Islamic Finance Consulting
This is a specialist unit within Ahmed Zakari & Co, that caters for the needs of individual muslims, conventional financial and non financial institutions requiring Islamic financial advisory services. These services range from annual Zakat computations for Individuals to preparation of business development plans for new Shariah compliant businesses and Islamic financial services units.
Other service offerings by this unit include: Provision of training and capacity building in Islamic Banking, Finance and Takaful; structuring of Shariah compliant finance for Individuals and corporate organizations; design and development of Shariah compliant products; conducting market and feasibility studies concerning specific segments of Islamic Financial Services.
Our services could also be sought in the Design, Structuring and Setting up of Shariah Advisory Boards.
Some of the past assignments and engagements of this unit include the following:
- Organized and delivered training courses relating to various aspects of Islamic Finance, Banking and Takaful. These courses were tailored to meet the needs of professionals from conventional banking, finance and insurance companies, as well as potential Islamic finance practitioners. Some of these trainings include:
- International Conference on Islamic Banking and Finance, Kano, Nigeria. Theme: ‘Islamic Banking & Finance – Challenges & Opportunities in the Nigerian economy’ (Nov, 2000).
- International Conference on Islamic Banking and Finance, Abuja, Nigeria. Theme: ‘Establishing a truly Islamic Financial System in Nigeria – setting the agenda’ (June, 2001).
- In collaboration with the Institute of Islamic Banking and Insurance, London, an International conference on Islamic finance, Sheraton Hotel, Abuja, Nigeria. Theme: ‘Islamic Finance – an alternative financial system: Global opportunities and Challenges’ (Jan, 2003).
- In collaboration with the Institute of Islamic Banking and Insurance, London, an International conference on Islamic finance, Nicon Hilton Hotel, Abuja, Nigeria. Theme: ‘Practical Issues for the development of Islamic Finance in emerging markets’ (April, 2004).
- Conducted training for sixty (60) members of staff of the banking supervision unit of the Central Bank of Nigeria on The Mode of Operation of Islamic Banking and Finance and how the Operators within the Banking Industry can be properly regulated. November 29, 2010 to December 4, 2010.
- Reporting Accountants in respect of Initial Public Offer for subscription of 1,000,000,000 units of N1.00 each at par in the “Lotus Capital Halal Investment Fund” – July 2007.
- Current External Auditors to ‘Jaiz Plc’ – the first and only fully fledged Islamic Bank in Nigeria.
- Documented a feasibility study and possible operational structure for a proposed Islamic Micro Finance Bank.
- Prepared business plans for an Insurance company and a finance house desirous of creating a Takaful and Islamic finance windows. These business plans analysed the proposed target market based on the companies envisioned business models. Relevant marketing and operational strategies were also prepared.
- Published the AZ manual on Zakat for the benefit of the Muslim Ummah in Nigeria, explaining the principles and the computations of Zakat.
- Reporting Accountants in respect of Initial Public Offer for subscription of 1,000,000,000 units of N1.00 each at par in the “Lotus Halal Equity Exchange Traded Fund” – April 2013.
- Prepared business plans and operational structure for a proposed Islamic Bank. These business plans analyse the proposed target market based on the bank’s envisioned business models. Relevant marketing and operational strategies were also prepared.
WORK IN PROGRESS:
The IAS unit is currently working on the following:
- Islamic Mortgage Solution: We are working on an innovative mortgage structure for Nigerian Muslims that is shariah compliant.
- Islamic Hedge Fund: We are also working to develop a Shariah – compliant hedge fund to meet the diverse needs of Islamic investors.