What Raqaba does

Raqaba is a Kuwait-based Islamic financial advisory firm founded in 2007 that delivers Shari'a audit, Islamic finance consulting, securities exchange advisory, and professional training services to Islamic financial institutions, conventional banks operating Islamic windows, securities exchanges, and asset management companies across the MENA, GCC, Europe, and North America markets. The firm operates a network of independent practices with offices in Kuwait City (MENA headquarters) and Raleigh, North Carolina (North America/Europe regional office), and aligns its services with AAOIFI, IFSB, IAASB, and IASB standards. Its core products span six service lines: Islamic Financial Advisory (institution establishment, transformation, and Islamic window setup), Shari'a Control Advisory (product and governance structuring), Securities Exchange Advisory (sukuk, Islamic REITs, compliant stock lists, Zakat calculation), Shari'a Audit and Assurance (external/internal Shari'a audit, product and governance accreditation), Shari'a Supervisory Board services (formation, membership, secretariat), and Professional Training and Certification delivered as a CIBAFI authorized agent. Beyond advisory services, Raqaba has developed the Raqaba Indices Project, a proprietary platform of five indices (Shari'ah, CSR, Financial Expectations, Impact Investing, and Maqasid) that score GCC-listed entities across Shari'ah governance, AAOIFI compliance, financial auditor opinion, and Shari'ah auditor opinion dimensions.

The firm generates revenue through professional services engagements priced on a quote basis (not publicly disclosed), Shari'a compliance certification issuance (with reference numbers) for financial products, platforms, and instruments, and CIBAFI-certified training programs. Its go-to-market is sales-led, relying on direct professional outreach and structured website inquiry forms, supported by digital presence across LinkedIn, Arabic-language Facebook, X (Twitter), and YouTube. The leadership is anchored by founder and Managing Partner Dr. Abdulbari Mashal, a 30+ year Islamic finance veteran and AAOIFI professional certificate developer, alongside Regional Director Nizar Mashal (Duke MBA, CIBAFI Executive Master) and Audit Manager Ali Diab Alissa.

Name

Raqaba

Legal name

Raqaba

Website

https://raqaba.co

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Raqaba is a Kuwait-based Islamic financial advisory firm founded in 2007 that provides Shari'a audit, AAOIFI-aligned advisory, securities exchange consulting, and CIBAFI-certified training to Islamic banks, conventional banks with Islamic windows, securities exchanges, and asset managers across MENA, GCC, Europe, and North America.

Ownership category

akta.pro rank

Headquarters

HQ city

Kuwait

HQ country

Kuwait

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Islamic Financial Advisory Services: Professional consulting services including establishment of Islamic financial institutions, transformation of conventional institutions, Islamic windows development, and social finance policy development.
2. Shari'a Audit and Assurance: External and internal Shariah audit services, accreditation of product structures and automated systems, corporate governance accreditation, and policies and procedures approval.
3. Securities Exchange Advisory: Sukuk structuring, Islamic REITs structuring, Zakat and purification calculation, and compliant stock lists and indices.
4. Professional Training and Certification: CIBAFI-certified training programs, diplomas, and professional master programs for Islamic finance practitioners.
5. Shari'a Supervisory Board Services: Formation of Shari'a Supervisory Boards, executive and regular membership, and secretariat services.
6. Shariah Compliance Certification: Issuance of Shariah compliance certificates for financial products, platforms, and instruments with reference numbers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Raqaba is an Islamic finance professional services firm that delivers Shari'a-compliant advisory, audit, certification, securities, and training services to Islamic financial institutions, conventional banks with Islamic windows, asset managers, and securities exchanges. Its offerings span establishment and transformation of Islamic financial institutions, product and governance structuring, internal and external Shari'a audit, Shari'a Supervisory Board services, sukuk and Islamic REIT advisory, Zakat and purification calculations, and CIBAFI-certified professional training. The firm also operates a proprietary indices platform (Raqaba Indices Project) that quantifies Shariah compliance scoring across GCC markets.

