Est. 3 August 2007
Shariah Advisory Council
Ensuring Shariah compliance for banking services, financial products and commercial establishments across Greater China.
Mission
The Council provides Shariah compliance solutions for Greater China's Islamic legal, commercial, banking, finance and insurance sectors, through a committee of scholars knowledgeable in Fiqh al-Muamalat — the law relating to financial transactions. The Islamic financial system is faith-based, underpinned by the Qur'anic proscription of riba (interest) and gharar (incomplete disclosure). A Shariah Board — a committee of Islamic scholars and financial and legal experts — ensures that commercial and financial practices comply with Islamic law.
Compliance certificates are issued by the Council and may receive fatwa endorsement where required. The Chamber employs a self-governing approach to certification serving commercial, financial and regulatory entities.
Services
- Interpretation, distinction and amendment of provisions; settlement of disputes;
- Screening of financial transactions and practices;
- Investment and equity-fund screening and structuring;
- Product innovation and development;
- Policy reviews and annual Shariah audits;
- Due-process integration for the finance sector and allied professions — legal, auditing, trusteeship and custodianship.
The Council
| Member | Capacity |
|---|---|
| Sheikh Amine El Kurdi | Imam of the Great Al-Omari Mosque; Head of Religious Affairs, Dar El-Fatwa |
| Justice Oussama Ajouz | Former judge; professor of international law |
| Lord Edwin E. Hitti | Chamber President; economics & policy strategy advisor |
| Dr. Walid El Kuzbary | Constitutional counsel; attorney of international law |
| Zubair M. Latif | Markets editor |
Former members: Mufti Muhammad Arshad (Chief Imam of Hong Kong), Dr. A. S. Johan (Vice President; consultant in forensic accounting) and Abdul Kareem Cheung (solicitor and corporate finance adviser).
The role of a Shariah advisory council
Ensuring compliance with Islamic Shariah; serving as the conduit between institutions and their customers; managing approved products under documented procedures; preparing multilingual documentation; educating staff on Shariah guidelines; representing institutions at relevant meetings and symposia; conducting periodic compliance audits; and advising on compliance manuals and the administration of Shariah Board operations.
Engage the Council via info@arabcci.org · +852 6110 7777.