Shari’ah Supervisory Board

Islamic Principles

Islamic finance is guided by the following principles:

Ethical standards
Careful consideration is given to the impact they have on society and the environment.

Fairness and transparency
Emphasis is placed on fairness and transparency. For example, risks must be fairly allocated and no interest should be given or received.

Contractual clarity
Contracts must avoid uncertainty and ambiguity to ensure the underlying investments and the contractual terms and conditions related thereto are clearly agreed.

Certain activities prohibited
Investments in entities or assets whose business is gambling, alcohol, pork, tobacco, adult entertainment and military arms, or conventional banking and insurance, are not permitted.

Shari’ah Supervisory Board

Our Shari’ah Supervisory Board (“SSB”) is responsible for reviewing and monitoring investments, and the audit of financial statements to ensure compliance with Shari’ah requirements. Our SSB is comprised of the following prominent scholars:

Sheikh Muhammed Taqi Usmani
Chairman of Shari’ah Supervisory Board

Sh. Taqi is the Chairman of the Shari’ah Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Chairman of the Shari’ah Board of the State Bank of Pakistan, and Chairman & member of several Shari’ah Supervisory Boards of Islamic banks and financial institutions. He is the Vice President of Darul-Uloom University in Karachi, Member of the Islamic Fiqh Academy in Jeddah, and Ex-Member of the Shari’ah Appellate Bench of the Supreme Court in Karachi.

Sheikh Esam Mohamed Ishaq
Shari’ah Supervisory Board Member
Chairman of Shari’ah Executive Committee

Sh. Esam is the Deputy Chairman of the Governance and Ethics Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Member of the Supreme Council for Islamic Affairs in Bahrain, and Chairman & member of several Shari’ah Supervisory Boards of Islamic banks and financial institutions. He is the Chairman of the Board of Muslim Educational Society, Member of Discover Islam Center Board, and Member of the Board of Trustees of Al Iman School in Bahrain.

Sheikh Dr. Yousuf Abdullah Al Shubaily
Shari’ah Supervisory Board Member

Sh. Yousuf is a Member of the Shari’ah Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and Chairman & member of several Shari’ah Supervisory Boards of Islamic banks and financial institutions. He is a faculty member of the Higher Institute of Justice, a Member of the Saudi Fiqh Society, and he holds a master and Ph.D.  in Shari’ah from Imam Mohamed Bin Saud Islamic University in Saudi Arabia.

Sheikh Mohammed Isa Al Jamea
Shari’ah Supervisory Board Member
Shari’ah Executive Committee Member

Sh. Mohammad is the former Director of the Shari’ah Department in Arcapita Group, with an extensive experience in Shari’ah Review of investments contracts and structures. He holds a BS in Shari’ah from Imam Mohamed Bin Saud Islamic University in Saudi Arabia (UAE Branch), and a BS in Aerospace Engineering from Northrop University in California. He was previously with the Royal Bahraini Air Force.