Thursday, January 1, 2009
| The Islamic Bank of Britain’s (IBB) Shariah Supervisory Committee (SSC) also got together to discuss amongst other issues, a review of forthcoming Investment (Treasury) and Home Purchase products, as well as undertaking a Shariah review of the bank’s activity in 2007. The Committee consists of Sheikh Dr. Abdul Sattar Abu Ghuddah (Committee Chairman), Sheikh Nizam Yaqoobi and (UK-based) Mufti Abdulkadir Barkatullah. Between them, they represent almost a century of Shariah-compliance experience. All three committee members are very much in demand by Islamic Financial institutions from around the world, and have chosen to utilise their expertise to further the cause of Islamic Finance in collaboration with IBB. Mufti Barkatullah explained his commitment: “Islamic Bank of IBB is the fi rst Islamic fi nance institution in the As well as an external and independent review by the Scholars, IBB also has an internal Shariah Compliance Offi cer, who is responsible for continuously monitoring the day-to-day activities of the bank, and reports directly to the Shariah Supervisory Committee. “The work of the Shariah Supervisory Committee is fundamental to the existence of IBB,” comments Shaher Abbas, the bank’s Shariah Compliance Offi cer. “Their approval is required before we launch any product, and they regularly review our business to ensure we are in compliance with the Sharia’a. This gives our customers complete peace of mind that we are operating in accordance with Islamic and ethical principles.” IBB offers a number of products and services to it’s customers including Savings accounts, Treasury accounts, Personal Finance and Commercial Property Finance. The bank recently launched two new Commercial Centres for Islamic Finance – in |
