Sharia KYC

Sharia-KYC has been designed to help Islamic Financial Services industries in ensuring Sharia (Islamic law) compliance in relation to their customers' (and relations') businesses, goods or services.

Sharia-KYC has been designed to help Islamic financial services industries in ensuring Sharia (Islamic law) compliance in relation to their customers' businesses, goods and  services.

Sharia-KYC is configured to automatically flag Haraam (forbidden) business activities based on particular food and beverage related products as well as gambling, pornography and various other non-compliant activities. Charitable activities based on the Islamic principle of Zakat can also be investigated to ensure compliance.

It allows for the fast and consistent identification and flagging of businesses based mainly on interest (Riba - usury) or of an excessively ambiguous (Gharar) nature such as commercial insurance or non-productive speculative activities (Maysir) such as day trading, margin trading and derivatives such as options, futures and shorting.

Sharia-KYC can also be used to analyse and record solvency requirements such as debt / equity and account receivables / total assets ratios and non-operating-income interest thresholds.

Sharia-KYC can be requested as a stand-alone requirement or as an extension to Equiniti KYC Solutions' standard KYC offerings - clients can either request Sharia-KYC services or choose to implement the Sharia-KYC toolset as a "self-service" (Software-as-a-Service) solution.