Wealth Management SIB Academy

Sharia'a Affairs


The Sharjah Islamic Bank's library consists of a multitude collection of books on Quran interpretation, Hadith interpretation, Islamic Fiqh, law, economics, banking and Islamic Jurisprudence. The library was founded on the objective of serving the Fatwa & Sharia'a Control Board's research team and the Sharjah Islamic Bank staff .

The object of Islamic banks is to pool the Muslims' savings and direct them to the investment by Sharia'a methods with a view to contributing in the comprehensive development plans for their communities.


In as much as that Islam has prohibited hoarding money and preventing its circulation since the use thereof shall produce more commodities and services, a person or group should invest such savings in such a way excluding unlawful acts (Haram), and those in charge of Muslims should prepare development plans and make available the potentials to such plans as well as directing the available resources thereto, most importantly, the human resources spearheading the execution of such plans with experience and sincerity.


The Islamic Sharia'a is a complete system for the life of people in all aspects of life and it is governing their actions by way of permission or prohibition, and it is capable of achieving their interests, meeting their needs and administering justice among them, while the other systems, which are contrary to it, render the people lose their interests and make blights and evils befall thereon and destabilize the scales of justice among them, hence the nation, the jurisprudents and the experts should regulate the whole life, particularly the economic aspect thereof in accordance with the program (for action) of God and to derive provisions which keep pace with the new developments of this life according to this program.

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And since Islam is a comprehensive mission organizes all walks, aspects and activities of our life; it does not omit one of the essential activities in our life which is the Transactions Fiqh

or the Islamic  Sharjah Islamic Bank jurisprudence which manages and supervises trade and deals in community. As Islamic banks apply Sharia'a rules and provisions and follow this jurisprudence, hence, the Islamic banking objective is applying the transactions Fiqh appropriately to satisfy the customer who desires to deal with Islamic bank, thus, the bank's image and reputation are reflected by the extent of compliance with Sharia'a rules and the obligations towards Fatwa and Sharia'a Supervisory Board's decisions.

Our Mission

Dedicate to purify SIB's activities to be totally Sharia'a compliant, make Sharia'a supervision & Audit constructive and educative … and spare no efforts towards saving SIB's achievements and reputation

Our Vision

To be the source of satisfaction and confidence to our associates, customers, shareholders, depositors and public, that SIB is their niche Islamic Bank.

About Us

The fact that Sharia'a compliance being the core and essence of Islamic banking, entails that our banking and relevant commercial activities have to be in line with Sharia'a principles and guidelines. And for the assurance of this principles, emerges the crucial requirement for an integral and comprehensive system, with essential constituents, defined objectives and efficient methodologies and tools, to oversee and control a transparent and sound application of Sharia'a percepts not only to bank's commercial activities, but also its administrative aspect as well.

Underpinned by that understanding, and as per the Article of Association of SIB, "Sharia'a Audit and Control Division" has been formed, under the Fatwa and Sharia'a Supervisory Board, as independent body, to bear the responsibilities entrusted on its shoulders and take the charge first of all before Allah Ta'ala, and then before the Fatwa and Sharia'a Supervisory Board, bank's management, shareholders, depositors and all other stakeholders.

Therefore, the aim of the Sharia'a Division is to assure Sharia'a compliance in all banking activities and early detect of any deviation, report the same to the management for necessary rectification and avoidance of reiteration of the same. Our system authoritative source is: the common Sharia'a guidelines relevant to financial transactions such as AAOIFI Sharia'a standards and Fiqh Academy Fatawa and resolutions issued by the Fatwa and Sharia'a Supervisory Board of SIB.

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Our Objectives

Perform Sharia'a control and Audit in such an efficient, constructive and educative manner that is conducive to sound quality performance of all bank's transactions.


Constantly strive to increase the awareness of associates on Islamic Banking in general and Islamic Products literature in particular.


Encourage and guide associates always to observe sound application of Sharia'a Standards and guidelines to eliminate erroneous application to Sharia'a Standards.

Our Role

To ensure that all activities, products, services or current contracts are approved by the Sharia'a Board.


Reviewing the transactions' files after being executed by branches and business units.

