MINARAH MULTI CONSULTING LTD’S SPECTRUM OF ACTIVITIES AND PROJECTS DELIVERED BY ITS CONSULTANTS
Mutualp (France): We helped to develop takaful products for a Mutual insurance company in France. The purpose of the project is to compliment the social security system which provides about one third of the medical expenses. The difference the French have to buy insurance policies. The project involved the drafting of documents, looking into the regulation of insurance and approve the takaful mechanism and training of brokers to sell the product. It also involved the issuance of a Shariah compliant Certificate followed by a Shari’ah review Certificate by doing a shariah review and risk analysis of the takaful fund and the policies sold.
Bricklane investment Ltd (UK): This is a REITS company based in London and is quoted on the Financial Times among the 10 bets companies in 2017. We helped that company to convert its portfolios towards a more shariah compliant enterprise by having the appropriate shariah ration for investment. We worked closely with them to achieve this target. Now they are in the process of buying another REITS fund which we are supervising. This work involves a lot of screening recommendation, vetting of documents and fiqhi issues when there is conversion from a conventional fund towards a Shariah complaint fund.
Islamic Relief Kosovo Cash waqf project : This was an interesting project which involved the training of the top management staff of Islamic Relief which is one of the biggest. Muslim NGO in teh world. The training focused on waqf and the different aspects of waqf. The focus ultimately was to develop a Cash waqf for microfinancing of the poor in Kosovo in various areas including farming. The Cash waqf fund is still on-going.
Hannover-re Retakaful (Bahrain): This is the leading retakaful in the world. It is a subsidiary of Hannover re based in Germany. The company started retakaful form scratch and now has a flourishing portfolio of takaful companies as their client. We helped in vetting their documents, approving their products and assessing their investment portfolios. We are involved in their shariah governance as well. On of their project was about the underwriting of small farmers in Malaysia.
Blackquest Nigeria Ltd (Nigeria): We are involved with this company to develop takaful cover for the rice farming industry. Nigeria has started to invest into farming in order to bring down the draining of foreign exchange reserve and secondly to become less dependent on oil. The price project is its second year and we are looking also at funding for the farmers so that they become more sustainable. Besides rice many areas of farming is under development which we intend exploring. Food security being one of them.
Livestock247 (Nigeria): This is the first ecommerce platform for livestock market and a flourishing field. It has the potential to change the physiognomy of this market in Nigeria. Presently we are engaging with them to bring up the Food security as well as the public health standards in Nigeria by providing the necessary training and expertise in collaboration with our leading British consultants firms. Another very important gap we wish to fill in the Nigerian market with the same company is the Halal Certification to ensure the food are both halal and tayyib for consumption. This project is intended to be rolled over into the other neighbouring North African countries such as Senegal etc.
Ummah Mobile Group: This group was aiming at establishing an electronic SIM card that would facilitate halal business in about 64 countries including restaurants, modest fashion, mosques locations, zakat distribution, money transfer etc. We were involved both at a strategic managerial and shariah levels.
Stanlib Shariah Asset Management (South Africa): This is considered as one of the leading asset management company in South Africa. We were involved in establishing the fund by vetting the documentation, looking at the regulatory framework and doing the investment screening. Also to ensure that any non-permissible income was distributed for charitable projects. These projects were poverty alleviation endeavours, especially among the indigenous people.
Mount Judi (Islamic) Venture Capital (India): This is the first Islamic Venture Capital Fund approved by the Federal Bank of India. It aims at raising money from investors to finance small and medium size enterprises. Our work id to ensure there is shariah compliance through out every deal and a proper governance of the fund. Many food and agricultural related ventures have been finance so far based on various Islamic finance structures.
Deen Bank (Mauritius): This is the first Islamic bank that applied for a licence by the Central Bank of Mauritius. Our involvement was primarily at the regulation, product structuring and vetting legal documentation.
Mount Judi Zakat project (India): This project aims at raising money by facilitating the collection of zakat via a crowdfunding platform. And to distribute it to specific hospitals. The structure of the fund and the fiqhi issues were catered for by us.
Roshgold and Roshmed (South Africa): These twin companies are among the pioneers in Islamic finance and medical aid in South Africa. We provided shariah advice to them and look into their structure on a pro bono basis.
LEGAL OPINION SUBMITTED TO COURTS AND LAW COMMISSION:
- The Recognition of Muslim Marriages Bill has been a bone of contention in South Africa. We submitted our opinion on this matter.
- We provided expert evidence in case involving the Islamic law of tort to the DIFC Court. (Name of parties withheld for professional reasons)
- We also provided expert evidence for the Bermuda High Court in a matter involving Power of Attorney under Shariah (Names of parties being withheld due to professional reasons).
- We provided legal opinion to the Durban High Court South Africa in a matter involving insurance distribution under Islamic law in a criminal matter. Name of parties are withheld for professional reasons)
- Established the Muslim Layers Association of South Africa. An organisation which works on pro bono basis to help the poor and defend any matter concerning Muslims.
- Created the Muslim Mediation and Arbitration Council in Johannesburg. The objective is to facilitate dispute resolution mechanism among Muslims and to bring down legal costs. Ulama and Lawyers were trained to be arbitrators and mediators.
- Islamic finance Group in London which aims to have open discussions on line on related matters to Islamic finance affecting UK Muslim.
- Minarah Education Hub: This was established to facilitate the flow of literatures among countries plus also to create a platform to offer on-line courses. These ventures are still being developed.