IFA Consultancy Limited
Capability Statement
May 08, 2022
Prepared for:
The Microfinance Investment Support Facility for Afghanistan
Address: House # 195, Esmat Muslim Street, Shahre Naw, Kabul - Afghanistan
Phone: +93 (0) 796 967 856
Email: info@misfa.org.af
Prepared by:
IFA Consultancy Ltd.
Address: 215/Kha, JS Tower (4th Floor), Merul Badda, Pragati Shoroni, Dhaka-1219
Phone: +88-01958-048899, +88-01958-048890,
E-mail: info@ifacbd.com
Table of Contents
Know Us
4
Why Choose IFAC?
4
Vision Statement
4
Our Missions
4
Our Legal Status
5
Our Ethical Statement
5
Our Services
5
Our Expertise
6
Our Experiences
6
IDLC Finance Limited
6
Insurance Development and Regulatory Authority
6
Description of Similar Assignments
7
Ekota Women’s Co-operative Society
7
Pagar Muslim Society
7
Our Clients
7
Our Partners
7
TAGHEER – Our Local Partner in Afghanistan
8
Team Profile
9
Mufti Yousuf Sultan
9
Jamil Abbas
10
Syed Kamal
10
Mufti Abdullah Masum
11
Consulting Description
11
Appraisal and Planning
11
Objectives and Schedule
12
Execution and Metrics
12
Review and Closure
12
Conclusion
12
To
Mohammad Khalid Abid
Administration & Procurement Manager
The Microfinance Investment Support Facility for Afghanistan
Address: House # 195, Esmat Muslim Street, Shahre Naw, Kabul - Afghanistan
Dear Mr. Abid,
We, the undersigned, offer to provide the consulting services for Transformation of
Conventional Lending to Shariah-Compliant Lending in accordance with your Expression
of Interest (EOI) notice dated April 13, 2022 and our EOI. We are hereby submitting our
EOI as per the instructions provided.
We understand you are not bound to accept any EOI you receive.
Yours sincerely,
Mufti Yousuf Sultan
Co-founder,
IFA Consultancy Limited
215/Kha, JS Tower (4th Floor), Merul Badda, Pragati Shoroni, Dhaka-1219
Know Us
IFA Consultancy Limited (IFAC) is the first institution in Bangladesh that provides training
and consultancy on Halal & Islamic Finance. Our journey started back in Nov 2016 with a
simple social media group and a study circle. Our aim was to promote Islamic Finance and
Halal Lifestyle among the people believers and non-believers equally. We are proud to have
organized the first Islamic FinTech Conference in Dhaka in January 2018. IFAC believes that
Halal is a very trustworthy, acceptable and progressive method that can empower a growing
economy and assure sustainability in social & economic development.
We provide Halal & Islamic Financial Consultancy to the Financial Organizations like
Corporate firms, Banks, Insurance, Finance Corporations, Microcredit Organizations, SMEs,
Co-Operative Societies, and Educational Institutes etc.
We have expertise in the domains of Halal, Islamic Finance & Shariah. We have a group of
Shariah Scholars in our team who work dedicatedly both as instructors in the training section
and professional consultancy practitioners in Shariah Advocacy. They are dedicated to
conduct research, develop training materials and provide Shariah consultancy to
instructions, organizations, corporates, SMEs and government simultaneously. These
Shariah experts and Muftis have graduated from reputed institutions. They have extensive
knowledge, training and experience in both classical Islamic commercial jurisprudence as
well as its modern application. Besides, they are CSAA certified from AAOIFI, Bahrain. They
promote harmonization between Shariah theories and practices.
We are a proud Partner of AAOIFI (Accounting and Auditing Organization for Islamic
Financial Institutions) & TAIF - Training and Awareness of Islamic Finance. Besides, we
have collaborations & relations with enormous organizations at home and abroad,
Alhamdulillah.
Why Choose IFAC?
5+
Years of Experience
20+
Team Members
23
Courses
50+
Clients Served
40+
Collective Years of
Team Experience
10+
CSAA & CIPA
in the Team
1500+
Students
41000+
Followers
Vision Statement
Sustainable economic environment established for the betterment of humanity.
Our Missions
Islam is a complete cobe of life. It provides guidance and solutions for the whole of humanity,
in all aspects of life, materially as well as spiritually. There are several verses in Al-Qur’an
and narrations in Sunnah that provide the fundamentals of economics and finance.
