First Islamic finance consultancy company launched - Qater

(MENAFN - The Peninsula) Bait Al Mashura Finance Consultations, the first Islamic consultancy company specialised in Islamic finance services industry, auditing and training, was officially launched. Osama Al Dereai, company's General Manager, said at a press on Thursday at the company's headquarters in Al Muntazah area.

He said the company will offer its services to banks, finance companies, investment, traditional Islamic and Islamic insurance companies and brokerages.

Bait Al Mashura is a private joint stock company, which is the first firm licensed by the Qatar Central Bank and the Ministry of Economy and Trade. It is specialized in offering Shariah advice, development and training in the area of Islamic firms Islamic financial industry, Al Dereai said.

He added the idea of establishing a company specializing in Islamic financial industry came in context of current development in Qatar as well as global financial systems, particularly in the Arabian Gulf, Europe and South East Asia. The adoption of Shariah transactions in countries like Syria, Lebanon, Singapore and Japan show public interest and desire to adopt Islamic products.

Al Dereai said the lack of manpower in the field of Islamic financial industry was behind the setting up of Bait Al Mashura and it aims at meeting financial institutions' needs and desires and respond to the requirements of growth and prosperity. In this regard, the company will train students of Qatar University's Shariah and Economic Faculties.

The Islamic financial industry began to grow and evolve quickly from mid 70s of last century but still growing and evolving. Only certain specialists in the field of Islamic financial transactions can understand this characteristic, he added.

The absence of this understanding for people in markets and investors and traditional financial institution are very common. Such knowledge has been limited and constrained between walls of each individual organization.

The company's operations will be in cooperation, integration and participation in the business development of Islamic financial institutions and auditing in cooperation with the elite of scholars and with practical experiences, executive and eminent specialists, experts, economists and jurists.

It will create reliance in the provision of advisory services on modern sophisticated mechanism in the form of diligent teamwork and modern interpretation of the facts, events and developments in the field of economy. It will study of modern resources thorough shariah's point of view with focus on their structure and mechanism for their application with provisions of Shariah's law; and create and develop new financial resources in order to meet needs of beneficiaries and Islamic financial industry compatible with the provisions of Islamic Shariah.

The Company activities revolve around Shariah auditing includes: External Sharia auditing, Sharia consultations and questions answering, Islamic financial indicators, drafting contracts and their set up in accordance with the provisions of Islamic Sharia, examine policies and procedures systems of companies, and development of Shariah alternative to legitimate versions of financial contracts.

The Overall management and supervision of total transformation, partial Islamization and complete Islamization of financial transactions in the traditional banks and establishing their Islamic branch, Zekat Nisab calculation and developing Shariah standards for establishment of investment funds, currencies, sukuk with provisions of the Shariah Law will be another area for the company. Training, studies and researches are other fields for the company.