Needless to say, compliance with the Shariah requirements calls for an organisational structure, information flow and channels of communication, operating procedures and controls etc, tailored to the specific needs of each institution.

The Institute's Shariah Advisory Unit is well placed and experienced to advise financial institutions on these matters and can advise and assist them to establish a credible system for the conduct of business in conformity with the provisions of the Shariah. It uses recognised consulting procedures and practices in dealing with clients' requirements.

In practice, the permissibility or otherwise of a transaction or business activity under the Shariah is conveyed by the issue of a "Fatwa"or legal decree. In this connection, the Institute published early in 1998 "A Compendium of Legal Opinions on the Operations of Islamic Bank" (see Publications).

The Compendium, is a subject-wise compilation of "Fatwas" issued by the religious boards of most Islamic banks across the world. They are presented in the compendium side-by-side in English and Arabic languages. The publication is the result of more than 2 years of intensive effort by the Institute and is an invaluable information and reference source for the management and religious boards of Islamic banks.

The Institute welcomes clients to discuss their requirements in detail with its staff, who will endeavour to submit proposals tailored to their needs.

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