A Unified Framework for Shariah-Authentic Finance
OFIS™ is the umbrella architecture for product structuring, Shariah governance, risk assessment, compliance and product rating in Islamic finance — anchored in AAOIFI standards, IFSB guidance and classical Shariah jurisprudence.
The OFIS™ Architecture
OFIS™ at a Glance
Contract Structuring
Five sub-frameworks covering the core Islamic finance contracts.
Governance, Risk & Rating
Six governance frameworks for boards, auditors, regulators and rating teams.
OSAS™ Standards →
Shariah advisory dossiers and approval memoranda for each contract type.
OFIS™ Sub-Frameworks
Murābaḥah
مُرَابَحَة · Cost-plus Sale
A trust-based sale (bayʿ al-amānah) in which the institution discloses the original cost of an asset and adds a clearly stated mark-up, with payment deferred under agreed terms.
Muḍārabah
مُضَارَبَة · Profit-sharing Partnership
A trust-based investment contract in which one party (Rabb al-Māl) supplies capital and another (Muḍārib) supplies labour and expertise, sharing profits per a pre-agreed ratio while losses are borne by capital alone — except where caused by misconduct or negligence of the Muḍārib.
Ijārah Muntahiyah bi al-Tamlīk
إِجَارَة مُنْتَهِيَة بِالتَّمْلِيك · Lease Ending with Ownership Transfer
A lease contract in which the institution leases a tangible asset to the client for a defined rental schedule, accompanied by an independent promise (waʿd) to transfer ownership at the end of, or during, the lease term — by gift, sale or progressive transfer.
Wakālah
وَكَالَة · Agency Contract
A contract in which a principal (Muwakkil) appoints an agent (Wakīl) to perform a defined act on the principal's behalf, with or without a fee. Widely used in investment management, takāful operations, treasury and corporate finance mandates.
Istisnāʿ
اِسْتِصْنَاع · Manufacture-to-Order Contract
A sale contract on an asset to be manufactured or constructed to defined specifications, at an agreed price, delivered on agreed milestones. Frequently paired with a Parallel Istisnāʿ between the institution and the actual manufacturer.
Cross-Institution Standards
Shariah Governance Benchmark
Benchmark the maturity of an institution's Shariah governance architecture against AAOIFI Governance Standards and IFSB-10.
Shariah Review Benchmark
Standardise the methodology, depth and evidence base of internal Shariah review across products, processes and disclosures.
Shariah Product Approval Framework
Codify the end-to-end product-approval workflow from concept to launch, ensuring every product passes documented Shariah, legal, risk and operational gates.
Islamic Finance Risk Assessment Framework
Integrate Shariah non-compliance risk into the institution's enterprise risk taxonomy alongside credit, market, liquidity, operational and reputational risk.
Shariah Compliance Assessment Framework
Provide a standardised, auditable compliance-assessment methodology covering products, processes, contracts, income and disclosures.
Islamic Finance Product Rating System
Independent, transparent rating of Islamic finance products on Shariah authenticity, structural robustness, transparency and beneficiary fairness.
Need a Shariah advisory dossier?
OSAS™ — the Onike Shariah Advisory Standards — provides the advisory subset of OFIS™, with ready-to-use approval memoranda and transaction layout sheets for each contract type.
Explore OSAS™Part of the Onike Framework Ecosystem
OFIS™ · Onike Framework for Islamic Finance
Reviewed and Approved by Abdul-Azeez Onike Morufu — Registered Shariah Adviser, Securities Commission Malaysia
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