National Bonds Corporation (NBC), the leading sharia-compliant savings and investments company in the UAE, has appointed new members to the Fatwa and Sharia Supervisory Board as part of its priority to ensure the effective compliance of its products, financial services and investments to Sharia principles.
The Sharia board will also review and evaluate NBC’s contracts, agreements, policies, yearly reports, financial reports, as well as the Zakaah accounts, promotional materials and legal documents.
NBC’s decision to appoint new members to the Fatwa and Sharia Control Board articulates the company’s commitment to provide the highest level of Sharia governance across all its operations.
Commenting on the formation of the new Sharia board, Mohammed Qasim Al Ali, CEO of National Bonds Corporation, said: “We welcome some of the finest Sharia advisory consultants on board. We are confident their industry intelligence, training and innovation expertise will significantly contribute to the development of Islamic financial services at National Bonds Corporation for the ultimate benefit of the nation.”
Sheikh Dr Abdul Sattar Abu Ghuddah, an expert at the International Islamic Fiqh Academy in Jeddah, will head the new board. A specialist in comparative jurisprudence, he provides consultancy to a number of corporations and scholarly groups. Sheikh Dr Abu Ghuddah also presides over several Sharia control boards at Islamic banks and financial institutions in Saudi Arabia and abroad.A prolific author and analyst, he has participated in global conferences and forums on Islamic Fiqh, Zakaah and related issues.
The board also comprises Sheikh Dr Yousef Abdulla Al Shubaily, professor in Islamic Fiqh at the Higher Judicial Institute in Saudi Arabia, and Assistant Professor at the Open American University. An expert in Islamic economy, he is a member of the Assembly of Muslim Jurists in America, and member of the Legitimate Committee that reviews the collection system of Zakat in Saudi Arabia.He holds a Doctorate and Master’s in comparative Fiqh, and serves as a legal advisor for a number of charities and Islamic financial institutions in Saudi Arabia, the GCC, and the United States.
Dr Mohammad Abdul Rahim Sultan Al Olamaalso joins the new Fatwa and Sharia Supervisory Board.
Currently,Dean of the Faculty of Sharia at the United Arab Emirates University in Al Ain, he is a member of the Fatwa Committee at the Department of Religious and Charitable Affairs. Dr Al Olama also heads a number of Sharia boards in the UAE and has written extensively on modern Islamic finance.He has presented several research papers at industry conferences around the world, and has gained recognition for his research and scholarly contributions.
He holds a PhD in Islamic law from Umm Al Qurra University in Mecca, Saudi Arabia.
National Bonds Corporation has appointed Minhaj Advisory, a prominent Sharia-compliant consultancy in the region, to provide financial consultation services
Saturday, June 28- 2014 @ 9:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.