Reviewing all forms, agreements and contracts before use as well as reviewing mechanisms (procedures) of every transaction before executions to ensure that it is in line with the standards, guidelines and resolutions issued/approved by the Sharia'a Board.


To ensure that all departments, Bank's Branches, business units and subsidiaries are observing the Sharia'a Standards and resolutions in accordance with the Sharia'a approved forms, contracts and procedures.


Reviewing all manuals, mechanisms, etc, issued by bank's departments in the light of the Sharia'a Board guidelines.


Preparing Sharia'a Audit manual and updating the same.


Preparing the Audit programs and forms necessary for carrying out audit works to establish in documented manner soundness of all banks deals.


Preparing a periodic report to the Sharia'a Board reflecting results and remarks on activities took place with the specific audit period, and receiving Board's guidelines and resolutions and communicating the same to the bank's managements and concerned divisions.

Participate in the Meetings and scientific seminars and conferences called for by the Sharia'a Board and other organizers.


Contribute with bank's management in forming a convenient environment for sound Sharia'a audit. Contributing in providing training and learning in Islamic banking and finance to associates in the bank.

The Fatwa and Sharia'a Control Board is an independent body of scholars specialised in the Islamic jurisprudence as well as fatwa experts in accordance with the Sharia'a principles. It directs, monitors and supervises the bank's activities to ensure that the bank's management follows the provisions and principles of the Islamic Sharia'a in the bank's operation and transactions.


The Board's decisions and fatwas are compulsory and binding on the bank's management.


The General Assembly appoints the Fatwa and Sharia'a Control Board based on the Board of Directors nomination, consists of not less than three members and not more than five members, and exception to the foregoing the Board of Directors appoints the primary Fatwa and Sharia'a Control Board.

Fatwa and Sharia'a 
Control Board

Head of Fatwa Board —Dr. Jassem Ali Al Shamsi
  • Member —
  • Dr. Ibrahim Ali Al Tunaiji
  • Member —
  • Dr. Ibrahim Ali Al Mansouri
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The main Duties and
Responsibilities of the Board are:


To approve the Sharia'a aspects in the memorandum of association, articles of association and regulations as well as the forms and policies used by the bank.


To approve the standard agreements and contracts pertaining to the bank's financial transactions.


To give a Sharia'a opinion regarding the products introduced by the bank and issues fatwas on the questions and transactions submitted to it.


To follow up the bank's operations and check its activities, to make sure that the concluded transactions are comprehended within the approved products by the Board.


To present and suggest the possible Sharia'a solutions for the problems of the financial transactions inconsistent with the principles and provisions of Islamic Sharia'a as well find alternatives for the products repugnant to the Sharia'a rules.


To extend enlightenment and guidance to the employee and prepare training programs for them related to the Islamic Financial transactions to assist them in achieving the consistency with Sharia'a rules.


To give Sharia'a opinion regarding the financial Statements of the bank at the end of the financial year.


To declare its objection on the transactions repugnant to the provisions of Islamic Sharia'a and correct it or stop it and advice the concerned department to not repeat it. The written objection shall be addressed to the Board of Directors. To review the reports of the Sharia'a Control Division concerning the audit of the bank's transactions and to which extent such transactions are compliant with the provisions of Islamic Sharia'a and the fatwas and decisions of the Board.


To write-off the prohibited profits earned through the non complaint ways to the provisions of Islamic Principle and spend it in charitable purposes.


To ensure that the distribution of the profits and bearing of the loss are calculated in accordance to the Islamic Sharia'a principle.


To ensure that Zakat account is calculated in accordance with the Islamic Sharia'a principle and Zakat standards of the Accounting and Auditing Organization for Islamic Financial Institutions, and notify the shareholders about the imposed Zakat per share, and to make sure that Zakat fund resources are distributed in accordance with the provisions of Islamic Sharia'a.


To exercise its right to check and review the bank ledger, accounts and documents at any time and ask for any additional information that might be necessary to be obtained, and has the right to examine the bank assets and Liability.


To present an annual report in front of the General Assembly of the bank encompasses the Board's opinion about the bank's transaction and operations which are done during the year and to which extent that the bank's management has committed to the Board fatwas' decisions and direction.