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
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