Our Shariah Supervisory Board
DDCAP first assembled its SSB in March 2013 to demonstrate its ongoing commitment to quality by subjecting the substance and integrity of the business and service provision to regular Shariah audits. A comprehensive review of the business took place at that time.
The SSB reconvened to endorse the audit process and implement the issuance of its Fatwa during an open forum hosted by DDCAP in Riyadh, Kingdom of Saudi Arabia. At this time, the SSB also issued a Fatwa to support the development of DDCAP’s Asset Facilitation Platform.
In September 2016, DDCAP launched the rebranded ETHOS Asset Facilitation PlatformTM (ETHOS AFPTM) to accommodate the specific trade execution and post trade service requirements of our clients through fully automated processes, thereby connecting the global Islamic financial market. DDCAP’s own SSB has been continually engaged with the development of the ETHOS AFPTM and the SSB’s Fatwa supports its multiple automated processes. As part of its ongoing audit of DDCAP’s services, our esteemed SSB regularly meets to review the ETHOS AFPTM platform, as well as transactions and the underlying supporting documentation completed on it.
To provide further reassurance to our clients that ETHOS AFP™ and its associated processes and procedures are well governed and effective, transactions executed across the platform are randomly selected and subjected to review in accordance with the International Standard on Related Services 4400 (“ISRS 4400”) published by the International Auditing and Assurance Standards Board. Each review is conducted from initiation of the trade through to final accounting records. Reference is made to all supporting documentation in doing so, including overarching client agreements and transactional arrangement with third parties.
The ISRS 4400 review is conducted by a major global financial services sector advisory firm in addition to the Shariah compliance focused review procedures of our own esteemed SSB. In combination, these support the emphasis that DDCAP and its clients place on independent validation of the trade substance and processes.
DDCAP has it’s own Shariah Supervisory Board (SSB), which is comprised of the following esteemed Shariah scholars:
- Sheikh Abdullah Bin Suleiman Almaneea (Chairman) – Saudi Arabia
- Sheikh Dr. Abdullah Almutlaq – Saudi Arabia
- Sheikh Dr. Mohamed Ali Elgari – Saudi Arabia
- Prof. Dr. Mohamad Akram Laldin – Malaysia
- Sheikh Dr. Mohammed Al-Tabtabai – Kuwait