Shari’a Audit and Islamic Financial Advisory


Managing Partner, Dr. Abdulbari Mashal, has 24 years of experience in Islamic financial institutions and Shari’a Supervisory Boards.


Raqaba was established in 2007 and it is a network of independent firms in Africa, Europe, Middle East and North America.


Raqaba’s Islamic advisory services in formation, transformation, and restructuting are inclusive business solutions.

Our Services

Raqaba provides its services in accordance with the collective decisions of Islamic jurisprudence, Islamic financial standards of AAOIFI and IFSB, International standards of IFRS and ISA, and local regulatory frameworks. Also, we take in consideration best practices along with resolutions related to contemporary issues in the Islamic finance industry.

Islamic Financial Advisory

  • Establishment of Islamic Financial Institutions
  • Transformation of Conventional Financial Institutions to the Islamic Financial System
  • Establishment of Islamic Windows in Conventional Institutions
  • Development of Policies & Instruments of Islamic Social Finance

Shari’a Control Advisory

  • Structuring financial products & Automated Systems
  • Structuring Shari’a Governance
  • Development of Policies & Procedures
  • Development of Employee Manuals

Securities Exchange Advisory

  • Structuring Sukuk
  • Structuring Islamic REITs
  • Zakat & Tatheer Calculation
  • Compliant Stock Lists & Indices

Shari’a Audit & Assurance

  • External & Internal Shari’a Audit
  • Shari’a Accreditation of Product Structures and Automated Systems
  • Shari’a Accreditation of Corporate Governance
  • Accreditation of Policies & Procedures

Shari’a Supervisory Board (SSB)

  • Formation of SSBs
  • Executive Membership of the SSB
  • Regular Membership of the SSB
  • Secretary of the SSB

Professional Training & Certification

Raqaba is authorized to deliver professional training programs, diplomas, and master of the General Council for Islamic Banks and Financial Institutions, CIBAFI. Also, Raqaba provides other programs based on the needs of local markets.

Raqaba Index

Raqaba Indices Project consists of five indices: Raqaba Shariah Index, Raqaba CSR Index, Raqaba Financial Expectations Index , Raqaba Impact Investing Index, and Raqaba Maqasid Index

Raqaba Launches “Raqaba Shariah Index” for Financial Markets

We are pleased to announce that Raqaba has launched "Raqaba Shari'ah Index" for the financial markets in the GCC countries; Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman. This index is the first phase of Raqaba Indices Project that consists of five indices:...

Our Senior Professionals

Raqaba team consists of Islamic finance professionals who standout for their academic qualifications, professional certifications and career achievements, and work under the direct supervision of the managing partner.

Abdulbari Mashal, Ph.D.

Abdulbari Mashal, Ph.D.

Managing Partner

  • 24 years of experience in Shari’a Audit and Islamic Financial Advisory.
  • Chairman & Member of SSBs for Islamic Banks & Financial Institutions.
  • Board Member of AAOIFI Governance and Ethics Board (AGEB), Bahrain.
  • Member of Fiqh Council of North America (FCNA), USA.
  • Expert at the International Islamic Fiqh Academy, Jeddah, KSA.
  • Arbitrator at the International Islamic Center for Reconciliation and Arbitration (IICRA).
  • Corporate Governance Expert at the Center for International Private Enterprise (CIPE), U.S. Chamber of Commerce, USA.
  • Member of AAOIFI Shari’a Committees, Bahrain (2007-2010).
  • Permanent Expert at the Shari’a Board for Supervision and Rating, CIBAFI, Bahrain (2009-2011).
  • Ph.D. in Islamic Economics, Al-Imam Islamic University, KSA.
  • Author of 12 textbooks and more than 60 research papers & 200 articles in Islamic finance.
Nizar Mashal, MBA

Nizar Mashal, MBA

Director of Advisory Services

  • Experienced Financial Analyst specialized in Corporate Restructuring.
  • MBA, Duke University’s Fuqua School of Business, NC, USA.
  • Executive Professional Master in Islamic Finance, CIBAFI.
  • Bachelor of Business Administration in Finance, American University of Kuwait.
  • Bachelor in Islamic Business Jurisprudence, Kuwait University.


Mohamad Al-Shurafa, CIFP

Mohamad Al-Shurafa, CIFP

Senior Manager - Shari'a Audit

  • Experienced Shari’a Auditor specialized in Capital Markets.
  • Ph.D. candidate in Islamic Finance, University of Malaya, Malaysia.
  • Chartered Islamic Finance Professional, INCEIF.
  • Executive Professional Master in Islamic Finance, CIBAFI.
  • Bachelor of Business Administration in Finance, Gulf University, Kuwait.

Contact Us

Contact Us

North America & Europe

North Carolina, USA

Mon-Fri | 9:00 am - 5:00 pm

Middle East & North Africa


Sun-Thurs | 9:00 am - 5:00 pm

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