The Arab Chamber of Commerce & Industry

中文

FAQs

What is the role of a Shariah Advisory Council?

To ensure the Bank or Institution remain at all times well protected and indeed in compliance with Islamic Shariah standards in which mainly the entire operating policies & procedures meet with Shariah approvals. Also the primary conduit of communication between Institution or Bank and its customers or counterparts.

Ensure there are product programs in place, for all Shariah approved products, with detailed procedures signed off by relevant operating departments.

To prepare and write necessary documents, logistic articles, letters & memos in Chinese, Arabic & English when required.

Ensure there are Shariah Fatwas (Religious decree) if needed in place for all approved products.

Educate Institution’s and Bank's staff and operating departments on interpreting and handling Shariah Guidelines.

To represent the institutions in meetings, gathering, lectures and symposiums related to Islamic investment and banking and attend jurisprudent meetings and gathering inside and abroad if possible and provide the management with summery of these meetings.

Conduct periodic Shariah audits, with formal reports for management to assess the degree of compliance.

To act as the primary channel of communication between the Institutions, Individuals and Shariah Boards.

Advise on Shariah Compliance manual, in conjunction with Shariah principles and compliance officers of Government, Regulatory Agencies, Banks, Financial and/or Commercial Institutions.

To carry out relevant administrative and secretarial duties regarding the Shariah Board minutes & meetings, documenting and filling papers related to compliance.

To submit policy briefings to the Board of Directors & its subcommittees.

Other additional duties may arise when requirements occur.

Where appropriate assist in applying the policies, procedures, rules and regulations in banks, financial and/or commercial institutions.