AAOIFI Governance Standard No. 1 Shari’a Supervisory Board: Appointment, Composition and Report Mezbah Uddin Ahmed Email:
[email protected] Working File Updated: 30 April 2022
Mezbah Uddin Ahmed Standard Appendix: The Shariah Basis for the Standard Appendix: Definitions and Others Explanatory notes / Clarifications MCQs / Practice questions If you find any error, please inform the author. Email:
[email protected] Introduction 1. The purpose of this Governance Standard for Islamic Financial Institutions (GSIFI) is to establish standards and provide guidance on the definition, appointment, composition, and report of the Shari’a supervisory board for ensuring compliance of the Islamic financial institution in all its dealings and transactions with Shari’a Rules and Principles. The main points are: Mezbah Uddin Ahmed Includes Excludes • Shari’a supervisory board • Definition • Appointment • Composition • Report
Definition of Shari’a Supervisory Board 2. A Shari’a supervisory board is an independent body of specialized jurists in Fiqh al-Mua’malat (Islamic commercial jurisprudence). However, the Shari’a supervisory board may include a member other than those specialized in Fiqh Al-Mua’malat, but who should be an expert in the field of Islamic financial institutions and with knowledge of Fiqh Al-Mua’malat. The Shari’a supervisory board is entrusted with the duty of directing, reviewing and supervising the activities of the Islamic financial institution in order to ensure that they are in compliance with Shari’a Rules and Principles. The fatwas, and rulings of the Shari’a supervisory board shall be binding on the Islamic financial institution. Mezbah Uddin Ahmed Shari’a supervisory board Specialized jurists in Fiqh al-Mua’malat Expert in the filed of Islamic financial institutions and with knowledge of Fiqh Al- Mua’malat Entrusted with the duty of: • directing, • reviewing, and • supervising the activities of the Islamic financial institution The fatwas, and rulings of the SSB shall be binding on the IFI
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