{"id":20,"date":"2020-10-18T05:31:29","date_gmt":"2020-10-18T05:31:29","guid":{"rendered":"http:\/\/www.realiseadv.co.za\/?page_id=20"},"modified":"2020-10-19T11:15:58","modified_gmt":"2020-10-19T11:15:58","slug":"takaful-products","status":"publish","type":"page","link":"https:\/\/skfs.co.za\/?page_id=20","title":{"rendered":"TAKAFUL PRODUCTS"},"content":{"rendered":"

\n\t\tTAKAFUL PRODUCTS\n\t<\/h1>\n\t\t\t\t\"takaful\"\n

\n\t\tThe Role of a Shariah Advisory Board\n\t<\/h2>\n\t

The\u00a0shariah<\/i>\u00a0board<\/i>\u00a0is a key element of the structure of any Islamic\u00a0financial institution, carrying the responsibility of ensuring that all products and services offered by that institution are fully compliant with the principles of\u00a0shariah<\/i>\u00a0law<\/i>. The role of the board also involves the reviewing and overseeing of all potential new product offerings.<\/p>\n

With demand for\u00a0shariah-compliant<\/i>\u00a0financial services growing at a faster rate than mainstream institutions, the board plays a vital role in helping to develop new procedures and products to adapt the company to industry trends and customer expectations.<\/p>\n

Takaful Africa has obtained the knowledge and experience of an independent Shariah Advisory Board to ensure compliance on all of our products and procedures. \u201cProducts\u201d shall include all products and services that are applicable to Islamic Shariah principles and rules.<\/p>\n\t\t\t\t\"\"\n\t

Objective and Purpose<\/h4>\nThe Shariah Supervisor is an independent person specialising in Fiqh al Mua`malat (Islamic commercial jurisprudence). He is entrusted with the duty of directing, reviewing and supervising the activities of the financial institution in order to ensure that they are in compliance with Islamic Shariah rules and principles. The Fataawa (rulings) of the Shariah Supervisor shall be binding on the Company.\n

\n\t\tShariah Board\n\t<\/h2>\n\t

The following distinguished individuals have been chosen to supervise the Shariah aspects on our products and procedures:<\/p>\n

Mufti Yusuf Suliman<\/b><\/p>\n

Yusuf Suliman serves as Head of Shari\u2019ah for Barclays Africa and Element Investment Managers. He was appointed as Acting Managing Director of Absa Islamic Banking in 2013. He serves on the Shari\u2019ah Boards of the Bank of Maldives, Shari\u2019ah Investments Ltd (Malawi) and Melville Douglas.<\/p>\n

He is also a consultant to various Islamic Financial Institutions. He developed the Islamic Banking training material for all South African Banks, having been contracted by BANKSETA. He previously served on the Shari\u2019ah Boards of the Momentum Investment Cluster including RMB and Advantage. He is one of few Scholars in SA accredited as Certified Shari\u2019ah Advisor and Auditor by AAOIFI.<\/p>\n

He also holds Certificates in Qadha (adjudication) from Jamiatul-Imaam, Riyadh (Saudi Arabia) and Imarat Shari\u2019ah, Patna, Bihar (India) and has completed Iftaa(issuance of verdicts) at Darul Uloom Zakariyya, Lenasia (South Africa)<\/p>\n

Mufti Ahmed Suliman<\/b><\/p>\n

Mufti Ahmed Suliman completed his Aalim and Mufti course at Darul Uloom Zakariyya. He then served Jamiatul Ulama (KZN) \u2013 Council of Muslim Theologians for three years as a member of the Fatwa and Judicial committee.\u00a0Mufti Ahmed is well known amongst the scholars of the country for his services rendered in the field of Islamic Banking, Takaful and Investments. He has advised all of the big four big banks and Investec Bank in South Africa and other banks internationally (like Stanbic Nigeria, Stanbic Tanzania, Macquarie Singapore, Gulf African Bank Kenya, etc.) in developing Shari\u2019ah compliant offerings. He also developed the Takaful model used in South Africa in 2003 by Takaful South Africa (now Takaful Africa). This model was the first of its kind to be used in the world and has now gained international recognition and is used by many takaful operators internationally.<\/p>\n

Mufti Ahmed serves as the internal Shari\u2019ah scholar to FNB Islamic Banking and is also a Shari\u2019ah Supervisory Board member to a number of Islamic Unit trust and investment companies in and\u00a0out of\u00a0South Africa.<\/p>\n

Mufti Zubair Bayat<\/b><\/p>\n

Mufti Zubair Bayat is the director of DIRECT (Darul-Ihsan Research and Education Centre) and it is in this capacity that he serves as an adviser to numerous Islamic bodies.<\/p>\n

Mufti Ashraf Qureshi<\/b><\/p>\n

Mufti Ashraf is currently the head of the fatawa department at the institute of Islamic Studies in Springs and a lecturer at the same institution since 2008. He serves as a Shariah Board Member of various Islamic Finance Institutions including Absa Islamic Banking, Element Investment Managers, National Bank of Commerce (Tanzania) and 27 Four.<\/p>\n

He holds a Bachelor and Master of Arts from the University of Karachi specialising in Higher Islamic Studies and has completed a course in the issuance of Islamic rulings and verdicts under the tutorship of Mufi Taqi Usmani.<\/p>\n

Sheikh Tauha Karan (Chairman)<\/b><\/p>\n

Sheikh Tauha is a member of the Fatwa Committee of the Muslim Judicial Council, Cape Town. He was a Lecturer in Fiqh and Hadith at the Islamic College of Southern Africa and founder and principal of Dar al-Uloom al-Arabiyyah al-Islamiyyah in Cape Town. Sheikh Tauha graduated Cum Laude in Islamic Studies from the Darul Uloom Deoband in India and completed a post graduate diploma at the Higher Institute of Islamic Studies in Cairo.<\/p>\n

Sheikh Tauha is a Shari\u2019ah Board member of various Islamic Financial institutions, including Absa Islamic Banking and Kagiso Asset management.<\/p>\n","protected":false},"excerpt":{"rendered":"

TAKAFUL PRODUCTS The Role of a Shariah Advisory Board The\u00a0shariah\u00a0board\u00a0is a key element of the structure of any Islamic\u00a0financial institution, carrying the responsibility of ensuring that all products and services offered by that institution are fully compliant with the principles of\u00a0shariah\u00a0law. The role of the board also involves the reviewingContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-page-builder.php","meta":{"footnotes":""},"class_list":["entry","author-admin","post-20","page","type-page","status-publish"],"_links":{"self":[{"href":"https:\/\/skfs.co.za\/index.php?rest_route=\/wp\/v2\/pages\/20","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/skfs.co.za\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/skfs.co.za\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/skfs.co.za\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skfs.co.za\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20"}],"version-history":[{"count":10,"href":"https:\/\/skfs.co.za\/index.php?rest_route=\/wp\/v2\/pages\/20\/revisions"}],"predecessor-version":[{"id":317,"href":"https:\/\/skfs.co.za\/index.php?rest_route=\/wp\/v2\/pages\/20\/revisions\/317"}],"wp:attachment":[{"href":"https:\/\/skfs.co.za\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}