MEA / Q2 2023 11 Feb23301 Leading Global Islamic Finance Advisors Founded in 2005, Amanie Advisors Ltd. is a leading Shariah advisory firm which specialises in Islamic financial solutions. It offers a wide range of services to both institutional and corporate clientele, including Shariah advisory and consultancy, training, and research and development services. Here, we discuss the company’s innovative solutions and its success in the UAE Business Awards 2023, in which it was named this year’s Best Shariah Compliance Advisory Firm. Dubai has become a hub for Islamic finance and banking. Based on the principles of Shariah law, Islamic finance prohibits charging or paying interest and instead relies on profit-sharing arrangements, leasing arrangements, and sale transactions to generate income. With a large Muslim population and a strong demand for Shariah-compliant financial products, the UAE has pioneered the development of Islamic finance. Headquartered in Malaysia, Amanie Advisors is a global Shariah advisory firm that provides a wide range of services to clients within the Islamic finance industry, including financial institutions, asset management companies, corporations, and governments. The Amanie Advisors Global Office is located in Dubai’s International Financial Centre (DIFC), which is one of the region’s leading financial hubs and home to a number of Islamic banks and financial establishments. With further offices in both Kazakhstan and Europe, the company’s clients are located all over the world, throughout the Middle East, Africa, Asia, the US, and Europe. Amanie Advisors works with its clients to ensure all of the products and services they offer are compliant with Shariah principles. Its team consists of four experts in different fields of Islamic finance and Shariah law. These are Dr Mohamed Ali Elgari, Dr Mohd Daud Bakar, Dr Osama Al Dereai, and Dr Muhammad Amin Ali Qattan. The team also includes a number of other advisors, all experts in their fields, who also provide advice on Shariah compliance. Known for its depth of expertise and experience, Amanie Advisors is a highly respected player and one of the top three leading Shariah firms in the Islamic finance industry. It provides a range of services, including advisory guidance for the whole spectrum of Islamic financial establishments, Shariah auditing and certification, Islamic wealth management, as well as Shariah education and human capability building. The company also provides services related to research and development and conducts feasibility studies for Islamic financial transactions. Amanie Advisors is primarily focused on developing innovative Islamic finance solutions that incorporate cutting-edge technologies such as data analytics, blockchain, and fintech applications. For example, the company recently created Comtech’s pioneering gold token, which is backed by gold coins. Such modern financial solutions are designed to complement traditional banking systems and modernise the financial industry. For Amanie Advisors, there are many advantages that come with operating in Dubai. Firstly, Islamic finance is continually growing in the area, with many financial institutions and investors looking for Shariah-compliant investment opportunities. Additionally, Dubai has been at the forefront of innovation in Islamic finance, so the firm has been able to leverage the innovative spirit of the city to develop new products and services for its clients. Dubai is also strategically located between Europe and Asia, which makes it an ideal location for Amanie Advisors as it plans to expand into these areas. However, there are equal challenges that come with the location of its global offices. The regulatory environment in Dubai is complex, so Amanie Advisors must navigate the ever-evolving regulations related to Islamic finance. Furthermore, despite the growth of the industry in the region, the market is still relatively small in comparison to conventional finance. As well as this, the market is highly competitive, meaning Amanie Advisors must continuously compete with a number of other Islamic finance advisors to attract clients. In order to stand out from competitors, Amanie Advisors firstly distinguishes itself through its global reach, with offices across the globe and clients in many countries. As well as this, the company sets its services apart from traditional, standardised solutions by providing tailored Shariah services that meet the specific needs and preferences of its clients. Furthermore, the firm often invests in education and awareness programmes to help its clients better understand the principles of Islamic finance and how it could be beneficial to them. Amanie Advisors is also unique in terms of its innovation, since it constantly aims to meet the changing needs of its clients by creating new, diverse Shariahcompliant financial products. As a result of its innovative and knowledgeable advisory services, Amanie Advisors has been awarded Best Shariah Compliance Advisory Firm in the UAE Business Awards 2023. In the coming years, the company aims to bridge the gap between the western market and the Islamic finance world, especially in the Northern American and European regions. It strives to encourage world renowned asset management firms and banking institutes to offer Islamic products and services and adapt to the Shariah governance framework within the Islamic finance industry. Contact: Norfahreen Azfy Abdul Aziz Company: Amanie Advisors Web Address: amanieadvisors.com
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