{"id":7091,"date":"2025-01-21T10:07:52","date_gmt":"2025-01-21T10:07:52","guid":{"rendered":"https:\/\/mekyal.com\/en\/?page_id=7091"},"modified":"2025-01-21T10:11:58","modified_gmt":"2025-01-21T10:11:58","slug":"sharia","status":"publish","type":"page","link":"https:\/\/mekyal.com\/en\/sharia\/","title":{"rendered":"Sharia"},"content":{"rendered":"[vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”none” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#9fc5d0″ bg_image=”6129″ bg_position=”center center” background_image_loading=”skip-lazy-load” bg_repeat=”no-repeat” scene_position=”center” top_padding=”10%” bottom_padding=”10%” top_padding_tablet=”30%” constrain_group_3=”yes” bottom_padding_tablet=”30%” top_padding_phone=”40%” constrain_group_5=”yes” bottom_padding_phone=”40%” text_color=”custom” text_align=”center” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” color_overlay=”#000000″ advanced_gradient_angle=”0″ overlay_strength=”0.3″ gradient_direction=”radial” shape_divider_color=”#ffffff” shape_divider_position=”bottom” shape_divider_height=”45%” bg_image_animation=”zoom-out” parallax_bg=”true” parallax_bg_speed=”fast” shape_type=”straight_section” gradient_type=”default”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”0px” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”radial” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”center” animation_type=”default” bg_image_animation=”zoom-out-reveal” parallax_bg=”true” parallax_bg_speed=”fast” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”center” row_position=”default” row_position_tablet=”inherit” row_position_phone=”inherit” zindex=”20″ overflow=”visible” pointer_events=”all”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”0px” background_color_opacity=”1″ background_hover_color_opacity=”1″ font_color=”#ffffff” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_custom_heading text=”Sharia Governance” font_container=”tag:h2|text_align:center”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#f7f7f7″ scene_position=”center” top_padding=”100″ bottom_padding=”100″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][\/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2\/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_custom_heading text=”SHARIA GOVERNANCE” font_container=”tag:h4|text_align:justify|color:%235ebeb4″][vc_custom_heading text=”As a licensed entity regulated by the Capital Market Authority (\u201cCMA\u201d), we are subject to the supervision and control of the CMA. In meeting this commitment, we work to comply with Sharia governance requirements mentioned in the Instructions for Shariah Governance in Capital market Institutions. This rulebook covers areas such as (but not limited to) the establishment of a Sharia Committee, independence of pronouncement, administration of internal Sharia audit, Sharia control and Sharia reporting.” font_container=”tag:h4|text_align:justify|color:%23332774″][divider line_type=”Small Line” line_alignment=”center” line_thickness=”2″ divider_color=”default” animate=”yes” custom_height=”100″][image_with_animation image_url=”7095″ image_size=”medium” animation_type=”entrance” animation=”Fade In” hover_animation=”none” alignment=”center” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_custom_heading text=”To achieve this, we have appointed Shariyah Review Bureau (\u201cSRB\u201d) to help us adhere to the best practices and guidelines outlined in CMA\u2019s rulebook. In this role, SRB will facilitate Sharia related discussions, product research, and Sharia reporting while working with the head of functions to augment Sharia principles and rulings at different levels of the organization. SRB will also help ensure that the members of the Sharia Committee operate with independence and autonomy and warrants effective decision-making and Sharia assurance practices.” font_container=”tag:h4|text_align:justify|color:%23332774″][divider line_type=”Small Line” line_alignment=”center” line_thickness=”2″ divider_color=”default” animate=”yes” custom_height=”100″][vc_custom_heading text=”Some of the specific requirements that SRB will manage are:” font_container=”tag:h4|text_align:justify|color:%235ebeb4″][vc_custom_heading text=”\u2022 Help establish a robust Sharia governance mechanism including the formulation and management of the Shariah Committee and liaising with them to ensure that all products and services are duly accredited and in line with the rulings of the Sharia Committee.
\n\u2022 Assist in establishing a qualified and independent Sharia Committee, a competent Sharia audit resource, an effective Internal Sharia control function.
