Sharia compliance

Ejari is Sharia compliant

We are committed to complying with Sharia governance practices such as (but not limited to) the establishment of a Sharia Committee, independence of pronouncement, administration of Sharia audit and Sharia reporting. To achieve this, we have appointed Shariyah Review Bureau (“SRB”) to help us adhere to the best practices and guidelines on Sharia governance. In this role, SRB will facilitate Sharia related discussions, product research, and Sharia reporting while working with the head of functions to augment Sharia principles and rulings at different levels of the organization. SRB will also help ensure that the members of the Sharia Committee operate with independence and autonomy and warrants effective decision-making and Sharia assurance practices.

Some of the specific requirements that SRB will manage

Help establish a robust Sharia governance mechanism including the formulation and management of the Sharia Committee and liaising with them to ensure that all products and services are duly accredited and in line with the rulings of the Sharia Committee.

Assist in establishing a qualified and independent Sharia Committee function.
Coordinate with various departments, head of functions and taskforces on Sharia issues, and provide support during Sharia audits and related assessments.
Contribute to the development and enhancement of products and new offerings, coordinating with relevant stakeholders for feedback.
Ensure that all products and services offered (and for which SRB is responsible for under its engagement agreement) by us are approved and certified by the Sharia Committee.
Supervise the Sharia audit to verify compliance with Sharia principles and standards.
Where applicable, disclose relevant information to management regarding the Sharia governance framework, Sharia Committee rulings, product (non-compliance) risks, Zakah verification and purification of non-permissible income.

Sharia Committee

For the purpose of effective Sharia governance and supervision, one renowned and qualified Sharia scholar has been assigned so far. He will independently issue pronouncement, and these rulings are binding on us.

The name of the Sharia Scholar is provided below: Sheikh Dr. Salah Al Shalhoob, Shaikh Salah is a Sharia scholar who procured his PhD from Edinburgh University (UK) and Masters from Al Imam University (KSA). He has led a broad range of engagements in the US, Europe, and the GCC, focusing on banking and investment products, real-estate acquisitions, Islamic, Insurance management, listed securities, and private equity fund.

His product-based experience spans sukuks, home mortgages, leasing, SME Financing and asset management transactions.He is currently a faculty member at the Saudi Electronic University, Riyadh. Before that, he was a faculty member and director of the Islamic Banking and Finance Center at King Fahd University of Petroleum and Minerals in Dhahran. He has written many research articles related to Islamic banking sector that were published in many newspapers.

About Shariyah Review Bureau

Shariyah Review Bureau (SRB) is a Middle East-based firm with an international scholarly platform of +37 scholars covering 4 major school of jurisprudences and spreading over 16 countries including Saudi Arabia, Bahrain, UAE, Malaysia, Pakistan, UK, Germany and Russia.

SRB is licensed and regulated by the Central Bank of Bahrain and has been serving the Islamic financial industry for more than 20 years and is committed to empowering Sharia compliance for businesses around the world.

To learn more about SRB and its services, please visit www.shariyah.net.