OFIS-SPA™

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.

OFIS-SPA™

Scope

Concept paper & fatwa request
Shariah review & approval
Legal, risk, operations and audit sign-offs
Disclosure and customer-communication review
Post-launch review

Deliverables

Product Approval Memorandum template
Cross-functional sign-off checklist
Customer disclosure pack
Post-launch review template

Scoring Dimensions

Weighted Assessment Model

Dimension	Weight	Description
Concept & Fatwa Quality	30%	Completeness and rigor of the request to SSB.
Cross-functional Sign-off	25%	Evidence of legal, risk, ops and audit clearance.
Documentation & Disclosure	25%	Customer-facing terms reviewed and approved.
Post-Launch Review	20%	12-month look-back assessing real-world Shariah behaviour.
Total	100%

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