Allah SWT declares in Al-Quran:
“O you who have believed, (in the Oneness of Allah - Islamic Monotheism)! Eat from the
good things which We have provided for you and be grateful to Allah if it is [indeed] Him that
you worship.” (2:172)
Our Legal Status
IFAC Limited started its official journey in November 2016 and was registered as a
consultancy firm under the Company Act 1994 on 3rd October 2020 aiming to serve
dedicatedly for human welfare and sustainable economic environment through promoting the
true spirit and beauty of Islamic Economics and Finance.
Our Ethical Statement
We follow the Code of Ethics for Islamic Finance Professionals, developed by AAOIFI in the
light of Islamic Shariah. We believe in honesty, sincerity, trustworthiness & accountability.
Most importantly, we are most concerned about Trust (Amanah) and Integrity (Adl). In
addition to that, we treat every single relationship with respect.
Our Services
IFAC provides Islamic Shariah based Consultancy Services to the community whether
personnel or corporates in various sectors such as Banks, NBFIs, Sovereign & Regulators,
Microfinance Institutions, Corporates, Capital Market, Takaful & Retakaful, Fintech, SME,
Co-operative Society and Sole Proprietors.
We provide following services1. Islamic Finance Literacy
2. Human Capital Development
3. Shariah Checking, Review &
Documentation (Islamic Banking &
Others)
4. Shariah Advisory
5. Zakat Calculation
6. Halal Compliance
7. Islamic
Fund
Structuring
&
Advisory
8. Halal Crowdfunding
9. Investment Shariah Screening
10. Sukuk Advisory
11. Waqf
12. Halal Business Operation &
Environment
13. Shariah Review of Business
Process & Framework
14. Halal Branding & Advertising
15. Islamic Wallets
16. Shariah Audit
Our Expertise
Our Experiences
IFA Consultancy Ltd. has been playing a pivotal role in Shariah Advisory and Shariah
compliance of the business organizations in Bangladesh. Among them, it had the opportunity
to consult and advise on the transformation of conventional financial institutions to Shariah
based Financial Institutions.
IDLC Finance Limited
IDLC Finance is the largest multi-product Non-Banking
Financial Institution in Bangladesh with 38 branches and
over 1,400 employees. IDLC offers a wide range of loans,
deposits and capital market products and services to the
Corporate, Consumer and SME client segments. IDLC
operates in the Capital Markets through its three wholly
owned subsidiaries- IDLC Investments Ltd, IDLC Securities Ltd and IDLC Asset
Management Ltd.
IFA Consultancy Limited has trained more than 100 top and mid-level management officers
on islamic finance and banking. The training session includes a 30-hour academic training
programme supported by a few specialized sessions from Islamic Finance and Banking
Professional.
Insurance Development and Regulatory Authority
Insurance Development and Regulatory Authority of
Bangladesh (IDRA) is the only government body for
regulating and developing the insurance sector of
Bangladesh since 2010. A total of 78 insurance companies
have been operating in the country. The companies are to
be regulated under comprehensive laws and guidelines
and to be supervised by IDRA. IDRA attempts to protect
the interest of insurance policyholders, beneficiaries and ensure stability of the insurance
sector.
IDRA has assigned IFAC to do shariah analysis of “Takaful Guideline(Draft)” and provide
comments as well. IFAC has also prepared a draft Takaful Guideline requested by IDRA.
Description of Similar Assignments
Ekota Women’s Co-operative Society
Ekota Women’s Co-operative Society Ltd is a micro-credit
institution Under World Vision Bangladesh, Ds- ADP with five
thousand members under its umbrella. Their products and
services include Share, Savings, Child Savings, SDPS, FDR,
General loan, Special Loan, Housing, Ekota Somobay Bazar,
Ekota Bahari Shop, Akota Fashion's ( Mini Garments).
IFAC has reviewed all documents including contracts,
agreements,
policies,
products,
transactions,
financial
statements, reports and circulars, etc. in line with the shariah requirements. IFAC advises
and recommends improvements of the institution's existing products/projects/services and
provides professional guidance in ensuring compliance to Shariah principles and best
practices and the possible standardization of such documents, where relevant.
Pagar Muslim Society
Pagar Muslim Society is a co-operative society based in
Gazipur District of Bangladesh. The institution is providing
shariah based microfinance services under the supervision of
IFA Consultancy Ltd.
Our Clients
Our Partners
TAGHEER – Our Local Partner in Afghanistan
TAGHEER will perform as our local partner in Afghanistan for
reach and on the ground project management / coordination.
TAGHEER is a word in Arabic, which means “Change” in English.
This word was chosen because the team strongly believes in
changing perceptions by challenging the status quo and going the
extra mile to ensure accountability and increase collaboration.
