𝗦𝗵𝗮𝗿𝗶𝗮𝗵 𝗔𝗱𝘃𝗶𝘀𝗼𝗿𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 & 𝗦𝗵𝗮𝗿𝗶𝗮𝗵 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀!

In certain jurisdictions, some Shariah Advisory Companies have been affected due to the implementation of Shariah Governance regulations.

For example in the UAE, in order to ensure the independence of Shariah Committee members of Islamic Financial Institutions (IFIs), Shariah Commitee members should not be owners or shareholders of companies that provide consultancy or Shariah services to the same IFI that they serve as per the below extract from the UAE Shariah Governance Standard:

“𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘢𝘯 𝘰𝘸𝘯𝘦𝘳/𝘴𝘩𝘢𝘳𝘦𝘩𝘰𝘭𝘥𝘦𝘳 𝘰𝘧/𝘪𝘯 𝘢 𝘤𝘰𝘮𝘱𝘢𝘯𝘺 𝘵𝘩𝘢𝘵 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘴 𝘤𝘰𝘯𝘴𝘶𝘭𝘵𝘢𝘯𝘤𝘺 𝘰𝘳 𝘚𝘩𝘢𝘳𝘪’𝘢𝘩 𝘴𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘵𝘰 𝘵𝘩𝘦 𝘐𝘍𝘐 𝘸𝘩𝘦𝘳𝘦 𝘩𝘦 𝘢𝘤𝘵𝘴 𝘢𝘴 𝘮𝘦𝘮𝘣𝘦𝘳 𝘰𝘧 𝘐𝘚𝘚𝘊.”