Declaration
The content of this section on the Fatwa & Sharia Supervision board sets out the proper position that the Fatwa & Sharia Supervision Board, Sharia auditing, the Sharia Supervisor and Sharia supervision procedures in general should occupy in an Islamic Banking institution.
A clearly outlined supervision mechanism is the basic and the most important framework of an Islamic Bank, (specified in the Dubai Islamic Bank’s Memorandum & Articles of Association & the Federal Law No. 6/85). This is to ensure complete obedience to the Islamic principles of finance and also to assure the Bank’s customers that all their requirements are satisfied within the scope of Islamic structures of finance.
The Sharia Supervision procedure is similar to the duty of the Muhtaseb, who gains the power of his role and its efficiency in Islamic society from the extent to which compliance, efficiency, and support are provided by the Muslim leader and those of equivalent status. Otherwise, the Muslim leader would become nothing more than a trusted advisee who directs to virtue and prohibits wrongdoing. (Whoever believes, it is for that person’s benefit, and whoever misbelieves, it is to that person’s account).