Shariah Advisory Council/Consultant
Islamic banks and banking institutions that offer Islamic banking products and services (IBS banks) are required to establish a Shariah Supervisory Board (SSB) to advise them and to ensure that the operations and activities of the banking institutions comply with Shariah principles. On the other hand, there are also those who believe that no form of banking that involves interest payments can ever comply with the Shariah.
In Malaysia, the National Shariah Advisory Council, which has been set up at Bank Negara Malaysia (BNM), advises BNM on the Shariah aspects of the operations of these institutions and on their products and services. (See: Islamic banking in Malaysia). In Indonesia the Ulama Council serves a similar purpose.
A number of Shariah advisory firms have now emerged to offer Shariah advisory services to the institutions offering Islamic financial services. Issue of independence, impartiality and conflicts of interest have also been recently voiced. The WDIBF World Database for Islamic Banking and Finance has been developed to provide information about all the websites related to this type of banking.
Read more about this topic: Islamic Banking
Famous quotes containing the words advisory and/or council:
“At the heart of the educational process lies the child. No advances in policy, no acquisition of new equipment have their desired effect unless they are in harmony with the child, unless they are fundamentally acceptable to him.”
—Central Advisory Council for Education. Children and Their Primary Schools (Plowden Report)
“There by some wrinkled stones round a leafless tree
With beards askew, their eyes dull and wild
Twelve ragged men, the council of charity
Wandering the face of the earth a fatherless child....”
—Allen Tate (1899–1979)