Sharia Supervisory Board
At Investment House an independent Shari'a Supervisory Board has been appointed to ensure that our business is guided by a team of scholars who are proficient in the field and held in high esteem in the country. They ensure compliance and approve all Investment House products and services, so that our investors can have the peace of mind they deserve.
The members of Shari'a Supervisory Board oversee our procedures and ensure that our investments are secured against non-Shari'a compliant assets and provide counsel to safeguard the company from engaging with any non-Shari'a compliant sources. Investment House covers the products and services we offer through a Fatwa certificate, which is signed by the Shari'a Board.
The Key Roles and Responsibilities of the Shari’a Supervisory Board are:
- To approve the Shari'a aspects in the Memorandum of Association, Articles of Association and Regulations as well as the forms and policies used by the Company.
- To approve the Company’s products and services.
- To approve the standard agreements and contracts pertaining to the Company’s financial transactions.
- To give a Shari'a founded opinion regarding the products introduced by the Company and issue fatwas on the questions and transactions submitted to it.
- To follow up on the Company’s operations and conduct oversight on its activities, ensuring that the concluded transactions are comprehended within the approved products by the Board.
- To review the reports of the Shari'a Audit and Compliance Department concerning the audit of the Company’s transactions and analyze to which extent such transactions are compliant with the provisions of Islamic Shari'a, fatwas and resolutions of the Board.
- To present an Annual Report to the General Assembly of the Company encompassing the Board's opinion about the Company’s transactions and operations, which occur during the year while displaying the extent to which the Company’s management has committed to the Board’s