TAGHEER is a government registered in Afghanistan, Turkey, and the US. TAGHEER
provides Research, Management Consulting, Third-Party Monitoring & Evaluation, and
Education & Training Services. This assignment under the leadership of IFAC will be
managed by the TAGHEER Afghanistan office, where the team speaks with the MISFA with
desired languages; Pashto, Dari, and English.
TAGHEER has demonstrable ability to work with international NGOs, UN agencies, USAID,
DFID, AKDN, OXFAM, World Vision, DAI, Japan Platform, Counterpart International,
Coordination of Afghan Relief (COAR), Save the Children, AWEC, IRC, WADAN, Afghan
Social Marketing Organization (ASMO), Mercy Corps, Social Impact, TAF, CARE, Search for
Common Ground, and DACAAR. We served them for Humanitarian and Development jobs
in the fields of Livelihood improvement and humanitarian assistance, GBV & youth
development, Workforce development and job creation, and Economic development, as well
as emergency response. The below chart speaks about some of our prominent clients.
Team Profile
Mufti Yousuf Sultan
Yousuf is an experienced Islamic Finance strategist with a passion
for spearheading Islamic Finance 3.0. He has 10+ years of
experience in providing shariah advisory especially to world
renowned Islamic Fintech players. Blending academic training in
Shariah and Islamic Finance with hands-on experience in
technology, he envisions a sustainable future of Islamic Finance.
Yousuf holds an MSc degree in Islamic Finance from INCEIF,
Malaysia. Earlier, he graduated in Shariah and Islamic
Jurisprudence from Jamia Shariyyah Malibag. He is an AAOIFI
Certified Shariah Advisor and Auditor (CSAA), a Registered Shariah Adviser by the
Securities Commission of Malaysia and an AAOIFI Master Trainer.
Yousuf co-founded IFA Consultancy Limited in Bangladesh and heads the consultancy
department. Yousuf conducted various researches, published articles, and reports; such as
“Responsible Finance - Ethical and Islamic Finance: Meeting the Global Agenda” - published
by RFI Foundation together with IFSB. He co-authored the report with Tan Sri Dr Zeti, the
former award-winning Governor of the Central Bank of Malaysia and another former Central
Banker and Islamic Finance Expert.
Yousuf also contributed to the Guidance document on Value-based Intermediation issued by
the Central Bank of Malaysia (BNM). He also worked on the commentary for Shariah
Standards issued by the BNM. Yousuf has been invited to speak in events organized by
institutions and universities including the Central Bank of Malaysia, Securities Commission
of Malaysia, AAOIFI, INCEIF, World Bank, ISRA, ASAS, MATA, Sonali Bank etc. Yousuf
advises institutions in several countries including Bangladesh, Malaysia, Indonesia, South
Africa, UAE, & US. He is also a member of the Working Group, Governance Standard
Committee at AAOIFI. Yousuf has memberships with Association of Shariah Advisors in
Islamic Finance (ASAS), Malaysia and Chartered Institute of Islamic Finance Professionals
(CIIF), Malaysia.
Mufti Yousuf Sultan is also the founder of Adl Advisory in Malaysia which provides a
wholesome and end-to-end Shariah advisory service for corporates, organizations,
businesses and investors.
Jamil Abbas
Jamil Abbas is a finance professional with more than 25 years of
experience in various industries. Since 2013, he has been focusing on
Islamic finance, especially Islamic microfinance, fintech, and social
enterprise. Jamil is now holding the position of Chief Financial Officer
(CFO) at Ethis Indonesia, a fully licensed Islamic fintech (P2P) company,
which is also one of the pioneers of Islamic fintech in the world.
He is also a member of Board of Trustees of Rahmania Foundation, a member of National
Committee of IAEI (The Indonesian Association of Islamic Economist), Head of Impact
Development of AFSI (Islamic Fintech Association of Indonesia), and a member of
Supervisory Board of PINBUK.
Previously he was the Deputy Director – Islamic Financial Inclusion at KNEKS, a General
Manager at PBMT Indonesia (one of the largest Islamic microfinance groups in the world),
CFO at Blossom Finance, and Head of Finance at several multinational companies in
Indonesia.
Jamil is very active in promoting and developing Islamic finance as an impactful solution for
poverty alleviation and welfare improvement. With his colleagues at various networks, Jamil
is now developing the concept of KoLaKS (Kolaborasi Layanan Keuangan Syariah /
collaboration-based Islamic financial services) in order to optimize synergies among
stakeholders of Islamic finance for greater acceleration of Islamic financial inclusion in
Indonesia.
Jamil obtained his degree in Accounting & Finance from The University of Melbourne
(Australia), and he completed his MBA in Islamic Finance from International Islamic
University Malaysia (IIUM) as the best student.
