At Ezdaher Financing Company, Shariah compliance is one of our core values and we believe in offering financing that aligns with the Shariah principles. To ensure that we are committed to these principles, our in-house Shariah Committee diligently evaluates and approves all our financing products and processes. The Board also conducts regular reviews to ensure that we continue to stay Shariah compliant.
Our financing complies with the Tawarruq & Ijarah contracts of Shariah financing. Such contracts are grounded in the principles of risk sharing, fair dealing, prohibition of interest (riba), prohibition of excessive uncertainty (gharar), and no financing of sinful activities.
Shariah Committee
For the purpose of effective Shariah governance and supervision in alignment with SAMA, two renowned and qualified Shariah scholars have been appointed on the committee. The appointment of these members is endorsed by our Board and approved by SAMA.
The Shariah Committee independently issues pronouncements and these rulings are binding on the Company. The Committee operates in accordance with the SAMA Shariah Governance Framework. This framework covers areas such as (but not limited to) the establishment of a Shariah Committee, independence of pronouncement, administration of internal Shariah Audit, Shariah Control, and Shariah reporting.
The profile of our esteemed Shariah Committee members are provided as below.
Mufti Faraz Adam
Mufti Faraz Adam is a UK-based Islamic Finance & Fintech consultant and has over ten years of experience in serving as a Shariah advisor. He advises several global Islamic financial institutions across the UK, US, Canada, Malaysia, Singapore, UAE and other countries.
He spent several years studying knowledge of Shariah in Leicester and South Africa,where he specialised in Fiqh and Iftaa. He holds a master’s degree in Islamic finance, Banking and Management from Newman University, UK and also holds an ACCA Level 4 Qualification in Accounting and Business. In addition to the above, he has attained various Islamic Finance-industry qualifications such as the IFQ, CIAE, CIFE and is a Certified Shariah Advisor and Auditor (CSAA). He is currently doing his PhD in Shariah governance for Artificial Intelligence.
Sheikh Dr. Osama Bahar
Sheikh Osama is a Shariah advisor to several investment firms in the GCC region and also writes for regional newspapers and magazines.
He has vast experience in designing and re-structuring Shariah based contracts such as mudharabah and Ijarah contracts as well as structuring several Islamic Funds and Islamic finance based products.
He is also involved in training / teaching Islamic finance at different forums and has been a speaker at many different conferences. He holds a bachelor’s degree in Islamic Shariah from Prince Abdul Qader University of Islamic Studies, Algeria, a Master’s Degree in Shariah from Al Emam Al Awzae University, Lebanon and PHD from Lahay University.
Shariah Advisors
We have appointed Company Al Marjea (“CAM”) to help us adhere to SAMA’s Shariah governance rulebook. In this role, CAM will ensure that the members of the Shariah Committee operate with independence and autonomy and warrants effective decision-making and Shariah assurance practices. CAM will also help facilitate Shariah related discussions, product research, and Shariah reporting while working with the head of functions to augment Shariah principles and rulings at different levels of the organization.
CAM will manage these specific requirements:
Coordinate with various departments, head of functions and task forces on Shariah issues, and provide support during Shariah audits and Shariah control 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 by us are approved and certified by the Shariah Committee.
Disclose relevant information to management regarding the Shariah governance framework, Shariah Committee rulings, product (non-compliance) risks, Zakah verification and purification of
non-permissible income.
