Each of Al Rayan Bank's accounts is fully approved by the Sharia Supervisory Committee.
Guide to Islamic finance
The basis for all Islamic finance lies in the principles of the Sharia, or Islamic Law, which is taken from the Qur'an and from the example of Prophet Muhammad (peace be upon him).
Central to Islamic finance is the fact that money itself has no intrinsic value. As a matter of faith, a Muslim cannot lend money to, or receive money from someone and expect to benefit – interest (known as riba) is not allowed. To make money from money is forbidden – wealth can only be generated through legitimate trade and investment in assets. Money must be used in a productive way. In order to be Sharia compliant, money must be used in a productive way.
Sharia Supervisory Committee
To ensure that the products and services offered by Al Rayan Bank are and remain Sharia compliant, Al Rayan Bank has appointed a Sharia Supervisory Committee (SSC) which is a committee of scholars experienced in Islamic finance and Sharia.
The SSC ensures that Al Rayan Bank remains Sharia compliant and they will certify this by issuing a legal opinion (fatwa). All our products have been reviewed by our SSC who have issued a Sharia certificate which can be viewed on our website on the relevant product page.
Sharia compliance is at the heart of Al Rayan Bank's operations and we always welcome input from our customers.
Meet the Sharia Supervisory Committee
- Sheikh Nizam Muhammed Saleh Yaqoobi (Acting Chair)
Sheikh Nizam is a member of a number of Sharia Supervisory Boards including the Dow Jones Islamic Index, Bahrain Islamic Bank and the Citi Islamic Investment Bank.
- Mufti Abdul Qadir Barkatulla
Mufti Barkatulla is a prominent Sharia scholar with a strong background in economics and finance. He is a member of the Sharia Supervisory Committees of several Islamic financial institutions.
- Dr Samir Alamad
Dr Samir Alamad is Head of Sharia Compliance & Product Development at Al Rayan Bank and the Sharia Supervisory Committee’s representative in the Bank.
Previous Sharia Supervisory Committee members:
- Sheikh Dr Abdul Sattar Abu Ghuddah, Chair of the SSC 2005 - 2020
Sheikh Dr Abdul Sattar Abu Ghuddah served as a member of the Sharia Supervisory Committee since the Bank was established, and as Chair of the Sharia Supervisory Committee from 2005 until his passing in 2020. Sheikh Dr Abdul Sattar Abu Ghuddah was one of the world’s leading scholars in the field of Islamic finance. He hold a PhD in Islamic Law from Al Azhar University, Cairo, Egypt.
- Sheikh Muhammad Taqi Usmani, Retired from the Committee
Sheikh Muhammad Taqi Usmani was a member of the Sharia Cassation Board at the Supreme Court in Pakistan from 1982 - 2002; has been Vice President of Dar Al Uloom University, Karachi since 1974; Chairman of Islamic Economy Centre in Pakistan; Chairman of Sharia Board of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and sits on a number of Sharia boards of other institutions. His advice, guidance and contribution to the development of the Bank has been invaluable and greatly appreciated
How is Islamic finance different?
Islamic finance works differently to conventional banking and is regarded as ethical by those who use it. But how is it different and why is it considered ethical?