Shari’ah Supervisory Board
The first step towards Shari’ah compliance is the appointment of an independent Shari’ah Supervisory Board by either the fund’s sponsor or the fund manager. This board is an independent body of specialised jurists in fiqh almua’malat or Islamic jurisprudence. The role of the board is to ensure that the fund is in compliance with the letter and spirit of Islamic investing.
Members of the Shari’ah Supervisory Board
Head of Shari’ah for Standard Bank. Yusuf serves on the Shari’ah Boards of the Bank of Maldives, Element Investment Managers, Takaful Africa, GIC Re-Takaful and Shari’ah Investments Ltd (Malawi). He developed the Islamic Banking training material for all South African Islamic Banks, having been contracted by BANKSETA. He is one of few Scholars in SA accredited by AAOIFI as Shari’ah Advisor and Auditor. He also holds Certificates in Qadha (adjudication) from Imarat Sharia’h, Patna Bihar (India) and has completed Iftaa (issuance of verdicts) at Darul Uloom Zakariyya, Lenasia (South Africa).
Mufti Mohamed Ali
Chairman of Element Investment Managers Supervisory Board; Senior Lecturer at Darul Uloom Zakariyya
Mufti Mohammed Ali is regarded by some as one of the most senior scholars in our country. He grew up in India and underwent 15 years of tertiary education at three different Islamic Universities. In addition to his Islamic studies, he also took courses in subjects like Logic and Philosophy. Following his studies, he taught for nine years in India before coming to South Africa in 1988 to join Darul Uloom Zakariyya, where he remains senior lecturer.
Mufti Muhammad Ashraf Qureshi
Member of the Board of Muftis of South Africa; Mufti at Darul Uloom Springs
Mufti Muhammed Ashraf Qureshi hails from Pakistan, where he studied for his Diploma in Islamic and Arabic studies as well as both a Bachelor of Arts and Master of Arts in Higher Islamic studies. Mufti Qureshi was fortunate to complete his course in Fataawa under the tutorship of Mufti Muhammad Taqi Usmani, who is regarded by many as the father of modern Islamic Finance. He also founded the Centre for Islamic Economics in Pakistan under the supervision of Mufti Usmani. He is now a resident of South Africa and is a senior lecturer at the Institute for Higher Islamic Studies in Springs, where he is also the head of the Fatwa Department. He is a member of the board of Muftis, as well as a member of the Judicial Committee of the Jamiatul Ulama.
Mufti Ahmed Suliman
Mufti Ahmed Suliman is a Shari’ah Scholar of very high repute and serves as a Shari’ah Advisor / Board Member of various financial institutions in and out of South Africa for the past eight years. He completed a BA/MA Alim course (Higher Islamic Studies) and thereafter the Ifta course (Islamic Jurisprudenc and issuance of Fataawa (Islamic verdicts)) at Darul Uloom Zakariyya. He served as a Mufti for the Jamiatul Ulama KZN (Council for muslim theologians) for three years where he looked after the Fatwa and Judicial departments and was a member of the Mediation and Arbitration committee. On behalf of this organisation he also served as a member of the Board of Muftis of South Africa.
Amongst the courses completed is a course on the Principles of Islamic Jurisprudence at the lbn Saud University of Riyaad, Saudi Arabia.