A Sharia Board certifies the Islamic financial products as being Sharia-compliant. It thereby reviews the related contracts and provides an opinion about whether those agreements would be permissible under Islamic law.
The Committee is responsible for expanding the Shari’ah provisions with respect to the issues
that are put forward before it and to control the activities of the Division and the branches pursuant to the provisions of Islamic Shari’ah.
The current understanding of a Shariah Board is defined by the Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI).
A Shari´a supervisory board is an independent body of specialised jurists in Islamic commercial jurisprudence.