IFA Consultancy (IFAC)

What IFA Consultancy (IFAC) does

IFA Consultancy (IFAC) is a Dhaka-based Shariah advisory and Islamic finance training firm founded in 2016, operating as IFA Consultancy Limited. The company provides end-to-end Shariah compliance consultancy, fatwa issuance, Shariah document review, audit, and advisory across Sukuk, Islamic fintech, takaful, Islamic funds, waqf, halal industry, and corporate/SME banking. Its core customers are Bangladesh-based Islamic banks, NBFIs, conventional banks with Islamic windows, corporates, SMEs, and educational institutes, with a growing reach into individual consumers seeking Zakat, inheritance, and personal Shariah guidance.

IFAC's productized offerings include a library of more than 30 Shariah-compliant contract templates and sector-specific guidelines (Musharaka, Murabaha, Mudarabah, Salam, Istisna, Ijarah, Waqf, etc.) sold through a WooCommerce storefront at BDT 500–4,000, plus AAOIFI-recognized Islamic finance and inheritance training delivered via the learning.ifacbd.com platform and in-person workshops. The firm monetizes across four professional-services streams: bespoke Shariah consultancy (engagement-based), structured training (cohort-based), one-time template/guideline licenses, and publications. Distribution runs through direct sales, an e-commerce storefront, an LMS, and event/workshop channels, with the 2024 Zakat Training Workshop drawing 400+ participants and the 2023 AAOIFI event marking Bangladesh's first.

The company's principal differentiator is its bench of 10+ AAOIFI CSAA-certified Shariah advisors and muftis, including AAOIFI Master Trainers and Working Group members, supported by senior academic advisors. Key disclosed partners include AAOIFI (standards alignment), Lion City Advisory (Aug 2025 MoU for Islamic investment promotion), and Islamic Foundation Bangladesh. Named enterprise client Biniyog.io received Shariah certification from IFAC. There is no evidence of external venture funding, the firm is privately held by founders Mufti Abdullah Masum and Mufti Yousuf Sultan, and operates with ~20 employees from a single Dhaka headquarters.

Name

IFA Consultancy (IFAC)

Legal name

IFA Consultancy Limited

Website

https://ifacbd.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

IFA Consultancy is a Dhaka-based Shariah advisory and Islamic finance training firm serving Bangladesh's banks, NBFIs, corporates, SMEs, educational institutes, and individuals with AAOIFI-aligned consultancy, training, fatwas, and Shariah-compliant contract templates.

Ownership category

akta.pro rank

Product category

Islamic Finance Consultancy and Training

NAICS

Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742)

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

• Islamic finance consultancy
• Shariah advisory services
• AAOIFI exam training
• Islamic banking training
• Halal compliance advisory

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Shariah Consultancy Services: Professional consultancy services providing Shariah compliance advisory for businesses and individuals across various sectors including banks, NBFI, corporates, SMEs, and educational institutions. Services include Shariah review, fatwa issuance, and compliance guidance.
2. Islamic Finance Training: Comprehensive Islamic finance training programs including AAOIFI exam preparation, professional courses, and workshops. Several courses are recognized by AAOIFI CPD program.
3. Template and Guideline Sales: Sale of Shariah-compliant document templates and guidelines for various Islamic finance contracts including Musharaka, Murabaha, Mudaraba, Salam, Istisna, and other commercial agreements. Prices range from BDT 500 to BDT 4000 per template.
4. Publications: Sale of research publications and books on Islamic finance topics including banking, Zakat, and Shariah compliance matters.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

IFA Consultancy provides Shariah-compliance advisory, fatwa issuance, and Shariah review/audit services to banks, NBFIs, corporates, SMEs, and educational institutes. It also delivers structured Islamic finance training programs, including AAOIFI exam preparation (recognized by the AAOIFI CPD program), and sells a catalogue of Shariah-compliant contract templates and sector-specific guidelines through its e-commerce platform.

