely new Shariah-compliant products from inception, converting existing conventional products or fund structures into Shariah-compliant equivalents, or delivering a complete turnkey Shariah solution. For institutions seeking a fully integrated infrastructure, AXIS works in tandem with SĀBIQ ORBIT, covering governance, oversight, execution and lifecycle management as one cohesive model.
AXIS operates through a disciplined governance model that ensures every touchpoint, from initial structuring to ongoing audit, is handled by the right person, at the right level, with the right independence.
We establish or enhance your Shariah governance framework, mapping the value chain, defining roles across the three lines of defence, and embedding Shariah-aligned operating models across all business functions.
Our senior advisors review legal documentation, process flows and product structures. We operate a structured endorsement process covering Preliminary Approval Letters (PAL) for deal execution, Shariah Pronouncements (Fatwa) as final certification, and No Objection Letters (NOL) for previously approved product variations.
Ongoing monitoring of your institution's structural and procedural developments. We conduct the Annual Shariah Audit under a strict internal separation model (those who structure are not those who audit), and issue the formal Shariah Compliance Certificate upon conclusion.
Our advisory spans the full breadth of Islamic finance, from complex treasury derivatives to ESG-aligned structures, across banking, capital markets, investments, insurance, and supply chain.
Structuring and review of Profit Rate Swaps (PRS), Cross Currency Swaps (CCS), FX Forwards, IIFM Tahawwut Master Agreements, Islamic REPOs and Shariah-compliant hedging solutions. Extensive experience reconciling Shariah pronouncements with DIFC and English law for complex treasury books spanning multiple jurisdictions.
Comprehensive structuring for Murabaha, Ijarah, Istisna', diminishing Musharaka, Wakala and trade finance facilities. Advisory on syndicated Commodity Murabaha financings, working capital solutions and bespoke asset financings aligned with AAOIFI and regulatory standards.
Full-spectrum Shariah advisory for sukuk issuances and Islamic fund structures across all asset classes: equity, private equity, real estate, infrastructure, private credit, secondaries and fund of funds. Advisory on Islamic window conversions and capital market governance frameworks.
Shariah advisory for discretionary investment mandates, Islamic private equity, Shariah-screened portfolios and alternative asset classes. Deep expertise in Islamic fund structures across private markets, and experience supporting global asset managers in developing Shariah-aligned investment frameworks.
Specialist advisory on Shariah-compliant commodity and precious metals structures, including gold-backed financial products, Shariah-compliant gold funds and ETFs, and the development of commodity-linked instruments aligned with AAOIFI Shariah Standard No. 57 on Gold and Precious Metals. Experience supporting institutions in developing first-of-their-kind gold-backed products for global markets.
Advisory on Islamic supply chain finance models including Islamic payables and receivables financing, Wakala-based SCF, Murabaha trade finance and commodity-based liquidity solutions. Experience advising multilateral institutions on SME and supply chain finance models for emerging markets.
Shariah advisory for Takaful operators, retakaful structures and Islamic insurance products. This covers model governance (Wakalah, Mudharabah and hybrid models), surplus distribution policies, investment pool compliance, product development for family and general Takaful lines, and regulatory alignment with applicable Takaful frameworks across the GCC, Malaysia and beyond.
Shariah assessments for digital assets, tokenised instruments and blockchain-based structures. Experience includes advisory on dual-listed digital assets and Shariah assessment for fintech and tokenisation frameworks, ensuring Shariah principles are applied at the frontier of modern finance.
Shariah structuring for SRI sukuk, green sukuk and blended-finance initiatives. Advisory on ESG-linked investment mandates and sustainability-focused Islamic finance structures. Our team has contributed to landmark sustainability and SRI frameworks for leading global institutions.
Design and operationalisation of Shariah governance frameworks for Islamic windows, full-fledged Islamic banks and digital-native institutions. Advisory aligned with CBUAE HSA Shariah Governance Standards, DFSA IFR, AAOIFI GSIFI, IFSB standards and national regulatory frameworks.
With over 70 years of collective experience, our senior advisory team brings direct, institutional-level depth across the full spectrum of Islamic finance. The examples below reflect the breadth of the team's track record.
Advisory and governance oversight for major international banks, including European investment banks, GCC banks, Japanese multinational banks and Australian institutions, across Islamic window establishment, product structuring and DFSA-mandated Shariah audits.
Landmark contributions including the first AAOIFI-compliant spot gold contract, joint development of the first internationally recognised Shariah Standard on Gold with AAOIFI and the World Gold Council, and Shariah advisory for one of the world's largest Shariah-compliant gold ETFs.
Shariah advisory across sovereign, corporate and structured sukuk issuances spanning multiple jurisdictions. This includes advisory on the first SRI Sukuk and contributions to major sukuk frameworks and guidelines jointly authored with leading international legal and financial institutions.
Shariah advisory and governance framework design for Islamic digital banks in the UAE and GCC, including institutions regulated by CBUAE, FSRA and DFSA, with direct experience embedding Shariah controls within AI-assisted and automated digital banking journeys.
Direct advisory engagements with the World Bank, International Finance Corporation (IFC) and the Astana International Financial Centre (AIFC). Contributions to national Islamic banking frameworks, Shariah governance regulations and supervisory submissions across multiple jurisdictions.
Comprehensive advisory on converting conventional financial products and institutions to Shariah-compliant structures, covering derivatives, loans, trade finance and investment mandates, including conversion frameworks developed for central banks and global banking groups.
SĀBIQ AXIS serves institutions across the Islamic finance ecosystem: whether launching a new product, converting an existing structure, establishing a Shariah governance framework from the ground up, or seeking a fully integrated turnkey solution.
What is Shariah advisory?
Shariah advisory involves providing independent oversight and guidance to ensure financial products, transactions and institutions comply with Islamic law. This includes reviewing legal documentation, structuring products, issuing Shariah pronouncements (Fatwa), conducting annual Shariah audits and designing governance frameworks aligned with AAOIFI, IFSB and local regulatory requirements.
Who needs a Shariah Supervisory Board?
Any financial institution offering Islamic finance products — whether a full-fledged Islamic bank, a conventional bank with an Islamic window, an asset manager, a Takaful operator or a fintech — is typically required by regulators to maintain an independent Shariah Supervisory Board (SSB). The SSB provides oversight, issues approvals and conducts the annual Shariah audit.
What international standards govern Shariah advisory?
The primary standards are issued by AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions) and IFSB (Islamic Financial Services Board). These are supplemented by local regulatory frameworks — the UAE Central Bank Higher Shariah Authority standards, DFSA Islamic Finance Rules (IFR), FSRA requirements and equivalent bodies across Malaysia, Saudi Arabia and other jurisdictions.
Can you help convert a conventional product to a Shariah-compliant structure?
Yes. A significant part of our work involves converting existing conventional financial products, fund structures and institutional frameworks into Shariah-compliant equivalents. We preserve the underlying commercial objectives while re-engineering the structure through approved Shariah contracts, ensuring full Shariah integrity without sacrificing commercial viability.
Do you offer Shariah advisory for Takaful and Islamic insurance?
Yes. We provide Shariah advisory for Takaful operators, retakaful structures and Islamic insurance products, covering model governance (Wakalah, Mudharabah and hybrid models), surplus distribution policies, investment pool compliance and product development for family and general Takaful lines across the GCC, Malaysia and beyond.
Talk to our team about how SĀBIQ AXIS can be structured for your institution.
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