✔ An assessment is conducted by an Assessment Team that is specialized in the industry of the client. The goal is to determine the level of compliance of the business across a group of predefined standards specific to the given industry.
✔ A comprehensive report is prepared by the team indicating the compliance (or the lack thereof) of the product or servicing entity or transaction for each of the required standards. In addition, the report includes detailed elaboration explaining why some aspects are marked as non-compliant. The Sharia Advisory Council is consulted in case there is an aspect of the business for which no clear compliance requirements have been defined.
✔ The initial assessment is executed to determine all the areas of compliance, and non-compliance, based on the predefined standards.
✔ A detailed report is prepared on all the compliant and non-compliant areas, along with the reasons for non-compliance.