The Islamic banks are distinct from other banks by several characteristics; perhaps most notable is its compliance with Shariah and its principles in all banking operations and activities. This commitment can be translated by the establishment of Shariah supervisory system in Islamic banks. It is the most important characteristic of Islamic banks that distinguishes them from conventional banks.
On the hand, the existence of Shariah Supervisory body in Islamic banks contributes to further assurance to the shareholders and depositors, and without any doubt, confidence is one of the most important success factors for banks.
To ensure compliance with Islamic Shariah principles in all banking operations and finance, the Kuwait banking laws impose the formation of the Fatwa and Shariah Supervisory Board in Islamic banks. This Board is an Independent body that plays an important role in Islamic Financial Institutions, especially in giving Fatwa resolutions and Islamic ruling on the correctness of the transactions and their validity according to the Shariah parameters and rules on financial transactions. In addition to that, the Shariah Board is also responsible for the duties of Shariah supervisory to ensure Shariah compliance in all Islamic banks’ operations and activities.
Members of the Fatwa and Shariah Supervisory Board of Kuwait Finance House
Sheikh Professor Dr. Ajeel Jasem Al-Nashmi
He is the former Dean of Faculty of Shariah and Islamic Studies at Kuwait University, a member of the Teaching board of the faculty, a member of the Fatwa Board of the Ministry of Awqaf and Islamic Affairs, a member of the Expert Committee of Islamic Jurisprudence Encyclopedia, an expert member representing State of Kuwait to the International Islamic Fiqh Academy of the Organization of Islamic Conference in Jeddah, the President of the Association of Shariah Scholars for the Arabian Gulf Countries, and a member of the Fatwa and Shari'a Supervisory Board for a number of companies and Islamic financial institutions.
Sheikh / Professor Dr. Ajeel Jasem Al-Nashmi holds a Ph.D in Islamic Jurisprudence from Al Azhar University (Egypt) in 1977, and obtained a professorship in 1995, he has been taught by many sheikhs and scholars, and has a prominent scientific activity in the field of teaching, lecturing, Advisory, research, writing books, media programs and participates in many specialized Shariah committees and scientific conferences.
Some of his Researches and Studies:
- Currency and its ruling in Islamic Jurisprudence (العملة وأحكامها في الفقه الإسلامي).
- Sale of Trade mark in Islamic Jurisprudence (بيع الاسم التجاري في الفقه الإسلامي).
- Diminishing partnership (المشاركة المتناقصة).
- Re-Takaful: Obstacles and Solutions (إعادة التأمين الإسلامي: العقبات والحلول).
Sheikh / Dr. Khaled Mathkour Al-Mathkour
He is a Professor in Comparative Jurisprudence (Fiqh al-Muqaran) and Shariah governance and politics (Siasah Al-Shar’iyyah) at the Faculty of Shariah, University of Kuwait, the Chairman of the Supreme Advisory Committee for the completion of the implementation Shariah of the Diwan Amiri in Kuwait, a member of the Fatwa Board of the Ministry of Awqaf and Islamic Affairs, a member of the Expert Committee of Islamic Jurisprudence Encyclopedia, a representative member of Kuwait at International Islamic Fiqh Academy of the Organization of Islamic Conference Jeddah, a member of the Fatwa and Shari'a Supervisory Board for a number of companies and Islamic financial institutions. He is a symbol of charitable work and Islamic da’wah in Kuwait.
Sheikh Dr. Khaled obtained Ph.D in Comparative Jurisprudence (Fiqh al-Muqaran) from Al- Azhar University in 1978, and was taught by many sheikhs and scholars. He has been involved in well-known scientific activity in the field of teaching, lecturing, public speaking, sermons, fatwa (Islamic opinion), media programs, and participates in many specialized Shariah committees and scientific conferences.
Some of his Researches and Studies:
- Collective Ijtihad and its Institutions in Kuwait (الاجتهاد الجماعي ومؤسساته في الكويت).
- Consumer protection in Islamic Law (حماية المستهلك في الشريعة الإسلامية).
- Elderly patronage in Islamic Law (رعاية المسنين في الشريعة الإسلامية).
- Health Protection in Islamic Jurisprudence (الوقاية الصحية في الفقه).
Sheikh Dr. Anwar Shuaib Al-Abdulsalam
He was the former Head of Department of Fiqh and Usul Al-Fiqh at the Faculty of Shariah and Islamic Studies, Kuwait University, the Chairman of the Fatwa and Shariah Supervisory Board of KFH (Turkey), a member of the Fatwa and Shari'a Supervisory Board for a number of companies and Islamic Financial Institutions.
Dr. Anwar obtained Ph.D in Islamic jurisprudence (Fiqh) from Al-Azhar University in 1999. He was taught by many sheikhs and scholars, and has a well-known scientific activity in the field of teaching, lecturing, fatwa (Islamic opinion), writing books, Fiqh research and participates in many specialized Shariah committee and scientific conferences.
Some of his Researches and Studies:
- Indication of conformity, inclusion and commitment among the legal theorists, linguists and logicians.( دلالة المطابقة والتضمن والالتزام عند الأصوليين واللغويين والمناطقة)
- The singular and compounded (meaning) among the legal theorists, linguists and logicians. (المفرد والمركب عند الأصوليين واللغويين والمناطقة)
Sheikh Professor Dr. Mohammad Al-Sayyid Abdul Razaq Al-Tabtabae
He was the former Dean of Faculty of Shariah and Islamic Studies, Kuwait University, a member of the lecturers board of the faculty, the chairman of the Fatwa and Shariah Supervisory Board of KFHMB, a member of Shariah Board of Kuwait Zakat House and International Committee for the Contemporary Zakat Issues, a member of the Scientific Advisory Board of the university of Kuwait, and a member of the Fatwa and Shari'a Supervisory Board for a number of companies and Islamic Financial Institutions.