\n\u2022 Coordinate with various departments, head of functions and taskforces on Shariah issues, and provide support during Shariah audits and Sharia control assessments.
\n\u2022 Contribute to the development and enhancement of products and new offerings, coordinating with relevant stakeholders for feedback.
\n\u2022 Ensure that all products and services offered by us are approved and certified by the Sharia Committee.
\n\u2022 Supervise the internal Sharia audit to verify compliance with Sharia principles and standards.
\n\u2022 Disclose relevant information to management regarding the Sharia governance framework, Sharia Committee rulings, product (non-compliance) risks, Zakah verification and purification of non-permissible income.” font_container=”tag:h4|text_align:justify|color:%23332774″][divider line_type=”Small Line” line_alignment=”center” line_thickness=”2″ divider_color=”default” animate=”yes” custom_height=”100″][vc_custom_heading text=”SHARIA COMMITTEE” font_container=”tag:h4|text_align:justify|color:%235ebeb4″][vc_custom_heading text=”For the purpose of effective Sharia governance and supervision, a renowned and qualified Sharia scholar, namely Shaikh Muhammad Ahmad has been assigned by SRB. The Sharia scholar will independently issue pronouncements, and these rulings are binding on us. Shaikh Muhammad Ahmad is a highly accomplished scholar, having earned his degree from Dar Al Uloom University under the mentorship of Mufti Taqi Usmani, a renowned authority in Islamic jurisprudence.
\nWith over 15 years of extensive experience in Sharia law Shaikh Muhammad has become a trusted Sharia advisor in the realms of finance and Islamic banking. His expertise spans various areas, including the redesigning of traditional financial products and structuring investment funds across banking, insurance and the securities management sector.” font_container=”tag:h4|text_align:justify|color:%23332774″][divider line_type=”Small Line” line_alignment=”center” line_thickness=”2″ divider_color=”default” animate=”yes” custom_height=”100″][vc_custom_heading text=”Some of the financial institutions where he is seated as Sharia Board member are:” font_container=”tag:h4|text_align:justify|color:%235ebeb4″][vc_custom_heading text=”\u2022 Sharia Advisor for UBAF | FRANCE
\n\u2022 Member of Sharia Supervisory Board for Rusd Capital | DUBAI
\n\u2022 Sharia Advisor for Beehive Group | DUBAI
\n\u2022 Member of SSB for Investrade Company | BAHRAIN
\n\u2022 Member of Sharia Supervisory American Express Ltd | KSA
\n\u2022 Sharia Supervisor for Bupa | KSA
\n\u2022 Sharia Supervisor for Tawuniya Insurance & Re-insurance | KSA” font_container=”tag:h4|text_align:justify|color:%23332774″][divider line_type=”Small Line” line_alignment=”center” line_thickness=”2″ divider_color=”default” animate=”yes” custom_height=”100″][vc_custom_heading text=”ABOUT SHARIYAH REVIEW BUREAU” font_container=”tag:h4|text_align:justify|color:%235ebeb4″][vc_custom_heading text=”Shariyah Review Bureau (SRB) is a Middle East-based firm with an international scholarly platform of +37 scholars covering 4 major school of jurisprudences and spreading over 16 countries including Saudi Arabia, Bahrain, UAE, Malaysia, Pakistan, UK, Germany and Russia. SRB is licensed and regulated by the Central Bank of Bahrain and has been serving the Islamic financial industry for almost 20 years and is committed to empowering Sharia compliance for businesses around the world.<\/p>\n

To learn more about SRB and its services, please visit” font_container=”tag:h4|text_align:justify|color:%23332774″][image_with_animation image_url=”7095″ image_size=”thumbnail” animation_type=”entrance” animation=”Fade In” hover_animation=”none” alignment=”center” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_custom_heading text=”www.shariyah.net” font_container=”tag:h4|text_align:center|color:%235ebeb4″ link=”url:http%3A%2F%2Fwww.shariyah.net|target:_blank”][\/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

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