Product overview

Raqaba is an Islamic financial advisory firm offering professional Shari'a audit and Islamic financial consulting services through multiple integrated service lines. The core offerings include Islamic Financial Advisory, Shari'a Control Advisory, Securities Exchange Advisory, Shari'a Audit & Assurance, Shari'a Supervisory Board Services, and Professional Training & Certification. Additionally, Raqaba has developed the Raqaba Indices Project comprising five proprietary indices (Raqaba Shari'ah Index, CSR Index, Financial Expectations Index, Impact Investing Index, and Maqasid Index) for measuring compliance and benchmarking in Islamic finance markets. The firm also issues Shari'a Certificates for various financial products and platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Islamic Financial Advisory Advisory services for establishing Islamic financial institutions, transforming conventional institutions to Islamic systems, establishing Islamic windows in conventional institutions, and developing Islamic social finance policies and instruments. Target clients are Islamic banks, conventional banks, regulators, and institutions establishing Islamic finance operations.
• Shari'a Control Advisory Advisory for structuring financial products and automated systems in compliance with Shari'a, structuring Shari'a governance frameworks, and developing policies, procedures, and employee manuals. Target clients are Islamic financial institutions and conventional institutions operating Islamic windows.
• Securities Exchange Advisory Advisory services for structuring Sukuk, Islamic REITs, calculating Zakat and purification (tatheer), and developing compliant stock lists and indices. Target clients are securities exchanges, listed companies, and capital markets participants issuing or investing in Shariah-compliant instruments.
• Shari'a Audit & Assurance External and internal Shari'a audit, accreditation of product structures and automated systems, corporate governance accreditation, and policies and procedures accreditation. Target clients are Islamic financial institutions and conventional institutions with Islamic windows requiring independent audit-grade assurance.
• Shari'a Supervisory Board (SSB) Services Formation of Shari'a Supervisory Boards, executive membership, regular membership, and secretariat functions for SSBs. Target clients are Islamic financial institutions and conventional institutions operating Islamic windows that need ongoing Shari'a oversight.
• Professional Training & Certification Authorized training programs for CIBAFI professional certifications, diplomas, and executive master's degrees in Islamic finance, plus market-specific training programs (covering Shari'a audit fundamentals, Islamic contracts, Islamic banking operations, transformation audit, Sukuk, Islamic equities/sukuk investing, Islamic investment funds, takaful operations, Zakat calculation, Shari'a classification of products, and Shari'a supervision of takaful). Target clients are Islamic finance practitioners and in-house compliance teams.
• Shari'a Certificates Shari'a compliance certification services for financial products, platforms, and instruments including equity platforms, margin trading agreements, Murabaha agreements, securities exchange platforms, and credit facilities trading. Reference numbers are issued for each certificate. Target clients include financial institutions such as Sahm Capital Financial, Al Khaleej Finance, and Musharakah Finance.

Quantifiable outcome

• 75% compliance score for Boursa Kuwait; 24 companies achieved 100% compliance score; 60 Islamic companies with 9.65 billion KD market capitalization
• +1 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• General Council for Islamic Banks and Financial Institutions (CIBAFI)coreStrategic or Co-development Partner · 1 January 2007Raqaba is an authorized agent to deliver CIBAFI professional training programs, diplomas, and executive master programs for Islamic finance. CIBAFI is an institution supporting the Islamic financial industry based in the Kingdom of Bahrain, affiliated with the Organisation of Islamic Cooperation.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Shariyah Review Bureau (SRB): Sharia'a-focused advisory, audit, and certification firm serving Islamic financial institutions across MENA and globally. Directly comparable to Raqaba across Shari'a audit, SSB services, and product certification, with similar boutique scale and standards-led positioning.
• Dar Al Sharia: Dedicated Islamic finance advisory firm providing Shari'a audit, SSB support, product structuring, and training across the GCC. Closest direct competitor to Raqaba given overlapping service lines and similar target customers.
• IdealRatings: Shari'a screening, ESG, and Islamic index technology provider serving asset managers globally. Comparable to Raqaba's index/data franchise (Raqaba Shariah Index, CSR, Impact Investing, Maqasid), competing for benchmark licensing mandates from Islamic funds.

Broad incumbents

• KPMG Islamic Finance: Big-4 practice covering Shari'a audit, advisory, and assurance globally with a much larger delivery network. Competes with Raqaba for large transformation, audit, and certification mandates, especially from multi-jurisdiction clients.
• EY Islamic Financial Services: EY's dedicated Islamic finance practice offers audit, tax, advisory, and transactions services. A broad incumbent competing for the same Sukuk, audit, and product structuring engagements as Raqaba across the GCC and global Islamic finance clients.
• Deloitte Islamic Finance: Big-4 player with established Islamic finance advisory and assurance capabilities across MENA. Competes for institutional transformation mandates and Shari'a assurance work that Raqaba also targets.
• Refinitiv (LSEG) Islamic Finance: Global financial data provider offering Islamic finance screening and indices (e.g., Refinitiv Lipper, previously Thomson Reuters Islamic indices). Competes with Raqaba's index franchise at the asset-manager benchmark licensing layer.
• FTSE Russell Islamic Index Series: Established global Shari'a-compliant index family used widely by Islamic ETF issuers and asset managers. Competes with the Raqaba Shariah Index for benchmark licensing and asset manager adoption across MENA and beyond.

Others

• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): The Bahrain-based standard-setting body whose Shari'a, accounting, and audit standards underpin Raqaba's advisory work. Not a competitor; rather an enabling ecosystem anchor whose evolving standards generate demand for Raqaba's implementation, audit, and training services.
• CIBAFI (General Council for Islamic Banks and Financial Institutions): Bahrain-based industry support organization affiliated with the OIC; Raqaba is its authorized training agent. Not a competitor; rather an ecosystem partner providing the certification pipeline that feeds Raqaba's professional training revenue line.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/raqaba
• YouTubeyoutube.com/user/RAQABATV/playlists
• Facebookfacebook.com/RaqabaAr
• LinkedInlinkedin.com/company/raqaba

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raqaba