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  Mission

Worldwide Islamic Capitals are at well over $1 Trillion and Islamic-held assets are estimated to be worth more than $275 billion much of which is managed by Middle East based advisers to Shariah Compliant Public and Private Establishments.

Growing international interest in the vast investment wealth of the Moslem World where financial affairs are guided by “Shariah” Islamic law and principles laid down in the Quran could open a significant niche market for Greater China’s business sectors.

The Arab Chamber of Commerce & Industry’s (ARABCCI) Shariah Committee has endeavored to provide pre-eminent independent value-added Shariah compliance solutions to the Greater China Region Islamic legal, commercial, banking, finance and insurance sectors, thereby contributing to the on-going development of the Islamic system of financial management.

More particularly initiatives in Islamic Banking and Finance services require the involvement of a Shariah Board or Panel i.e. a committee of Scholars, knowledgeable in Fiqh al Muamalat (law relating to Financial transactions) to provide advice and consultation on issues that can lead to the provision of Shariah compliant funds and products. The ARABCCI Shariah consultancy services could provide a multitude of Shariah solutions to the Regulatory, Commercial, Banking and Finance sectors.

Services are commonly customized and/or syndicated in concert with modus operandi, subject to prevailing constraints of market place, jurisdictional architectures, and financial infrastructures.

Services are aimed at the finance sector and its related allied professions such as legal, auditing, trusteeship, custodianship, ratings and listings, wherever Islamic legal or financial structures are in place or required.

ARABCCI’s services and certifications are accompanied by relevant compliance certificates, duly executed by the Shariah Advisory Council. These certificates, where required, may be further endorsed by a fatwa (Islamic legal opinion).


Rationale

The Islamic system of financial management is faith-based, underpinned by the Quran’ic proscription on Riba (interest) and Gharar (incomplete disclosure).

As such, a core component of the Islamic system of financial management is Shariah compliance. There can be no compromise in Shariah compliance, otherwise product(s) or service(s) may be deemed unacceptable.

In certain jurisdictions, such as Malaysia and Sudan, Shariah Supervisory Boards are at the Central Bank; in Iran they have a Committee within the Council of Guardians, which sets the rules for the Banking and Financial sector. In other jurisdictions, individual Islamic financial institutions and Islamic banking units in conventional financial institutions have appointed their own qualified Shariah Supervisory Boards or Advisors.

A Shariah Board is a Committee of Islamic Scholars, Financial and Legal Experts gathered to ensure that commercial, financial practices and products offered are in compliance with Islamic Law.

Hong Kong’s ARABCCI has pioneered a self-governing approach to Shariah compliance and certification services. These services can be utilized by any bona fide commercial, financial or regulatory entities, investors, legal or auditing firms, public listing and rating agencies among other…

 

 

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