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.
|Professor Jassim Ali Al Shamsi||Professor Abdullah Hassan Mohamed||Dr. Ebrahim Al Shal|
|Chairman||Board Member||Board Member|
INTERNAL SHARI'A AUDIT DEPARTMENT
* For now, only Arabic is available