Role of the Shariah Governance Board

To strengthen the concept of shariah governance, several international organizations promote and support the soundness of the Islamic financial services. Islamic International autonomous not for profit organizations such as the Islamic Financial Services Board (IFSB) or the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for example promote and enhance the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry.

At Takadao, every business decision and technical foundation is guided by a deep understanding of Islamic principles as well as integrity to ensure end-to-end shariah compliance. To this end, we will rely on the guidance of Shariah Advisors to verify that the organization and its operations are in the scope and parameters of Islamic Principles. Those Islamic economists and financial scholars will advise Takadao Holdings Private Ltd on matters relating to Shariah compliance and recommend general investment guidelines, consistent with Shariah law. Any verdict issued by the Shariah advisors in relation to any Shariah related matter would be final and enforceable by the Trustee, Management and other parties and counterparties related with the matter, to be determined. The responsibilities of the Board include monitoring the company commercial and social responsibility models, broad-spectrum strategic intent, general commercial activities, product offering and services, throughout the company’s development lifecycle and through its lifetime. It also includes, screening of protocols and marketing material among other documents to ensure that they are in compliance with Islamic legislation.