Enterprise Risk Management
in Islamic Financial Institutions

Through its unique methodology and software, CARE, CGC has helped numerous Islamic financial institutions implement Risk Management systems that not only manage the traditional Operational Risks but Sharia Compliance risks too. 

CARE allows for the identification and assessment of these risks (weights are assigned to each risk depending on its level of importance), the controls mitigating these risks are identified and periodically tested to ensure they remain working as intended.

CGC will also identify and assess the Operational Risks relating to specific Islamic Products such as:

  1. Sukuk
  2. Murabaha
  3. Ijarah
  4. Istisnaa'

Client Testimonial:

"CGC risk management system has helped with the integration and harmonization of efforts among our various corporate governance functions. Since it allows for the identification and assessment of all types of risks (Legal, Reputational, and most importantly Shariaa' compliance risks), all of these functions are able to use the Risk Database on CARE in discharging their duties. 

"In addition to providing early warning indicators, the system moves the responsibility and accountability for the day-to-day management of Operational Risks and monitoring controls to line managers.  

"We have found CARE to be a very useful system and it has helped strengthen our control environment".

Chairman, Arab Islamic Bank.