Syed Kamal
Syed Kamal is the Founder of TAGHEER Group and leads the in-house quality assurance
section for the company. He has over 15 years of professional work experience,
specializing in business development & management, research & third-party monitoring &
evaluation. Having worked in the public, private, and development sector, Kamal has
developed expertise in project design and implementation, quality control, and contract
management.
Kamal has performed multiple job market assessments under the Afghanistan workforce
development program, while some of his served clients include a few Foreign Embassies &
Ministries, UN, USAID, DFID, EU, AKF, OXFAM, World Vision, DAI, Japan Platform,
Counterpart International, Save the Children, Mercy Corps, Social Impact, CARE
International, The Asia Foundation, and the Government of Afghanistan. Kamal has
managed around 100 small and medium projects and led / contributed to more than 30
feasibility & baseline assessments, mid-term & performance evaluations, end-line & impact
evaluations,and regular third-party monitoring exercises in Afghanistan and the Middle East.
Kamal holds a postgraduate diploma in management, a Masters in English literature from
the University of Peshawar, Pakistan and a second Masters in business administration and
operations management from the Indira Gandhi University of India. He fluently speaks
English, Pashto, Persian, and Urdu / Hindi.
Mufti Abdullah Masum
Mufti Abdullah Masum is a specialist in Islamic Finance and
Economic Jurisprudence. He is a Certified Shariah Advisor and
Auditor (CSAA) from AAOIFI, Bahrain. He graduated in Shariah
Principles from Jamia Shariyyah Malibag. Later, he obtained higher
education on Fiqh and Fiqhul Muamalat from Markaz Al-Dawah
Al-Islamia – a prominent institution of higher Shariah studies in
Dhaka. It was a Ph. D. equivalent research-based study program with
duration of 5 years specializing in Islamic Finance. He is now acting
as the Senior deputy Mufti in Jamia Shar'iyyah Malibag – a prominent Darul Uloom in
Dhaka.
Abdullah is the Founding Director and the Head of Academy of IFA Consultancy Limited. He
has been successfully providing training on Islamic Finance to professionals for more than
Eight years. Alongside he is providing Shariah consultancy in various commercial
establishments and companies. Abdullah is also an honorable working group member of
AAOIFI Governance and Ethics Board (AGEB).
Moreover, He was a Permanent Study Panel Member of the Central Shariah Board for
Islamic Banks of Bangladesh. He is also a member of AAOIFI Exams Review Committees
(ERC) on behalf of AAOIFI Education Board (AEB) His area of specialization includes Fiqh
Muamalat, Islamic Finance, Islamic Banking, Islamic Capital Market, Sukuk, Zakat, Fatwa,
Muslim Family Law, Islamic law of inheritance and various other areas of Shair’ah. He had
researched Capital Market, MLM, Sukuk and other areas of Islamic Economics and Finance.
Consulting Description
The Shariah consulting engagement will move through several phases. Every organization is
unique, including its Shariah needs, capabilities, and objectives. As a provider, we do not
offer canned services; every engagement is custom designed to meet the organization’s
specific requirements and goals. However, most engagements do follow a similar process
that is described below.
Appraisal and Planning
During this stage, the current state and desired state of Shariah performance, demand, or
other areas that are the focus of the engagement are accessed, and a course for moving
from the current state to the desired state is determined. This defines the scope of the
consultancy agreement, and clearly defines the responsibility of the client and responsibility
of the Provider during the engagement.
Objectives and Schedule
Once ultimate goals are determined then intermediate objectives and the timeline for
reaching them are established.
Execution and Metrics
Activities to reach objectives and goals are defined and carried out, including metrics to
gauge the success of particular activities in reaching the goal or goals. The consultancy
engagement services can involve, but not limited to:
●
●
●
●
Developing strategy
Advising and overseeing activities to improve effectiveness and
efficiency
Present and train industry best practices real
work
Design and development services
Review and Closure
At the end of the engagement term, the success of the engagement will be reviewed and
any final sign-off completed. This will include recommendations for future direction for the
organization’s Shariah development and improvement.
Conclusion
Again, we are happy to present this EOI for your review. Upon acceptance of this proposal,
the Provider will draft a comprehensive Statement of Work based on project requirements for
your review that will serve as the project contract between the Provider and the Client.
If you have any questions or need additional information amended to the proposal, please let
us know. You can reach me directly by phone at +880 1985048899 or by email at
info@ifacbd.com.
Mufti Yousuf Sultan
Co-founder,
IFA Consultancy Limited
215/Kha, JS Tower (4th Floor), Merul Badda, Pragati Shoroni, Dhaka-1219
E-mail: yousuf@ifacbd.com