ELZAR SHARIAH SOLUTION SDN BHD

What ELZAR SHARIAH SOLUTION SDN BHD does

ELZAR SHARIAH SOLUTION SDN BHD, operating under the legal name Elzar Shariah Solution & Advisory Sdn. Bhd., is a Malaysian boutique advisory and consultancy firm specializing in Islamic finance. Founded in 2016 and headquartered in Gombak, Kuala Lumpur, the firm operates with 1–10 employees and serves government agencies, public listed companies, financial institutions, and micro/SME clients across Malaysia, the United States, and Hong Kong. Its core service lines span Shariah screening and reviews, financial product design and development (including sukuk programs and pioneering structures such as Sharikah Al-'Amal, Ijarah, Tri-Partite Murabahah, and Wakalah), Shariah audits, advisory under the Securities Commission framework, training, curriculum development, zakat calculation, and Islamic estate planning.

The firm's technology stack centers on a Shariah content and compliance platform. It operates ShariahScreener.com, an algorithm-based stock screening tool covering Malaysia, US, and Hong Kong equities; Masabih.org, a non-profit bilingual (English/Malay) digital hadith platform spanning nine primary hadith books; and a generative AI product suite branded as ShariahLab (IF Compendium) and Robo Shariah, which deploys independent Gen AI chatbots with controlled datasets for Shariah review, HR management, and credit evaluation workflows. Additional adjacent products include a Shariah-compliant cybersecurity solution and a forthcoming Islamic fintech platform (1halalfinance).

Revenue is generated through professional services engagements — advisory retainers, reviews and audits, product design projects, training, and R&D services — priced on a custom quote basis rather than disclosed pricing tiers. The firm has served as Shariah adviser to more than 50 entities globally, with marquee clients including KWAP, KWSP, MARA, MITI, BIMB, TNB, Bursa Malaysia, Takaful BSN, AIA, and UKM. Notable strategic achievements include structuring the first Shariah-Compliant Energy Performance Contract with TNB under the Ijarah Muntahiya Bittamleek principle and consecutive Best Shariah Advisory Firm wins at the Cambridge IFA Global Islamic Finance Awards in 2022 and 2025. CEO Dr. Zaharuddin Abd Rahman was named Shariah Scholar of the Year 2025.

Name

ELZAR SHARIAH SOLUTION SDN BHD

Legal name

Elzar Shariah Solution & Advisory Sdn. Bhd.

Website

https://elzarshariah.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Elzar Shariah Solution Sdn Bhd is a Malaysian boutique Islamic finance advisory firm founded in 2016, providing Shariah screening, product design, audits, training, and Gen AI compliance tools to government agencies, listed companies, financial institutions, and SMEs across Malaysia, the US, and Hong Kong.

Ownership category

akta.pro rank

Product category

Islamic Finance Advisory

NAICS

Accounting, Tax Preparation, Bookkeeping, and Payroll Services (54121), Custom Computer Programming Services (541511)

SIC

Investment Advice (6282), Services-Management Services (8741)

akta.pro primary industry

Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

akta.pro secondary industries

Islamic Investment Banking & Capital Markets Services (FSABAGAG), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

Keywords

• Shariah advisory services
• Islamic finance consulting
• Shariah compliance audit
• Islamic product design
• Sukuk development advisory

Headquarters

HQ city

Kampong Gombak Utara

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Shariah Advisory & Consultancy: Professional advisory and consultancy services for Islamic finance and modern businesses. Includes Shariah reviews, audits, product design, and compliance certification.
2. Training & Education Programs: In-house training for junior Shariah Advisors, board members, bankers, business owners, and managers. Also includes curriculum and syllabus provision for academic institutions.
3. Research & Development Services: Supporting commerce and industry through dedicated R&D services aligned with Shariah principles for ethical and sustainable business growth.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Elzar Shariah Solution is a professional advisory and consultancy firm delivering end-to-end Shariah advisory services for Islamic finance, including Shariah screening of equities across Malaysia, the US, and Hong Kong, Shariah-compliant product design, Shariah reviews and audits, Sukuk development, training, and research & development. The firm also builds proprietary technology products such as the ShariahScreener.com algorithm-based stock screening tool, Masabih.org bilingual Hadith platform, Robo Shariah, and Gen AI chatbots for Shariah review, HR, and credit evaluation workflows.

Product overview

Elzar Shariah Solution & Advisory is a professional Shariah advisory and consultancy firm offering end-to-end Islamic Finance solutions. Their portfolio includes core advisory services (Shariah screening, financial product design, reviews & audit, Sukuk development, and training) alongside technology products such as Gen AI-powered chatbots, Robo Shariah, algorithm-based Shariah screening (ShariahScreener.com), Digital Hadith Platform (Masabih.org), and IF Compendium. The company serves financial institutions, corporations, SMEs, and government agencies across Malaysia, the US, and Hong Kong.

