OFIS-SGB™
Shariah Governance Benchmark
Benchmark the maturity of an institution's Shariah governance architecture against AAOIFI Governance Standards and IFSB-10.
OFIS-SGB™
Scope
- Shariah Supervisory Board independence, competence and tenure
- Internal Shariah review and audit functions
- Shariah risk management
- Shariah research and product approval workflow
- Disclosure to stakeholders
Deliverables
- Governance Maturity Score (0–100)
- Gap-analysis matrix vs AAOIFI / IFSB-10
- Remediation roadmap with owners and timelines
- Board-ready governance dashboard
Scoring Dimensions
Weighted Assessment Model
| Dimension | Weight | Description |
|---|---|---|
| SSB Composition & Independence | 20% | Number, qualifications, conflicts and term limits of board members. |
| Shariah Research & Approval | 20% | Quality and rigor of product review and fatwa documentation. |
| Internal Shariah Review | 15% | Periodic, risk-based review of operations against approved structures. |
| Shariah Audit | 15% | Independent assurance over Shariah compliance. |
| Shariah Risk Management | 15% | Identification, measurement and mitigation of Shariah non-compliance risk. |
| Disclosure & Reporting | 15% | Annual SSB report, segregation of non-Shariah-compliant income. |
| Total | 100% |
Rating Bands
Interpretation Scale
World-Class
90–100
Reference institution; sets standards for peers.
Advanced
75–89
Mature governance; minor refinements.
Established
60–74
Functional governance; targeted gaps.
Developing
40–59
Significant gaps; structured remediation required.
Emerging
0–39
Foundational work required across most dimensions.
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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