We review the code, not only the whitepaper. Smart contract logic, tokenisation of real-world assets, and Shariah-compliant staking.
The problem
In conventional finance a document governs and the system implements it. On a blockchain that order reverses: the smart contract executes, autonomously and irreversibly, and the document describes what someone intended it to do. Where the two differ, the code is what happened.
A Shariah opinion issued on the whitepaper alone speaks to the intention rather than the instrument. We read the algorithms, the sequence in which ownership transfers, when consideration passes, how a fee accrues, what a liquidation function actually does under stress.
Ownership transfer
The block at which title actually passes
Consideration
When payment settles relative to transfer
Fee accrual
How the protocol accrues and distributes it
Liquidation function
What it actually does under stress
What we do
Reading the algorithm logic against the Islamic contract it claims to implement, sequence, ownership, consideration and settlement.
Structuring the relationship between the token and the underlying asset so the holder owns something rather than a claim that resembles ownership. We also deliver training on RWA tokenisation.
Assessing proof-of-stake mechanics against Shariah, the nature of the return, the treatment of the locked asset, slashing risk and delegation.
Whether a given asset is mal, whether it can be the subject of a valid contract, and on what conditions.
Trading, transfer and settlement mechanics for tokenised instruments.
Certification under a verifiable reference, and ongoing review as protocols and integrations change.
Why ADL
Our team pairs certified Muftis holding AAOIFI qualifications with people who understand code, systems and product architecture. We hold Malaysia Digital Status from the Malaysian Digital Economy Corporation, a technology credential, held by a Shariah advisory firm. Where there is an app, we go into it. Where there is a core banking system, we review the configuration.
Registered Shariah Adviser with the Securities Commission Malaysia and with Labuan Financial Services Authority.
We work primarily against AAOIFI standards and reconcile with the applicable local regime. An opinion grounded in AAOIFI travels across borders.
Beyond applying Islamic finance standards, our team has been commissioned by a standard-setting body: research towards a governance standard, participation in the drafting of a preliminary standard, and a series of training assignments.
Auditing against another adviser's pronouncement is ordinary work for us, as is being audited by another firm. Independence is the point of the exercise.
We work in jurisdictions with mature Islamic finance regulation and in markets with none at all, where the structure has to satisfy Shariah while operating entirely within a conventional rulebook.
Best Shariah Advisory in Islamic Asset Management, presented in Jeddah in February 2026.
Members of our team hold Shariah board and committee seats across the institutions we serve, so our advisory work is informed by governance experience, not only by external review.
How we hold ourselves
Our measure of a good year is not only revenue. It is whether we helped one more business get to halal. That is why we will take a call from a founder at ideation stage, and why our pricing bends to what a client can actually carry. We would rather a small platform get its structure right at the start than be priced out and get it wrong at scale.
A business built on an Islamic label still has to be a good business. Sound fundamentals, capable people, honest disclosure, and a high standard of compliance with local regulation, because that is what protects the customer and the investor. Shariah compliance sits on top of that foundation. It is not a substitute for it, and we will say so if we see it being treated as one.
The Lifecycle
Compliance is a state you maintain rather than a certificate you obtain, and the audit cycle is how you maintain it.
We understand the protocol and the token design before we quote.
Scope, timeline and fee agreed, agreement signed.
The deep stage: the algorithm logic, the ownership and settlement sequence, the token design and the agreements around it.
Findings returned and worked through with your protocol and engineering teams; the contract logic is adjusted.
Issued by a certified Mufti.
Issued under a reference any counterparty can verify independently.
For an on-chain product the cycle runs for as long as the contracts are deployed: the logic is re-tested every year, and every time a protocol or integration changes.
We commit to two to four weeks for a first pronouncement. In practice it often runs longer, and in our experience the reason is the round trip rather than the review. We raise amendments, and your product and engineering teams need time to work through them. We would rather set that expectation now than surprise you in week three.
Engagements are scoped and priced individually. We have worked with protocols at testnet stage and with platforms running live on-chain issuance across several networks. One size does not fit all. Tell us what you are building and we will tell you what it takes.
Evidence
Blockchain crowdfunding platform (North America)Smart contract algorithms, end-to-end process flow, front end, agreements and terms reviewed alongside the client's internal team. Certified, now raising Shariah-compliant funds on-chain, with a secondary market for tokens in prospect.
Shariah-compliant staking platformAdvisory on staking across two major proof-of-stake networks, the nature of the reward, the treatment of the staked asset and the structuring required for compliance.
RWA tokenisation trainingTraining on tokenisation of real-world assets, delivered to industry audiences.
Questions
We review the algorithm logic against the contract it claims to implement. That is the point of the exercise, on-chain, an opinion on the documentation alone is an opinion on intention rather than on what executes.
It depends entirely on the mechanics, what generates the reward, what happens to the staked asset, how slashing is treated and whether delegation introduces a guarantee. Some designs can be structured compliantly and some cannot. We assess the specific protocol rather than the category.
No. Tokenisation is a wrapper. If the underlying asset or the arrangement around it is non-compliant, putting it on a chain changes nothing except the speed at which it trades.
Before the contracts are deployed. A Shariah issue found at design stage costs a change of structure. The same issue found after deployment can mean a migration, a re-papering of holder rights, and the purification of income already earned.
A pronouncement is the scholarly ruling, the reasoned opinion that a product, as described, complies. A certification is the instrument that evidences it, carrying a reference your counterparties can check. The pronouncement is the judgment; the certificate is the proof.
It varies by client. Some stay with us for ongoing advisory as protocols and integrations change; others come back for audit at specific points. Both are normal, and we would rather set the arrangement to what you actually need than sell a retainer you do not.
Our certification confirms Shariah compliance. It is not an assessment of whether a business is viable, whether its financials are sound, or whether the people running it can execute. Look at both questions, and do your own due diligence on the second. Every ADL certificate carries a reference you can check independently.
Book a consultation before the contracts are deployed. We will tell you at the first meeting whether the logic supports the structure you intend.