Shariah Advisory Board
Three experts in the religious aspects of halal investing comprise Azzad’s Shariah Advisory Board. Azzad follows halal investing standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which requires a three-member shariah advisory board.
The responsibilities of the Shariah Advisory Board include:
- Providing guidance to the company on shariah compliance matters and helping to create a strong internal shariah compliance control system.
- Ruling on religious financial matters for circumstances in which there is no precedent from AAOIFI.
- Training Azzad employees on matters related to Islamic financial transactions.
- Reviewing the method by which the company calculates zakah and purification amounts for clients.
- Reviewing the annual shariah compliance verification process.
- Periodically conducting a shariah compliance audit or overseeing such an audit by an external auditor.
- Issuing an annual shariah compliance statement.
Mohamed Adam El-Sheikh, Ph.D.
Dr. Mohamed Adam El-Sheikh holds a doctoral degree in comparative jurisprudence from Temple University. He acts as a shariah consultant to U.S. Islamic financial institutions and is executive director emeritus of the Fiqh Council of North America. He was previously a Shariah court judge in Sudan.
Abdulbari Mashal, Ph.D.
Executive Board Member
Dr. Abdulbari Mashal holds a doctoral degree in shariah from Al-Imam Islamic University in Saudi Arabia. He is a member of the Governance and Ethics Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and is a member of the Islamic International Foundation for Economics and Finance in Saudi Arabia. He is chariman of the Raqaba Group.
He joined Azzad’s Shariah Advisory Board in May 2016 and serves as the executive board member.
Mohamad Al Zuhili, Ph.D.
Dr. Mohamad Al Zuhili holds a doctoral degree in comparative jurisprudence from Al-Azhar University in Cairo, Egypt. He is a founding member of the Assembly of Muslim Jurists of America (AMJA) and is chairman of the Permanent Committee of Legitimacy of the General Secretariat of Awqaf in Sharjah, UAE. He is dean emeritus of the faculty of shariah and Islamic studies at Sharjah University in UAE.
He joined Azzad’s Shariah Advisory Board in October 2016.