In 2013, DDCAP was delighted to announce that in recognition of its long standing commitment to the Islamic financial services industry, it had convened its own Sharia’a Supervisory Board (“SSB”) comprising the following esteemed Sharia’a Scholars:
Sheikh Abdullah Bin Suleiman Almaneea (Chairman)
Sheikh Dr. Abdullah Almutlag
Sheikh Dr. Mohamed Ali Elgari
DDCAP embarked upon this exercise to further demonstrate its on-going desire to subject the substance and integrity of its business and service provision to regular Sharia’a review and validation at the highest level.
Upon completion of their review, the SSB issued a Fatwa to DDCAP supporting the substance of and the processes and procedures conducted through its services related to commodity based Tawarruq and Morabaha transactions.
The SSB subsequently convened in June 2013 to reconfirm the above processes and the issuance of the Fatwa during an open forum hosted by DDCAP in Riyadh, Kingdom of Saudi Arabia. At this time, the SSB also issued a Fatwa in support of DDCAP’s Asset Facilitation Platform.
Subsequent to the inaugural review and verification completed last year, the SSB convened in March 2014 to conduct its annual report and reconfirm the verified processes. On completion of this review, the SSB issued a new Fatwa to DDCAP.