CICAFFI assisted ImmoCo-Amanah in the structuring and compliance analysis of a diminishing musharakah solution applied to property acquisition.
The engagement covered, in particular, the operation of the partnership, the terms of the gradual acquisition of shares, the organisation of the cash flows, and the rights and obligations of the various parties.
CICAFFI also identified the main compliance points and made the recommendations needed to secure the structure.
Sheikh Dr Tarik Abou Nour personally examined and certified the solution offered by VeraCash in 2020.
The engagement covered, in particular:
Examination and certification of a diminishing musharakah solution intended for property acquisition in France.
The engagement covered the structure of the partnership, the rights and obligations of the parties, the terms of the gradual acquisition of shares, and the associated contractual documents.
Examination and certification of the current account for professionals and private individuals offered by the participatory neobank Ethiko.
The engagement covered, in particular, the operation of the account, the contracts offered to users, and the compliance of transactions with the principles of Islamic finance.
Participation in the launch of the Université Numérique en Finance Islamique (UNEFI), a French-language digital platform dedicated to training and certification in Islamic finance.
The aim of this initiative was to make the teaching and tools of Islamic finance accessible to a wider French-speaking public.
Examination and certification of the Amâne Exclusive Life life insurance solution offered by Vitis Life.
The analysis covered the structure of the contract, the investment vehicles offered, and the operating mechanisms of the solution.
Examination and certification of the “Salam, Épargne et Placement” contract, a multi-fund life insurance contract under French law underwritten by SwissLife and distributed in France from July 2012.
This engagement required a cross-analysis of Shari’ah compliance requirements, the financial operation of the product, and its French legal framework.
Sheikh Dr Tarik Abou Nour took part in the work conducted with Paris Europlace on the translation into French and legal review of Shari’ah standards published by the AAOIFI, the Accounting and Auditing Organization for Islamic Financial Institutions.
This work helped make the international reference standards of Islamic finance more accessible to French-speaking professionals.
Examination and certification of a sukuk istisna’a intended to finance the production of ethical films, together with the investment fund serving as the vehicle for the transaction.
Examination and certification of sukuk ijarah and musharakah structures intended to finance photovoltaic plants producing renewable energy.
Depending on the structure adopted, subscribers were to receive a share of the plants’ rental income or dividends linked to their operation.
During the follow-up audit carried out in 2013, Sheikh Dr Tarik Abou Nour found a break in the audit trail that made it impossible to verify that the conditions initially validated were being met.
The compliance of the structure was therefore not maintained.
This decision illustrates the principle of independence applied to certification engagements: a product can retain its compliance only if its actual operation continues to meet the conditions examined and validated.
The engagements carried out by Sheikh Dr Tarik Abou Nour cover, in particular:
Certification does not constitute a definitive and unconditional validation. It rests on the documents, mechanisms, and operating procedures examined at the time of the engagement.
Maintaining compliance requires regular monitoring and, where provided for, audits to verify that the validated undertakings continue to be met.
The historical certifications presented on this page were issued within the framework of the structures in which Sheikh Dr Tarik Abou Nour was practising at the time of the engagements. They are presented as references of his professional experience and do not necessarily constitute certifications currently in force or issued by CICAFFI.