ISLAMIC BANKING PRODUCTS Development
Rehab Lootah
January 2012
Rehab Lootah
Chief Business & Sales, Mawarid Finance, UAE
Managing Director - IFS (FZE)
www.rehablootah.com
World’s first woman recipient ofcertification in Islamic Finance.
Rehab currently holds the position as Chief Business and Sales at Mawarid Finance and instrumental in product creation,
strategy formulation, brand positioning, corporate communication and Corporate Social Responsibility (CSR) drive while being
the Managing Director for Mawarid’s wholly owned subsidiary IFS (FZE).
Rehab graduated in BSc Engineering from UAE University and since then cultivated many other specialisations from
Information Technology to Islamic Banking covering many areas. Rehab is well experiencedin Shariah compliant Banking Sector
in the region and in addition to her CIMA Islamic Financial credential she also holds below professional qualifications,
•Certified Islamic Finance Expert (CIFE)
•Certified Islamic Banker (CIB)
•Certified Takaful Professional (CTP)
•Post Graduate Diploma in Islamic Banking & Insurance
Other Academic and professional qualifications:
• MBA
• Six Sigma Green Belt
• Project Management Professional - PMP
• Microsoft Certified System Engineer – MCSE
• Certified eMarketing Professional
• Comptia A+ Certification
Rehab always had a keen interest to nurture and develop the society through her training programs and from the very
beginning she is actively taking part in conducting training sessions on subjects ranging from Islamic Banking to Personal
development.
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Content
o High level process of product development.
o Product documentation.
o Product Launch.
o Product Review.
o About IFS.
o IFS Mission & Vision.
o IFS Service offerings.
o IFS Oman Projects.
o IFS Services for Omani banks opening Islamic Windows.
o First IFS Oman Training Session 2011.
o IFS Value Proposition.
High level process of product development
 Product / Services Idea and concept.
 Market Research.
 Business Case.
 Fatwa and Structure.
 Stakeholders involvements.
 Compliance.
 Credit Parameters.
High level process of product development
processes, product Manuals/Programs.
 SOPs ( standard Operating Procedures).
 IT Setup.
 proper accounting entries.
 Marketing Plan.
 Training ( Sales team & Agents ).
 Documentation.
 Soft Launch.
 Hard Launch.
Product documentation
 Products Manuals
 Contracts
 Forms
 Fatwas
 Fees and Charges
 Training Materials
 Protected Soft Copy and Access right
 Custodian
 References/versions
Product Launch
 Products can be launched (made available to clients/the market) in two
ways,
o Soft launch
o Full launch
 Soft launch – as per the traditional understanding of a soft launch,
completed product is launched to select clients. Naturally, soft launches
would lead to a full product roll out, with either increased exposure and
marketing and advertising campaigns.
 Hard launch – A hard launch would meet below criteria individually or
together.
o All aspects of the product development procedure have been
completely and successfully finished.
o The product launch is accompanied by a specific campaign and, or
marketing/advertising in the media.
Product Review
Objectives:
o How to further refine the product in order to
emphasize its benefits and limit the weaknesses?
o Who is attracted by the new product?
o What is the satisfaction level with the product and
its attributes?
o What are main benefits for clients?
o What is the repayment culture and characteristics
of troublesome clients?
o What is the profitability of certain sub-segments;
sub-areas?
o What are the differences between branches and
other channels?
Methodology:
Many methods and techniques available (client database, focus groups with the staff,
self-completion forms, individual interviews, etc.);
Product Review
 Amendments to Products due to either internal factors or external are
unavoidable and can be requested / initiated from any source.
 Depending on whichever element of the Product needs amending,
the same product development procedures, for that task will be
repeated with subsequent approval.
 Amendments will also be circulated to concern departments.
 All amendments will require a sign-off on a hardcopy of the
amendment by concerned
 Amendments will be updated in all Product record mediums, File, CD
and Internet /Intranet .
IFS is a fast growing one-stop-shop service provider
for all Islamic Banking and Takaful outsourced
services. We provide distinct operational banking
services, business and technical consultation in the
region through a combination of robust delivery
process, people and technology.
IFS is gaining recognition and prominence in the
domain regionally and being fully committed to
provide unmatched business value to all our
customers.
Vision
To be recognized as the most preferred
partner and service provider for Islamic
Banking & Takaful Services, sustaining long
term and immediate measurable benefits
for our Client establishments with added
value.
Mission
Deliver superior services to our valued
clients exceeding their expectations, cost
effective and profitable solutions resulting
always a pathway to achieve business goals
with an empowered set of dedicated
individuals working towards a common
vision.
Service Offerings
Shariah
Services
Corporate
Governance
& CSR
Operations
and Business
Support
Quality
Management
and Business
Excellence
Human
Resource
Services
IT Services
Marketing
&
PR Services
IFS Oman Projects
 IFS has been actively involved and following the development of
Oman’s Islamic Finance development from the start and from our
visits, previous training sessions and feedback from 6 local banks with
plans for Islamic Finance Window operations come up with a package
to cover all aspects of a successful entry for both Bank and customer
in to the field.
 Current and in the pipeline Projects in Oman
 Off the Shelf Product for BankMuscat
 Islamic Financial Services for National Bank of Oman
 Islamic Financial Services For Bank Sohar
 Islamic Training for Bank Sohar
IFS Oman Projects
 IFS Services for Omani Banks opening Islamic Windows
 Products
 Consultancy & Advisory Services
 IT system modification & implementation support
 Shariah Accounting Processes & Procedures
 Shariah Compliance Audits
 Trainings
 Project Management
IFS Oman Projects
“A New Beginning - An introduction to Islamic Finance, Accounting, Product
Development and Marketing” Training - 17-18 July 2011 Hotel Intercontinental,
Muscat.
IFS Oman Projects
 IFS Value Proposition:
 Fully AAOIFI and IFSB standards proficient
 Aware of both GCC and Malaysian Islamic Finance
 Experience in Oman - IFS has already provided training to Omani
banks and Our product development services.
 Local presence - Dedicated partners based in Muscat, Oman
 Tried and Tested - Already in the market for many years and
dealing with Banks, IFIs and Takaful providers across the GCC
region.
 Innovative - Pioneering products in the market such as eMurabaha, unique Credit Card.
 Quick turnaround time for product development
Q&A
Thank you!
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