SHARI’AH SUPERVISORY BOARD
Arcapita's Shari’ah Supervisory Board is fully supported by the internal Shari’ah department and other Arcapita Group departments. The Shari’ah department is responsible for ensuring that there is an ongoing process of reviewing and auditing of the business of Arcapita generally, including existing and new investments. For Shari’ah compliance, Shari’ah Supervisory Board members and Shari’ah department members also make regular portfolio company visits. The Shari’ah Supervisory Board ensures that all investments undertaken by the lines of business are structured in a manner that comply strictly with Shari’ah principles and resolve any Islamic investment issues that may arise. The Shari’ah Supervisory Board also approves the audited financial statements of Arcapita, confirming adherence to Islamic Shari’ah principles.
The Shari’ah Supervisory Board is composed of the following prominent scholars:
Sheikh Muhammed Taqi Usmani
Vice President, Darul-Uloom University, Karachi, Pakistan; Member of the Islamic Fiqh Academy; Ex-Member of the Shari’ah Appellate Bench of the Supreme Court, Karachi, Pakistan; Member of the Shari’ah Supervisory Boards of a number of Islamic banks and financial institutions.
Sheikh Esam Mohamed Ishaq
Chairman of the Board, Muslim Educational Society, Bahrain; Director & Shari’ah Advisor, Discover Islam, Bahrain; Member of Board of Trustees, Al Iman Islamic School, Bahrain; Member, Accounting & Auditing Organization for Islamic Financial Institutions, Bahrain; Member of the Shari’ah Supervisory Boards of a number of Islamic banks and financial institutions.
Sheikh Mohammed Isa Al Jamea
Sheikh Mohammed was with the Shari’ah Department of Arcapita Bank for 15 years and was head of the department from 2005 to 2013. Previously, he was with the Royal Bahraini Air Force. Sheikh Mohammed has a BS in Islamic Shari’ah Law from Imam Mohamed Bin Saud University, Saudi Arabia (UAE Branch), and several Shari’ah certificates/licenses in Islamic studies from different prominent scholars. He is a member of the Shari’ah Supervisory Board of the ARC Real Estate Income Fund. He has a BS in Aerospace Engineering from Northrop University in California.