Association of Shariah Advisors in Islamic Finance

What Association of Shariah Advisors in Islamic Finance does

The Association of Shariah Advisors in Islamic Finance (ASAS) is a Malaysian nonprofit professional association founded on April 12, 2011, established to develop and uphold professional standards for Shariah advisors serving the country's Islamic finance industry. It operates under a de facto mandate from Bank Negara Malaysia (BNM) and engages with the Securities Commission Malaysia, positioning itself as the recognized credentialing body for the profession. ASAS serves individual Shariah advisors and practitioners working in Malaysian Islamic banks, takaful operators, asset managers, and Shariah governance functions.

ASAS's core products are the Certified Shariah Advisor (CSA) and Certified Shariah Practitioner (CSP) professional certification programs, launched in 2017 and delivered through structured module-based curricula. The association has produced 157+ certified graduates through conferment ceremonies held in 2022 and 2024, and has expanded delivery via an International Online Cohort targeting overseas Shariah advisors. Supplementary offerings include ASAS Membership (with 600+ members), Continuing Professional Development (CPD) training, and ASAS Studio, a Kuala Lumpur-based facility for event hosting and content production.

ASAS generates revenue through four streams: membership entrance and annual dues (RM 200 entrance, RM 150/year), certification program fees (RM 800-1,000 per module day), CPD events and training, and studio rental. The association does not disclose audited financials and operates without external venture funding. Strategic partnerships with BNM, AIBIM, INCEIF, ISRA, IBFIM, the Securities Commission, MIFC, Yayasan Peneraju, IFSB, and Amanie Media anchor ASAS within the broader Malaysian Islamic finance ecosystem. Leadership is provided by serving Shariah scholars, with Datuk Prof. Dr. Mohamad Akram Laldin holding the presidency for the 2024-2026 term.

Name

Association of Shariah Advisors in Islamic Finance

Legal name

Association of Shariah Advisors in Islamic Finance Malaysia (ASAS)

Website

https://asas.my

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

ASAS is a Malaysian nonprofit professional association, founded in 2011 and recognized by Bank Negara Malaysia, that certifies Shariah advisors and practitioners through its CSA and CSP programs and serves 600+ members in the Islamic finance industry.

Ownership category

akta.pro rank

Product category

Professional Certification — Shariah Advisory

NAICS

Business Associations (813910)

SIC

Services-Membership Organizations (8600), Services-Educational Services (8200)

akta.pro primary industry

Legal, Governance, Privacy & Audit Certifications (EDAAANAN)

Keywords

• Shariah advisory certification
• Islamic finance training
• Professional certification programmes
• Continuing professional development
• Islamic finance membership

Headquarters

HQ city

Kuala Lumpur

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, Infrastructure

Revenue model

1. Membership Fees: ASAS generates revenue through annual membership subscriptions across five categories (Honorary, Fellow, Ordinary, Associate, Affiliate). Entrance fee is RM 200 and annual subscription is RM 150 for all non-Honorary categories. Membership cycle runs January through December with no pro-rating.
2. Certification Programme Fees: Revenue from Certified Shariah Advisor (CSA) and Certified Shariah Practitioner (CSP) programmes. Fees are tiered by level: Level 1 at RM 800/day, Level 2 at RM 900/day, Level 3 at RM 1,000/day, plus registration (RM 220), processing (RM 80), and examination fees per module. Exemption and resit fees also apply. Prices exclude 8% SST.
3. Events and Training: Revenue from Continuous Training Programme, ASAS Shariah Officer Forum (ASSOF), webinars, membership events, and external programmes. Members receive discounted rates.
4. ASAS Studio Rental:

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

ASAS is a professional association that delivers multi-level Shariah certification programmes (Certified Shariah Advisor — CSA and Certified Shariah Practitioner — CSP) to upskill Shariah advisors and practitioners in the Islamic financial services industry. Alongside certifications, ASAS runs a five-tier membership scheme, a mandatory Continuing Professional Development (CPD) framework requiring 20 CPD points annually, and produces training events and webinars via its in-house ASAS Studio.

Product overview

ASAS offers a portfolio of professional certification programmes and membership services for Islamic finance practitioners. The core offerings are the Certified Shariah Advisor (CSA) and Certified Shariah Practitioner (CSP) certification programmes, structured across three levels and delivered through in-person and international online cohort formats. These certifications are complemented by a Continuing Professional Development (CPD) programme requiring annual point accumulation. ASAS also provides membership services across five categories (Honorary, Fellow, Ordinary, Associate, Affiliate) offering various benefits including programme discounts and networking opportunities. Additionally, ASAS Studio provides green screen recording, live streaming, and broadcasting services for webinars and events.

