CICAFFI, Independent Committee for Certification, Audit, and Training in Islamic Finance
CICAFFI assists financial institutions, companies, investors, and project sponsors in the design, structuring, validation, and monitoring of solutions aligned with Shari'ah principles.
Our history
A Track Record Built Since 2010
CICAFFI draws on the experience that its Board members have gained since 2010, particularly through certification, audit, advisory, and training work previously undertaken within CIFIE. CICAFFI builds on this work with a renewed structure, closer project oversight, and services tailored to the evolving needs of institutions and entrepreneurs. It remains committed to promoting ethical finance and to rigorously assessing the compliance of products and transactions with Shari'ah principles.
What we do
Our mission
Our mission is to provide independent, rigorous expertise tailored to the French and European legal, financial, and economic context. Our work includes:
Assessing the Shari'ah compliance of financial products, contracts, and structures
Supporting the design and structuring of new Shari'ah-compliant solutions
Issuing reasoned Shari'ah opinions and Shari'ah compliance certificates
Monitoring and auditing certified products to ensure ongoing Shari'ah compliance
Providing training for professionals and project sponsors
Providing independent guidance on specific matters and in disputes relating to a financial transaction, investment, or partnership
Shari'ah Jurists
They form the core of the Shari'ah Board and specialise in the jurisprudence of financial transactions (fiqh al-mu’amalat). They assess products, contracts, and transactions for compliance with Shari'ah principles and issue reasoned Shari'ah opinions.
Financial Specialists
Our financial specialists analyse the economic mechanisms, cash flows, risks, and operational arrangements associated with each product. They present transactions to the Shari'ah Board clearly and comprehensively, enabling it to reach an informed decision on the structure under review.
French Law Specialists
Our French law specialists examine the legal, regulatory, contractual, and tax implications of each project. Their analysis helps identify solutions that are both aligned with Shari'ah principles and compatible with the applicable French legal framework.
Three Areas of Expertise
Multidisciplinary Expertise
The Shari'ah compliance of a financial product cannot be assessed solely from a Shari'ah or financial perspective. It requires a thorough understanding of the product’s structure, objectives, contractual documentation, cash flows, and legal environment. This is why CICAFFI brings together three complementary areas of expertise.
Each engagement begins with a thorough understanding of the project and the client’s needs. Relevant experts then review the documentation, contracts, cash flows, and operational arrangements. By combining Shari'ah, financial, and legal analyses, the Shari'ah Board can issue a reasoned opinion and, where appropriate, make Shari'ah compliance recommendations. CICAFFI follows an approach grounded in dialogue, transparency, and long-term support.
Our commitments
Our values
We stand for responsible, transparent, non-speculative finance rooted in the real economy and aligned with Shari'ah principles.
The Shari'ah Board’s assessments and opinions are issued with complete objectivity. It has no ownership interests in the organisations it advises or audits.
Each project benefits from the combined expertise of Shari'ah jurists, finance professionals, and French law specialists.
Who we serve
Who Does CICAFFI Serve?
Our services are designed for:
Banks and other financial institutions
Insurance companies and takaful operators
Asset managers, fintech companies, and investment platforms
Businesses and investors
Entrepreneurs and project sponsors
Training providers and institutions seeking to enhance their teams' understanding of Islamic finance
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