Scope: Shariah advisory services guide financial institutions, corporate entities, and investors to align their operations with Islamic law. It includes setting up Shariah boards, product structuring, auditing, and compliance monitoring.

Process: Shariah consultants work closely with institutions to assess existing products and operations, identify non-compliant areas, and propose Shariah-compliant alternatives. This may include changes in contract terms, investment channels, and transaction structures.

Challenges: Shariah scholars need a deep understanding of both traditional Islamic law and contemporary finance. Balancing profitability with compliance can be challenging, especially in highly competitive markets.

Examples: Advising banks on developing non-interest-bearing products, assisting Takaful (Islamic insurance) companies with policy structures, and providing guidance on permissible investments for Shariah-compliant funds.