Sharia Supervisory Board
The challenging regulatory environment of Sharia compliant financing, increasing Islamic product complexities and customer demand for faster certification of documents is forcing the Islamic financial industry to rethink the way Sharia Supervisory Boards (SSB) are managed.
To cope with this constantly evolving regulations and existing needs of setting up SSB’s and the ensuing review and certification of transactions, we have developed our services as of solution for your company. We will help you meet all requirements for Sharia scholars assignment, administration and regulation and will also work with you to satisfy governance and Sharia controls, working within your existing business make-up.
Why our SSB service is the best choice for you
We are committed to delivering an SSB service that adds value – our independent partner-led service gives you much more than just your annual meetings with the scholars. Our service identifies the right scholars for your needs and assembles them to setup the Sharia Supervisory Board (SSB) for your Company. We then assign a dedicated Sharia Manager as a focal point for you to liaise with and to help support you in implementation of the SSB’s guidance and rulings. Over the years we have designed many techniques to develop procedures that are tailored to the needs of each of your requirements, spanning from quick SSB investment solutions to product approval delivery in a matter of days, to large project structuring.
What type of regulatory Support do we offer?
To help you tackle central regulatory challenges and comply with their Sharia governing directives we offer a one stop solution that delivers the compliance and peace of mind you need at a cost you can afford. The core of our solution is an in-house team that can be seamlessly integrated into the value chain of your organizations regulatory mandate. Additionally, we’ll support your regulatory goals with:
- Filing the Governance Structures along with appointment, remuneration and dismissal procedures;
- Drafting of Internal Control procedures between the SSB and key business activity;
- Coverage of SSB Conflict Management Policy, Principles and Implementation;
- Documenting the oversight process of application of Product rulings and Guidelines;
- Submitting the system of management and containment of Sharia breaches;
- Designing the SSB’s review as per GSIFI No. 2 of the AAOIFI Governance standards.