Product overview

IFA Consultancy (IFAC) is a Bangladesh-based Islamic finance consultancy offering a comprehensive portfolio of Shariah compliance services and products. The core offerings include Shariah consultancy for banks, NBFIs, corporations, fintech companies, and SMEs; professional training programs for AAOIFI certification exams; Islamic finance training recognized by AAOIFI's CPD program; and a Shariah Document Review premium service. The product portfolio also includes an extensive library of over 32 Shariah-compliant contract templates and guidelines covering Islamic finance instruments such as Musharaka, Murabaha, Mudarabah, Bai-e-Salam, Bai Muajjal, Istisna, Qard Hasan, Ijarah, and others. Additional offerings include sector-specific guidelines for cooperative societies, microfinance, dropshipping, pharmacy, provident funds, and IT sector compliance. The company also publishes research on Islamic economics and produces educational courses on Islamic inheritance law and banking.

Differentiator

Problem solved

Functional benefit

Products and services

• Shariah Consultancy Services End-to-end Islamic Shariah-based consultancy for banks, NBFIs, corporations, SMEs, educational institutes, regulators, and capital markets covering Sukuk, Islamic Fintech, and Halal domain compliance.
• AAOIFI Exam Training Structured and practical training programs tailored for success in AAOIFI certification exams, delivered by AAOIFI Master Trainers and CSAA-certified professionals.
• Islamic Finance Training Comprehensive Islamic finance training rooted in authentic Shariah principles, meeting professional standards and modern financial sector demands; several courses are recognized by the AAOIFI CPD program.
• Shariah Review, Audit & Advisory Comprehensive Shariah review, audit, and advisory services for organizations to ensure Islamic finance operations comply with AAOIFI Shariah Standards.
• Sukuk Advisory Advisory services for Sukuk (Islamic bonds) issuance and structuring, including Shariah structuring and compliance review.
• Islamic Fund Structuring Advisory services for Islamic fund structuring and management, including Shariah compliance screening.
• Takaful Advisory Advisory services for Takaful (Islamic insurance) product structuring and Shariah compliance.
• Waqf Services Advisory services for Waqf (Islamic endowment) fund management, structuring, and governance.
• Inheritance Consultancy Islamic inheritance (Faraidh) calculation and distribution consultancy for individuals and families.
• Halal Compliance Services Halal compliance advisory covering business operations, environment, branding, and advertising across the halal industry.
• Islamic CSR Service (i-CSR) Islamic corporate social responsibility (i-CSR) advisory services for organizations seeking Shariah-aligned CSR frameworks.
• Halal Crowdfunding Advisory Halal-compliant crowdfunding advisory and structuring services for fintech and capital market participants.
• Islamic Digital Wallet Advisory Advisory services for structuring Shariah-compliant Islamic digital wallets and fintech products.
• Investment Shariah Screening Shariah compliance screening services for investments and securities, supporting halal investment platforms.
• Green & Ethical Business Advisory Advisory on green, ethical, and sustainable business practices aligned with Islamic principles.
• Shariah Certification Services Issuance of Shariah certifications for Islamic financial products, platforms, and investments (e.g., Shariah certification for Biniyog.io halal investment platform).
• Shariah Document Review Premium document review service for Ijarah, Mudarabah, Murabahah, Musharakah, and loan agreements to ensure Shariah compliance.
• Zakat Calculation Service Zakat calculation services for individuals and businesses, including guidance on Zakat computation and distribution.
• Shariah-Compliant Contract Templates and Guidelines Library of 30+ Shariah-compliant contract templates and operational guidelines for Islamic finance instruments and sector-specific use cases (Musharaka, Murabaha, Mudarabah, Salam, Istisna, Qard Hasan, Ijarah, Shirkat al-Amal, Hire Purchase, and others), priced from BDT 500 to BDT 4,000.
• Islamic Inheritance Law Course Professional course on Islamic inheritance law (Faraidh) covering heir classification, distribution calculations, and practical case studies; priced at BDT 3,000 (regular), BDT 2,000 (IFAC alumni), BDT 2,500 (professionals and others).
• Certificate Course on Islamic Banking Certificate course covering Islamic banking principles and riba prohibition for professionals and students.
• Shariah Tech Guideline Publication Shariah guidelines publication for IT and technology industry professionals covering job and online income compliance.

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered flagship, minor and core.

