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Shari’a Board

As an Islamic company, FLC has appointed a three-person Shari’a Supervisory Board. That board comprises the following eminent Islamic scholars:
Sheikh Dr. Sultan Ibrahim Al-Hachimi
Sheikh Dr. Osama Qais S. Al Dereai
Sheikh Hamad Bin Mahmood Al-Mahmood
   

The main role for our Shari’a Supervisory Board is:
 
  • To give an opinion on and to ensure that all transactions, procedures, products, templates, and services are in strict compliance with Shari’a principles and to correct any breaches. Among its other duties, the Shari’a Supervisory Board
  • Analyzes contracts and agreements and unprecedented situations that are not covered by fatwa in FLC’s transactional procedures or as reported by the Company’s different departments and even by its customers to ensure Shari’a compliance before FLC develops any new product or implements any new procedure
  • Proposes new templates, products, procedures, and transactions
  • Remedies contradictory fatwa leading to procedures that violate Shari’a principles
  • Prepares a Shari’a-compliant annual report on FLC’s financial performance
  • Analyzes administrative decisions, issues, and other matters that require the Board of Director’s approval.