Differentiator

Problem solved

Functional benefit

Products and services

• Certified Shariah Advisor (CSA) A three-level professional certification programme for candidates with a Shariah background covering foundational subjects (Commercial Law, Accounting and Finance, Islamic Financial System, Economics, Legal and Regulatory Framework, Code of Ethics) at Level 1, intermediate subjects (Risk Management, Islamic Banking Products, Corporate and Shariah Governance, Islamic Capital Market, Takaful, Legal Documentation, Applied Shariah Research) at Level 2, and advanced subjects (Maqasid Shariah, Case Study on Structuring, Policy and Strategy) at Level 3. The programme equips candidates to provide professional Shariah advisory services.
• Certified Shariah Practitioner (CSP) A three-level professional certification programme for candidates with recognised tertiary or professional qualification backgrounds in Islamic Finance. Level 1 covers Usul Fiqh, Qawaid Fiqhiyyah, and Fiqh Muamalat; Level 2 covers Shariah Research in Islamic Finance and Al-Ijtihad, Al-Ikhtilaf and Al-Ifta; Level 3 requires a recognised tertiary/professional qualification in Islamic Finance or two years of related working experience, followed by a Case Study Module.
• International Online Cohort Online delivery option for CSA and CSP certification programmes designed for international participants, allowing candidates to complete the certification remotely. Includes dedicated international booklets and registration forms for the 2026/2027 intake.
• ASAS Studio A green screen studio offering studio recording, live streaming and broadcasting, and webinar hosting services. Available for rental to ASAS members and external parties.
• ASAS Membership Professional membership service offering five categories: Honorary (fee-exempt), Fellow, Ordinary, Associate, and Affiliate Membership. Benefits include discounted rates for ASAS programmes and events, waiver on membership fees for CSA/CSP certification participants, exclusive WhatsApp group access, partner discounts (INCEIF-ISRA publications, Amanie Media books, partner hotels), invitations to members-only events, monthly newsletters, ASAS Studio rental discounts, and voting rights in Annual General Meetings.
• Continuing Professional Development (CPD) A lifelong learning programme requiring members to obtain a minimum of 20 CPD points per year. Activities include attending ASAS programmes and events, authoring books, writing articles, speaking engagements, teaching, panel participation, and mentorship. CPD points are tracked via the ASAS CPD Dashboard.

