BLME has an independent Sharia’a Supervisory Board made up of learned Islamic scholars that specialise in Fiqh-Al-Muamalat, a branch of Islamic jurisprudence that covers business activities as well as finance. The role of the Sharia’a Supervisory Board is to:
- Oversee BLME’s activities to ensure Bank is run in a Sharia’a compliant manner.
- Guide and advice BLME on matters of Sharia’a compliance.
- Assist in the structuring, as well as provide Sharia’a approvals for, new products and services.
- Undertake an annual review of BLME’s operations, agreements and transactions as well as BLME’s Annual Report and Accounts in order to publish a certificate of Sharia’a compliance for the Bank. The certificate of Sharia’a compliance can be found in BLME’s Annual Report and Accounts, which can be found by clicking here.
- Annually publish a Zakat statement that informs shareholders how much Zakat is payable on their shareholding. For copies of the Zakat statements published, please click here.
The governance role provided by the Sharia’a Supervisory Board is in addition to the conventional regulation that applies to all UK based financial institutions.
- The Sharia’a Supervisory Board of BLME is made up of:
- Sheikh Dr. Abdulaziz Al-Qassar (Chairman)
- Sheikh Dr. Esam Khalaf Al-Enezi
- Sheikh Dr. Mohammed Daud Bakar