aafaq Google Analytics
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  • P.O. Box 282400, Dubai, United Arab Emirates
  • 00971.4.330.6444
  • 00971.4.330.6222
  • info@aafaq.ae
Sadad Online

SHARI'A BOARD

 
The Shari’a Supervisory Board supervises all the different Shari’a aspects in aafaq. It also has the right of assuring aafaq financing transactions’ compliance with the principles of the Islamic Shari’a, while maintaining the right of contradicting repugnant procedures, if found. aafaq is obligated to obey to the Shari’a Board’s resolutions and guidelines whether unanimous decisions or decisions taken by the majority of the members.
 
The meetings of the Board are held periodically or whenever the need arises.
 
The key roles of the Board entail the following:
  • Main source for Shari’a Fatwas (Shari’a opinions) & certification of Shari’a compliant products and services.
  • Continuous development in the aim of devising more Shari’a compliant transactional procedures, templates, & finance products that enable aafaq to adapt to the trends & maintain a high competitive edge in finance, deposit procedures, investments & finance services.
  • Studying & analyzing unprecedented situations in aafaq’s transactional procedures that do not have any Fatwa issued in that regard, in order to know the Shari’a compliancy of such before the implementation.
  • Studying & analyzing the contracts & agreements concerning aafaq’s transactions and certifying that they are Shari’a compliant.
  • Examining aafaq’s contracts, administrative decisions, & everything that aids in building & shaping the practical reality in the Board’s perspective.
  • Studying & analyzing the unprecedented matters received from all the departments & branches or from aafaq’s customers and then formulating opinions regarding them.
  • Initiating Shari’a training programs for aafaq’s staff members.
  • Assuring the Shari’a implemental compliancy of finance transactions that are taking place in aafaq & correcting any Shari’a repugnant implementations that may take place.
  • Certifying Shari’a compliancy of aafaq's annual audited financial reports.
 
Shari’a Board: 
 
   
         
Professor Jassim Ali Al Shamsi   Professor Abdullah Hassan Mohamed   Dr. Ebrahim Al Shal
Chairman   Board Member   Board Member

INTERNAL SHARI'A AUDIT DEPARTMENT

 

 
Internal Shari’a Audit in aafaq Islamic Finance has a very important role in auditing and following up on all activities and operations performed by the Company in general, and aligning with regulations and laws issued by supervisory authorities such as Central Bank, or issued on an international level, like The Accounting and Auditing Organization for Islamic Financial Institutions, and International Islamic Fiqh Academy. This would be achieved through Shari’a Audit and supervisory tasks over operations and activities performed by aafaq's different departments in order to achieve optimum results in terms of the Company’s commitment to Islamic Shari’a standards in its business activities, and to align with the best practices.
 
The Internal Shari’a Audit is in charge of the following tasks:
  • Preparation and implementation of Internal Shari’a Audit plans for all finance operations.
  • Supervision of Investment Portfolios operations, Company products-related activities and accounting processes on a regular basis.
  • Preparation and implementation of Internal Shari’a Auditing plans for all activities and operations performed by companies related to aafaq.
  • Providing necessary support and aligning the Company with recommendations of Shari’a Board and the Internal Shari’a Committee.
  • Conducting training programs specialized in Islamic Banking for Company staff in coordination with the relevant departments.

 

FATAWA

 

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