Quantifiable outcome

• CSA and CSP were addressed by the Governor of Bank Negara Malaysia at the Shariah Advisory Council 20-Year Anniversary Dinner on 12 December 2017, and received widespread coverage in mainstream media including The New Straits Times, Berita Harian, The Malaysian Reserve, and The Star Online.
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• Bank Negara MalaysiacoreStrategic or Co-development Partner · 12 April 2011Bank Negara Malaysia (BNM) is ASAS's key institutional partner and the primary driver behind ASAS's establishment. BNM mandated ASAS to develop Shariah Certification Programmes to upskill Shariah advisors and officers. In 2018, BNM initiated an industry-wide commitment to professionalise Islamic financial services through ASAS certifications. ASAS is formally recognised in the Malaysian Financial Sector Blueprint 2011-2020 (Agenda 3.2, Recommendation 3.2.10).
• Association of Islamic Banking and Financial Institutions Malaysia (AIBIM)coreStrategic or Co-development PartnerAIBIM is a key partner with 26 member banks. AIBIM's CEO represented the association as guest of honour at ASAS's 1st Conferment Ceremony. AIBIM's Shariah Governance Committee works with ASAS on professional standards. AIBIM co-organised GIFF 2025 and supports ASAS's industry events and initiatives.
• International Centre for Education in Islamic Finance (INCEIF)majorStrategic or Co-development PartnerINCEIF collaborates with ASAS on publications (INCEIF-ISRA Publications with 10% discount for ASAS members), academic content development for certification programmes, and research. ASAS CEO Makhtar Abdullah previously served at INCEIF. ASAS Executive Director Prof. Dr. Mohamad Akram Laldin is a Professor at INCEIF University.
• International Shari'ah Research Academy for Islamic Finance (ISRA)majorStrategic or Co-development PartnerISRA, established by Bank Negara Malaysia, partners with ASAS on Shariah research and publications. Joint INCEIF-ISRA Publications offer 10% discount to ASAS members. ASAS's Executive Director formerly served as Executive Director of ISRA. Both organisations share expertise in Islamic finance professional development.
• Islamic Banking and Finance Institute Malaysia (IBFIM)majorStrategic or Co-development PartnerIBFIM (now BILIF) is listed as an ASAS partner. IBFIM offers training programmes that complement ASAS certifications. Several ASAS members and EXCO members serve as Distinguished Trainers for IBFIM.
• Securities Commission MalaysiacoreStrategic or Co-development PartnerASAS's CSA and CSP certifications were addressed at the Shariah Advisory Council 20-Year Anniversary Dinner hosted by the Securities Commission. ASAS members serve on the SAC of SC. ASAS is an approved provider of professional Shariah credentials recognised by SC.
• Malaysia International Islamic Finance Centre (MIFC)majorGTM or Marketing PartnerMIFC is listed as an ASAS partner and affiliate. MIFC Leadership Council Chairman Tan Sri Azman Mokhtar participates in ASAS-related forums. MIFC organises GIFF and other industry events that ASAS participates in.
• Yayasan PenerajumajorStrategic or Co-development PartnerYayasan Peneraju provides sponsorship programmes for ASAS Certified Shariah Advisor (CSA) and Certified Shariah Practitioner (CSP) for Malaysian Bumiputera candidates. Sponsorship covers graduates and working/non-working adults. ASAS 2nd Conferment Ceremony featured dedicated Yayapan Peneraju cohort graduates.
• Islamic Financial Services Board (IFSB)minorStrategic or Co-development PartnerIFSB is a partner organisation that develops international standards for Islamic financial services. ASAS collaborates with IFSB on professional standards and Shariah governance frameworks for the Islamic finance industry.
• Amanie MediaminorGTM or Marketing PartnerAmanie Media provides ASAS members with a 20% discount on books from their Digital Bookstore as part of ASAS member benefits. This partnership supports member education and knowledge resources.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• INCEIF (International Centre for Education in Islamic Finance): Malaysian university offering MSc/PhD in Islamic finance and the Chartered Islamic Finance Professional (CIFP) qualification. ASAS CSA/CSP certifications are positioned as practitioner-level credentials alongside INCEIF's academic qualifications, with extensive collaboration.
• IBFIM (Islamic Banking and Finance Institute Malaysia) / BILIF: Malaysian-based training institute offering Chartered Islamic Finance Professional (CIFP) and complementary certifications. Listed as an ASAS partner but also competes for the same pool of Islamic finance professionals seeking credentials.
• CIIF (Chartered Institute of Islamic Finance Professionals): Professional body focused on Islamic finance practitioner credentials, listed as an ASAS affiliate. Competes for the same Shariah officer and practitioner audience with its own designation frameworks.
• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): Bahrain-based international standards-setter for Islamic finance with its own Certified Shariah Advisor and Auditor (CSAA) credential. Directly competes with ASAS's CSA/CSP certifications, particularly in international markets where AAOIFI standards are more widely recognised.

Broad incumbents

• MIFC (Malaysia International Islamic Finance Centre): BNM-affiliated agency promoting Malaysia as an international Islamic finance hub. Listed as an ASAS partner; co-organises GIFF and similar ecosystem events. Complementary rather than directly competitive, but represents a broader industry-coordination role.
• CIBAFI (General Council for Islamic Banks and Financial Institutions): Bahrain-based international industry association for Islamic financial institutions, offering training, certifications, and industry advocacy. Broader in scope than ASAS and serves as a global counterpart in professionalising Islamic finance.

Others

• Securities Commission Malaysia (SC) Shariah Advisory Council: Statutory body that determines Shariah compliance for Malaysian capital market products. ASAS members serve on SC's SAC, and SC has formally addressed ASAS certifications, making it a regulatory and ecosystem partner rather than a competitor.
• ISRA (International Shari'ah Research Academy for Islamic Finance): BNM-established Shariah research institution that complements ASAS's certification work with scholarly research and publications. Strong partner relationship, but its focus is research and publications rather than practitioner certification.
• AIBIM (Association of Islamic Banking and Financial Institutions Malaysia): Industry association representing 26 Malaysian Islamic banks. Closest ASAS partner and the demand-side counterpart that channels institutional enrolments into ASAS programmes. Not a direct competitor but a key ecosystem enabler.

Regional players

• BIBF (Bahrain Institute of Banking and Finance): Bahrain-based regional training and certification body for Islamic finance professionals. Competes for Gulf-based Islamic finance talent with practitioner certifications and CPD programmes relevant to the same Shariah officer audience.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@ASASPORTAL
• Facebookfacebook.com/profile.php
• Xx.com/info_asas
• LinkedInlinkedin.com/company/association-of-shariah-advisors-in-islamic-finance-malaysia-asas

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 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 Association of Shariah Advisors in Islamic Finance