You can see quite a few Shariah compliant FinTech companies & startups operating with only a single Shariah Advisor or sometimes none at all. In a lot of cases this might be due to the cost implications involved of having more than one Shariah Advisor. However, from a Shariah Governance perspective it is always better for an institution to have a Shariah Advisory Board/Committee with a minimum of 3 Shariah Advisors.
In order to solve this it would be a good idea for experienced Shariah Advisors to be willing to accept less or to do some pro bono work as a way of giving back to their communities. I know of some of my colleagues who do this.
At the same time companies shouldn’t look to take advantage of their Shariah Advisors if they can afford to pay.