• Lion City Advisory LimitedflagshipStrategic or Co-development Partner · 17 August 2025Strategic partnership to promote Shariah-compliant investment solutions and diversify financing options in Bangladesh. The collaboration aims to strengthen Bangladesh's Islamic finance sector through joint hosting of the Islamic Investment Summit, bringing together regulators, investors, and scholars to discuss growth opportunities in Shariah-compliant finance. Agreement signed by Mufti Yousuf Sultan (Co-founder, IFAC) and Abdullah Al Faisal (Director, Lion City Advisory).
• Islamic Foundation BangladeshminorOthers · 2 March 2024Dr. Wliur Rahman, Honorable Mufti of Islamic Foundation Bangladesh, served as chief guest at the 2024 Zakat Training Workshop organized by IFAC.
• Transcend AdvisoryminorStrategic or Co-development Partner · 2 December 2023Served as event partner for the 'Advancing Innovations in Islamic Finance' workshop, the first AAOIFI event in Bangladesh organized by IFAC.
• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)coreOthersIFAC operates in alignment with AAOIFI Shariah Standards as reference in their Shariah resolutions. Team members include AAOIFI Certified Shariah Advisor and Auditor (CSAA), AAOIFI Master Trainer, and AAOIFI Working Group Members. IFAC also hosted the first AAOIFI event in Bangladesh in December 2023.

Scale indicators3 records

Recent moves1 record

Expansion highlights5 records

Others

• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): Bahrain-based global standard-setter for Islamic finance that issues Shariah Standards and certifications (CSAA). Not a competitor but the principal ecosystem enabler for IFAC, whose team is CSAA-certified through AAOIFI and whose training is AAOIFI CPD-recognized.

Direct peers

• AlHuda Centre for Islamic Banking and Economics (CIBE): Pakistan-based Islamic finance advisory, training, and Shariah consultancy serving banks, NBFIs, and regulators across South Asia, the Middle East, and Africa. Closely comparable to IFAC as a South Asian Islamic finance training and consultancy player with strong regional reach.
• Taqwa Partners: Pakistan-based boutique Shariah advisory firm providing Shariah audit, product structuring, and training for Islamic financial institutions. Comparable to IFAC as a credentialed Shariah advisory boutique serving regional banks and NBFIs.
• Dar Al Sharia: Dubai-based Shariah advisory consultancy offering Shariah review, audit, product structuring (Sukuk, Islamic funds), and training to banks and financial institutions. Highly comparable to IFAC in its multi-disciplinary Shariah advisory and training business.
• Shariyah Review Bureau (SRB): UAE-headquartered global Shariah advisory and review firm providing fatwa issuance, Shariah audit, product certification, and Shariah-compliant structuring for banks, fintechs, and corporates. Closely comparable to IFAC in services offered (Shariah review, audit, certification) but with a larger international footprint.
• ISRA – International Shariah Research Academy for Islamic Finance: Malaysia-based Shariah research, advisory, and training institute established by Bank Negara Malaysia. Comparable to IFAC in Shariah research, standard-aligned advisory, and training for Islamic financial institutions, with a stronger institutional/government mandate.

Emerging players

• Mudaraba Ratings: Pakistan-based Shariah compliance review and advisory firm for Islamic financial institutions, including product certification and audit. Comparable to IFAC's Shariah review and audit services in a similar South Asian emerging-market context.

Broad incumbents

• Refinitiv Islamic Finance (LSEG): Global data, indices, and Shariah screening services for Islamic finance, including the Dow Jones Islamic Market Indices. Comparable to IFAC's investment Shariah screening capability at a much larger, institution-grade scale.
• Ideal Rating: Dubai-headquartered global Islamic finance advisory offering Shariah screening, ESG integration, and corporate-rating services to banks, asset managers, and corporates. Comparable to IFAC's investment Shariah screening service, but operating at a much larger scale.

Regional players

• LSA – Labuan FSA Shariah Advisory: Malaysia/Labuan-based Shariah advisory services within Labuan FSA's regulatory framework, providing Shariah compliance review and advice for Islamic financial institutions. Comparable to IFAC's regulatory-facing Shariah review work, but focused on the Malaysian/Labuan offshore jurisdiction.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ifaconsultancy2565
• Facebookfacebook.com/IFACBD
• LinkedInlinkedin.com/company/ifacbd

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 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 IFA Consultancy (IFAC)