Shariah supervisory boards

E169423

Shariah supervisory boards are panels of Islamic scholars who ensure that financial products and operations comply with Islamic law in the context of Islamic finance.

All labels observed (4)

Label Occurrences
Sharia board 1
Sharia supervisory board 1
Sharia supervisory boards 1

How this entity was disambiguated

Statements (49)

Predicate Object
instanceOf Islamic finance governance body ⓘ
corporate governance mechanism ⓘ
religious oversight body ⓘ
aimsToEnsure avoidance of gharar (excessive uncertainty) ⓘ
avoidance of investment in haram (prohibited) activities ⓘ
avoidance of maysir (gambling) ⓘ
compliance with profit-and-loss sharing principles where applicable ⓘ
prohibition of riba (interest) ⓘ
appliesTo Islamic banks ⓘ
linked to: Islamic finance

Islamic capital market products ⓘ
Islamic financial institutions ⓘ
Islamic insurance (takaful) operators ⓘ
Islamic investment funds ⓘ
composedOf Islamic scholars ⓘ
decisionType collective scholarly opinion ⓘ
expectedAttribute confidentiality ⓘ
independence from management influence ⓘ
integrity ⓘ
objectivity ⓘ
professional competence ⓘ
governedBy AAOIFI Shariah standards in many jurisdictions ⓘ
central bank or regulatory guidelines in some countries ⓘ
national Shariah governance frameworks ⓘ
hasPrimaryRole ensuring compliance with Shariah principles in financial activities ⓘ
helpsBuild trust of Muslim investors and customers ⓘ
helpsMitigate Shariah non-compliance risk ⓘ
historicalDevelopment emerged with modern Islamic banking in the late 20th century ⓘ
keyFunction advising management on Shariah-related issues ⓘ
approving new Islamic financial products ⓘ
issuing Shariah opinions (fatwas) on financial matters ⓘ
monitoring purification of non-compliant income ⓘ
overseeing ongoing Shariah compliance of operations ⓘ
reporting on Shariah compliance to stakeholders ⓘ
reviewing financial products for Shariah compliance ⓘ
mayConduct Shariah audits or reviews ⓘ
mayInclude members with financial or legal expertise ⓘ
mayIssue annual Shariah compliance reports ⓘ
operatesWithin Islamic banking sector ⓘ
Islamic capital markets ⓘ
Islamic finance industry ⓘ
takaful sector ⓘ
relationshipTo board of directors of Islamic financial institutions ⓘ
management of Islamic financial institutions ⓘ
requiresExpertiseIn Islamic commercial law (fiqh al-muamalat) ⓘ
Islamic finance ⓘ
Islamic jurisprudence (fiqh) ⓘ
supportsPrinciple asset-backed or asset-based financing ⓘ
ethical investment ⓘ
risk-sharing in financial contracts ⓘ

How these facts were elicited

Referenced by (4)

Full triples — surface form annotated when it differs from this entity's canonical label.

Islamic finance → governedBy → Shariah supervisory boards ⓘ
Council of Scholars → relatedConcept → Sharia board ⓘ
subject linked to: council of scholars
linked to: Shariah supervisory boards
Takaful → involves → Sharia supervisory board ⓘ
subject linked to: takaful
linked to: Shariah supervisory boards
AAOIFI → beneficiary → Sharia supervisory boards ⓘ
linked to: Shariah supervisory boards