Sheikh Prof. Dr. Mohammad Al-Tabtabae obtained his Ph.D in Fiqh from the Higher Institute of Judiciary at Islamic University of Imam Muhammad bin Saud in 1996, and he was taught by many sheikhs and scholars, and has a well-known scientific activity in the field of teaching, lecturing, sermons, Fiqh research, and participates in many specialized Shariah committee and scientific conferences.
Some of his Researches and Studies:
- Companies Stocks and Bonds (أسهم الشركات والسندات)
- The Pillars of Waqf (endowment) In Islamic Jurisprudence (أركان الوقف في الفقه الإسلامي)
- Money Laundering (غسيل الأموال)
- The Characteristics of Lease Contracts compare to Contracts of Sale for Islamic Financial Institutions and Customers (مميزات عقود الإجارة على عقود البيع للمؤسسات المالية الإسلامية والعملاء)
Sheikh Dr. Mubarak Jaza Al-Harbi
He is the Head of the Department of Comparative Fiqh and Shariah Governance and politics (Siasah Al-Shar’iyyah) at the Faculty of Shariah, University of Kuwait, and a member of the Fatwa and Shariah Supervisory Board for a number of companies and Islamic financial institutions.
Sheikh Dr. Mubarak obtained his PhD from Faculty of Darul Ulum, Cairo University in 2002, and was taught by many sheikhs and scholars, and has a well-known scientific activity in the field of teaching, lecturing, Sermons, Fiqh research, and participates in many specialized Shariah committees and scientific conferences.
Some of his Researches and Studies:
- The Relationship between the Credit Card Issuer and its holder in Islamic Jurisprudence (التخريج الفقهي بين مصدر بطاقة الائتمان وحاملها)
- Examples of efforts of Moroccan Maliki Jurists in writing the contemporary issues from Fiqh point of view (Fiqh al-Nawazil) (نماذج من جهود فقهاء المالكية المغاربة في تدوين النوازل الفقهية)
- 34Comparison between the law of State of Kuwait and Shariah on the juvenile crime of murder (جريمة القتل عند الحدث بين الشريعة والقانون الكويتي)
The Fatwa and Shariah Supervisory Board of Kuwait Finance House
Kuwait Finance House is regarded as one of the pioneers among Islamic banks to form an integrated Shariah Supervisory system, which consist of fatwa (Shariah opinion) supervisory and dedicated Shariah Department, Shariah Supervisory in Kuwait Finance House is called: “the Fatwa and Shariah Supervisory Board”.
The Fatwa and Shariah Supervisory Board has a unique position in the organizational chart of Kuwait Finance House, whereby it reports directly to the General Assembly, which gives it a special and wide powers, not be withheld by barriers of hierarchy. It stands on top of the organizational chart of the Institution, and this has a positive indication which indicates that this organ is performing its roles effectively and efficiently.
The Fatwa and Shariah Supervisory Board of Kuwait Finance House has its guidelines to elaborate its functions which includes the previously mentioned.
The functions of the Fatwa and Shariah Supervisory Board of Kuwait Finance House can be summarized as follows:
- To submit an annual report to be presented to the General Assembly regarding the compliance status of Kuwait Finance House operations with Shariah ruling.
- To supervise the work of Shariah Supervisory Department that provides assistance to the Divisions of Kuwait Finance House.
- To organize Shariah Courses for the employees of Kuwait Finance House to enable them to do their work in accordance to Shariah rulings, it may propose as well to the Board of Directors to organize seminars and conferences relating to Islamic economics.
- Any other functions assigned to it.
The Fatwa and Shariah Supervisory Board will meet at least twelve meetings annually. The meetings will be conducted at its headquarters in Kuwait and its decisions shall be binding.
The person to be nominated as a member of the Fatwa and Shariah Advisory Board must obtain the required qualifications or have expertise or experience in Islamic Financial Transactions.
Shariah Supervisory Department
Shariah Supervisory Department is regarded as one of the main Departments at Kuwait Finance House. It monitors the execution of the fatwa (opinions) and decisions issued by Fatwa and Shariah Supervisory Board and It supervises its implementation in daily operations of Kuwait Finance House and its businesses, and answer any queries related to the opinions and decisions issued by the Fatwa and Shariah Supervisory Board.
In general, Shariah Supervisory Department is responsible for ensuring that the activities of Kuwait Finance House are in compliance with Shariah rulings. Therefore, Shariah Supervisory Department is accountable and responsible to the Fatwa and Shariah Supervisory Board and the Management of the Bank for any shortcoming and deficiencies in the level of compliance with the decisions issued by the Fatwa and Shariah Supervisory Board of the Bank.
The Shariah Supervisory Department of Kuwait Finance House consists of two units: Shariah Research and Development, Secretariat and Shariah Audit. Each of these two units has its policies and procedures to be followed, whereby both are working under the Department of Shariah Supervisory.
Our publications
- the Shariah Fatwa (Resolutions) in Economic Issues:
Is the opinions and the decisions of the Fatwa and the Shariah Supervisory Board with regard to the operations of KFH since its establishment until the year 2010, and it consists of five volumes.
It is the Islamic Jurisprudence Seminars that were organized by KFH previously, and it consisted of five volumes, which covered the most important economic topics in Islamic Jurisprudence such as; Insurance/takaful, khiyar Al-Shart( conditional option), securities, undertakings and supplies contracts , equities, leasing, Murabahah (cost plus profit sale), and resolving of non-performing debts…etc.