Differentiator

Problem solved

Functional benefit

Brands

• ShariahLab: Gen AI Solutions platform for Islamic finance
• Masabih
• ShariahScreener.com

Products and services

• Shariah Screening for Global Markets End-to-end Shariah screening services for equities and financial instruments ensuring compliance with Islamic principles across major markets including Malaysia, the United States, and Hong Kong.
• Shariah Compliant Financial Product Designing & Development Design and development of Shariah-compliant financial products including innovative financing structures such as Sharikah Al-'Amal, Ijarah, Tri-Partite Murabahah, and Wakalah.
• Shariah Reviews & Audit Service of reviewing and auditing financial contracts to ensure compliance with Shariah principles, with annual certificates issued as proof of Shariah compliance.
• Research & Development Services Supporting commerce and industry in business development aligned with Shariah requirements, driving innovation through dedicated R&D services for ethical and sustainable business growth.
• Shariah & Islamic Advisory Advisory services on all Shariah-based products and services regulated by the Securities Commission, qualified to serve as Shariah adviser for companies and corporate entities.
• Shariah Trainings & Workshops In-house training programs for junior Shariah Advisors, board members, bankers, business owners, and managers, covering Islamic banking, capital markets, and Takaful.
• Sukuk Development Structuring and developing Sukuk programs tailored to diverse needs, incorporating innovative Shariah principles to support sustainable financing solutions.
• Zakat Calculation & Collection Services to calculate and collect zakat payable amounts for businesses.
• Curriculum & Syllabus Provider Provides curriculum and syllabus for academic institutions and corporate entities, suggesting and structuring custom-made syllabus for Islamic Finance education.
• Islamic Estate Planning Services Assistance with estate and inheritance planning including hibah.
• Shariah Screener (ShariahScreener.com) Algorithm-based stock screening tool to ensure Shariah compliance in investments by voiding prohibited industries and interest-bearing instruments.
• Shariah Compliance for Investment & Equity Funds Expert guidance in structuring, monitoring, and certifying funds to align with Shariah principles, including asset screening, income purification, and custody arrangements.
• Generative AI Chat with Controlled Dataset Solution Builds independent Gen-AI chatbots tailored to organizations' needs for Shariah review, HR management, and credit evaluation, adapting to organizational workflows.
• Robo Shariah Automated Shariah advisory solution powered by Gen AI technology.
• IF Compendium (shariahlab.io) Gen AI Solutions platform for Islamic finance applications.
• Digital Hadith Platform (Masabih.org) Non-profit digital platform providing bilingual translations (English & Malay), brief commentaries, and authenticity status of hadith from nine primary Hadith books including Kitab Mishkat al-Masabih, also available as a mobile app on Apple Store and Google Play under 'MASABIH HADITH'.
• Islamic Content Provider Provides Islamic content for educational programs and telco content providers, ranging from articles and slides to handbooks and papers.
• Shariah Compliance Parameters for Business Structuring Shariah-compliant parameters for businesses including contracts, maqasid al shariah, financial reporting, and legal documentation.
• Shariah Compliance for Financial Contracts Analysis and reconstruction of financial contracts to ensure alignment with Shariah measures, including explanations of aqad principles.
• 1halalfinance Fintech Islamic fintech solution listed as Coming Soon, intended as a Shariah-compliant financial technology product.

Quantifiable outcome

• Served as Shariah advisors for more than 50 entities across the globe
• +2 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• FinTech Company (Singapore)coreTechnology or IntegrationPartnered with a FinTech company based in Singapore to develop a Core Islamic Banking System, supporting digital transformation and compliance for Islamic financial institutions.
• TNB (Tenaga Nasional Berhad)coreStrategic or Co-development PartnerCollaboration with TNB to structure the 1st Shariah-Compliant Energy Performance Contract using the principle of Ijarah Muntahiya Bittamleek, driving sustainable and ethical energy solutions in Malaysia.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Zoya Finance: Shariah-compliant investment screening and portfolio monitoring app targeting Muslim retail and institutional investors. Comparable to Elzar's ShariahScreener technology offering and adjacent Gen AI compliance products.

Direct peers

• Dar Al Sharia: Sharia advisory firm (part of Dar Al Sharia Legal & Financial Consultancy) offering Shariah compliance, product structuring, and audit services to banks and corporates. Directly comparable in service portfolio and client types to Elzar.
• Shariyah Review Bureau: Dubai-based Shariah advisory and consultancy firm providing Shariah reviews, audit, and product development globally. Competes with Elzar on multi-jurisdictional Shariah advisory mandates and similar professional services delivery model.
• Amanie Advisors: Malaysia-based Shariah advisory firm offering Shariah reviews, product structuring, and training across Islamic finance. Closest geographic and service-line peer to Elzar, competing for the same Malaysian institutional and government-linked clients.
• Bait Al Mal Consulting: Bahrain-headquartered Islamic finance consultancy providing Shariah advisory, audit, and product development. Comparable to Elzar in offering end-to-end Shariah advisory services across capital markets, banking, and takaful.

Broad incumbents

• PricewaterhouseCoopers (Islamic Finance): Big 4 firm offering Islamic finance advisory and assurance services, including Shariah audit and product review work. Comparable in service scope to Elzar but operating at significantly larger scale and global reach.
• Deloitte (Islamic Finance practice): Big 4 firm with an Islamic Finance practice offering advisory, audit, and consulting for Islamic banks, takaful, and sukuk issuers. Adjacent competitor for Shariah advisory and Shariah-related assurance work.
• Ernst & Young (EY Islamic Finance): Big 4 firm with an EY Islamic Finance practice providing advisory, assurance, and consulting services to Islamic financial institutions. Competes with Elzar on advisory mandates bundled with assurance and consulting.
• KPMG (Islamic Finance practice): Global Big 4 firm with a dedicated Islamic Finance practice covering Shariah advisory, audit, tax, and consulting. Overlaps with Elzar's advisory work as part of a much wider portfolio and competes for large institutional Shariah mandates.

Others

• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): Bahrain-based international standards body for Islamic finance, setting Shariah, accounting, and auditing standards referenced by Elzar's advisory work. Not a competitor but a closely related ecosystem participant whose standards shape Elzar's product offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/elzarshariah
• LinkedInlinkedin.com/company/elzarshariahadvisory

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about ELZAR SHARIAH SOLUTION SDN BHD