What is the IFI-Rank compliance evaluation index?
IFI-Rank is an independent, quantitative portal evaluating Islamic Commercial Banks, Takaful companies, Mutual Funds, Waqf Endowments, and Ijarah Leasing operators. Ratings reflect an institution's public transparency and compliance disclosures against 15 standardized AAOIFI & IFSB benchmark attributes.
How is the overall compliance percentage calculated?
The score follows the formula:
Score (%) = (Sum of Actual Disclosed Points / Total Expected Benchmark Weightage) × 100. Each evaluated attribute has a designated weight (e.g. 6%, 7%, 8%) totaling 100 points across the three pillars: Digital (35%), Networks (35%), and Consumer SLAs (30%).
What happens if an institution does not disclose data for an attribute?
Non-disclosure is strictly penalized. If an institution does not publish audited, verifiable evidence for an attribute, it receives a score of 0 points ("No Data"). This ensures that only transparent institutions with published records attain Top Tier (Grade A+) status.
How can our institution submit updated annual reports or fatwas?
Authorized representatives of Islamic financial institutions can submit new documentation, fatwas, or audited statements through our Institution Verification Portal. Our Shariah audit desk verifies and updates scorecards within 5 business days.
How does IFI-Rank prevent conflicts of interest?
All baseline ratings are derived entirely from public, published data. Commercial subscriptions (such as API feeds or Pro seals) do not influence audit scores. All attribute determinations undergo double-blind review by our Independent Shariah Advisory Board.
Can we appeal or dispute an evaluation score?
Yes. Institutions may submit a formal Notice of Redressal via our Contact Desk, providing links or PDF copies of missing filings. If substantiated, the rating is adjusted with an audit trail note published in the next monthly update.
Still have questions regarding your rating?
Our Shariah evaluation desk is available to assist institutional compliance officers and analysts.
Get in Touch with Our Evaluation Team