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Statutory Audit
We conduct an integrated audit, which combines the financial statement audit,independent and objective assurance on financial information, transactionsand processes.
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Limited Review
We offer services relating to reviews of historical financial informationby expressing negative assurance on such historical financial information.
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Agreed Upon Procedures
We engage with organisationsto perform specific procedures and report findings to conform to their needs.
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Financial Reporting Advisory Services (FRAS)
Our team provides timely advice on the impact of accounting changes to assist businesses in the development of an appropriate implementation roadmap.
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Business Consulting
Grant Thornton UAE provides organisations with implementable plans that drive sustainable growth strategies to grow and optimise their business performance.
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Business Risk Services
Organisations need to understand risks thoroughly to be able to manage them better. Grant Thornton UAE helps businesses achieve the best balance between minimising risk exposure, optimising profitability and developing compliance review checklists.
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Regulatory Advisory Services
Grant Thornton UAE's extensive understanding of the overarching supervisory framework within the region equips our professionals to support financial institutions comply and abide by the set of regulatory mandates throughout the rapidly evolving ecosystem.
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Financial Advisory
Grant Thornton UAE works with organisations on transactions from start to finish, assisting with strategy, identifying risks, executing deals, and helping to unlock their potential for growth and value creation.
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Restructuring Advisory
Grant Thornton UAE is committed to realising value for shareholders, in a way that recognises and supports the interests of all stakeholders. Our solutions maximise value, provide clarity and direction, and accelerate recovery and transformation for businesses.
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Technology Advisory & Cybersecurity
IT and technology are fundamental to drive the performance of businesses. Through leveraging the power of technology, Grant Thornton UAE helps organisations define and identify growth opportunities to achieve value-driven transformation and innovation.
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Forensics
Fraud and corruption pose a growing challenge worldwide. As the commercial landscape changes, an increasingly regulated environment requires stringent governance and compliance processes. Grant Thornton UAE helps organisations navigate challenges and crisis with a hands-on approach coupled with the use of technology.
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ESG Services
The Environment, Social and Governance (ESG) agenda has gained significant traction over the years, to become one of the key strategic aspects of any business. It is imperative that all organisations, irrespective of industry sector, engage with their stakeholders and prioritise ESG practices to unlock sustainable growth opportunities.
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Business Process Solutions
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
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Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international experience across several industry sectors, technical expertise, and commercial nuances with a commitment to deliver exceptional value to your business.
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VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
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Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of its clients.
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International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also assist businesses in analysing existing group transactions and inter-group supplies, as well as advising on potential implications of various taxes to facilitate an efficient Group tax structure.
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Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that undertake certain ‘Relevant Activities’ to maintain and demonstrate adequate substance.
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Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border tax structuring, planning and compliance needs.
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
The Central Bank of the UAE (CBUAE) continues to demonstrate a robust approach to regulation and supervision across the financial services sector in the UAE. Over the past twelve months, CBUAE enforcement actions have appeared in the headlines more frequently, sending a strong message to the market and emphasising the importance of compliance and consequences of non-compliance.
A turning point for Islamic Windows
On June 25, 2025, another enforcement headline surfaced, this time in the context of Shari’ah governance violations. According to the CBUAE, a Shari’ah supervision examination by the regulator revealed violations by an Islamic Window of a bank operating in the UAE. Consequently, the CBUAE has suspended the onboarding of new customers to the Islamic Window for six months and imposed a financial penalty of AED 3.5 million.
The regulatory expectations of Islamic Windows have been evolving over the past decade. Regulators and standard-setting bodies have been taking the necessary measures to ensure that the right governance and Shari’ah compliance frameworks are put in place by any financial institution partially conducting its business in accordance with the provisions of Islamic Shari’ah. For instance, in October 2020, the CBUAE issued standards regarding regulatory requirements for financial institutions housing an Islamic Window. These standards focused on critical areas that must be well managed and controlled by all institutions housing an Islamic Window, such as Shari’ah governance, systems, infrastructure, reporting, and asset and liability management.
Similarly, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) stated that it approved in principle the exposure draft of its governance standard regarding the application of Shari’ah governance principles to Islamic Finance Windows. While the key principles of this standard are already adopted in various major Islamic finance jurisdictions, the standard provides a comprehensive overview of control expectations to be adopted by Islamic Windows.
Why robust Shari’ah governance matters
Taking into account the aforementioned standards, which are both applicable in the UAE among other Islamic finance regulatory mandates, Islamic Windows operating in the UAE should continue to monitor and assess their Shari’ah governance and compliance frameworks on a continuous basis. The Shari’ah governance framework of an Islamic Window is just as important as that of a fully-fledged Islamic bank, as the enforcement action by CBUAE proves that non-compliance leads to consequences significantly impacting the business and reputation of the organisation.
The importance of Shari’ah governance cannot be overstated. It ensures that Islamic financial institutions operate in accordance with Islamic principles, which is crucial for maintaining the trust and confidence of their customers. Effective Shari’ah governance involves not only compliance with regulatory standards but also the establishment of robust internal controls and risk management practices. This includes regular audits, continuous training for staff and the implementation of comprehensive policies and procedures.
Our approach to Shari’ah compliance
At Grant Thornton UAE, we specialise in advising institutions on Islamic finance regulatory requirements, with a proven track record in the UAE, GCC, and beyond, with a particular focus on the supervisory and policy-driven elements of Islamic financial services. Our team of experts is well-versed in the intricacies of Shari’ah governance and compliance, and we offer tailored solutions to meet the unique needs of each client.
Our solutions in this space include:
- Independent assessment of Islamic Window operations
- Regulatory examination preparation
- Islamic Window design and operating effectiveness uplifting (including policies, procedures, manuals, and systems)
- Islamic finance specialised training
In addition to these services, we also provide ongoing support to our clients in their journey, given the evolving regulatory and Shari’ah requirements. This includes regular updates on changes in regulations, assistance with the implementation of new standards, and continuous monitoring of compliance frameworks. Our goal is to help our clients navigate the complex regulatory landscape and achieve sustainable growth while maintaining the highest standards of Shari’ah governance.
