Thu 30-03-2023 15:59 PM
ABU DHABI, 30th March, 2023 (WAM) -- Abu Dhabi Islamic Bank (ADIB) has announced that the Internal Shari’a Supervisory Committee (ISSC) of ADIB has recently issued Shari’a certificates both in Arabic and English.
More than thirty certificates were issued, covering various products of Retail Banking including car financing, goods, real estate, investment funds, and investment deposits.
Additionally, each certificate provides detailed information about crucial Shari’a steps involved in the modes of financing such as Murabaha, Ijarah, Istisna, Mudaraba, Wakala investment and more.
The primary objective of these certificates is to offer customers a thorough understanding of the financial products and the legal consequences of the contracts used in the financing and investment solutions offered to them. Issuance of Shari’a certificates is in line with the standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which the bank's products adhere to.
Dr. Osaid Kailani, Global Head of Shari'a and the Head of Internal Shari’a Control Group at Abu Dhabi Islamic Bank, said, "We are proud to announce the issuance of Shari’a certificates by ADIB’s Internal Shari’a Supervisory Committee for our retail banking products, which serve as an affirmation of our commitment to compliance with rules and principles of Shari’a and applying product transparency. These certificates provide comprehensive information to our customers about the Shari’a aspects of the products, ensuring that they are fully informed about the contracts used in the product offered to them and its modus operandi.
With these certificates, we aim to uphold the standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and meet the regulatory guidelines of the Consumer Protection Regulations and the Shari’a Governance Standard for Islamic Financial Institutions. We believe that this step will strengthen our customers' trust and confidence in our products and services, and we remain dedicated to providing innovative and Shari’a-compliant financial solutions to our valued customers."
The issuance of these certificates followed a thorough review by the Internal Shari’a Supervision Committee members, including Chairman Professor Dr. Muhammad Abdul Rahim Sultan Al-Ulama, Professor Dr. Jassim Ali Al Shamsi, Sheikh Essam Ishaq, Professor Ashraf bin Muhammad Hashem, and Dr. Ali Al-Junaidi.