In 1997, EY was the first Big 4 firm to setup an Islamic Financial Services team to support the Islamic finance industry in Bahrain. This team then began providing the specialist services to a wider geographic region,
first stretching to other GCC countries and then to MENA.
Islamic Financial Services (IFS) is a sub-sector of our Financial Services. It continues to be one the fastest growing sub-sectors within our Financial Services practice in MENA, Asia and Africa. It is also gaining increasing popularity in specific markets such as the Far East, Europe, North America and CIS.
In 2012, EY formally setup the multi award winning Global Islamic Banking Centre (GIBC) of Excellence which now provides support to the firm globally via its thought leadership reports and unique competencies that help the firm win and maintain its market leadership position. The GIBC team is a specialist team with a blend of past banking, regulatory and academic roles.
GIBC now provides support to the industry and regulators through its many initiatives and activities:
- World Islamic Retail Banking Competitiveness Report
- World Takaful Report
- World Islamic Investment Funds Report
- Exclusive arrangements with AAOIFI to certify core banking systems Shari’a compliance
Global Islamic finance assets are estimated at USD 1.8 trillion in 2012, and are expected to double over the next 3 years.
IFS competencies span across all key sectors – BCM, Takaful, Asset Management and Financial Services Government and the team have supported or led engagements with the wider Advisory Services teams. Core competencies include:
- Risk & Governance – Corporate & Shari’a Governance, Risk Management and Internal Shari’a Audits
- Sukuk Structuring & Advisory – Islamic capital market product structuring, innovative Islamic structured finance, private placements, securitization and ratings advisory
- Strategic Direction – Strategy Articulation, Concept Development and Industry Reports
- Finance & Performance Management – Business Planning and Performance Improvement Programmes
- Transaction Advisory Services – Structuring Advice, Business Modeling and Merger & Acquisition Support
- People & Organisation – Target Operating Models, Organization Structures, Competency Frameworks and Performance Management Systems
- Supply Chain & Operations – Business Process Re-engineering, Process Mapping, Product Programs, Policies & Procedures and Operational Reviews
- Customer – Customer & Market Strategy, Customer Intelligence & Economics, Customer Service Management
- Information Systems – Core Banking System Selection & Design, System Implementation Support, MIS Design
- Tax Advisory – Shari’a Compliant Tax Advisory Services
- Project Management – PMO Setup & Running, Project Management, Workstream Management