Jadwa Investment operates in compliance with Islamic Shariah principles under the guidance of a three-member Shariah Supervisory Board comprised of:
1. H.E. Sheikh Dr. Abdulla Bin Mohammed Al-Mutlaq, Member of the Senior Scholars Board, former Chairman of the comparative Fiqh, Imam Mohammed Bin Saud Islamic University, a member of Shariah Boards in a number of financial institutions in the Kingdom of Saudi Arabia. (Chairman)
2. Dr. Muhammed Bin Ali El-Gari, Professor of Islamic Economics at King Abdulaziz University in Jeddah, expert of the Fiqh Academy of the Organization of Islamic Conference in Jeddah, a member of Shariah Boards in a number of local and internatioanl financial institutions. (Member)
3. Sheikh Bader Bin Abdulaziz Al-Omar, Head of Shariah Group and a member of Shariah boards in a number of financial institutions. (Member)
The Shariah Supervisory Board was formed parallel with the establishment of Jadwa Investment. It operates as an independent supervisory and advisory body outside of the company. It performs its work in coordination with Jadwa’s Shariah Group.
The Shariah Group is central to all of Jadwa’s undertakings. It is tasked with ensuring that all of Jadwa’s business activities and offerings are fully compliant with Islamic Shariah principles and are in accordance with fatwas issued by the Shariah Supervisory Board. The Shariah Group also develops various Shariah-compliant investment instruments and is made up of three departments, namely:
Shariah Board Secretariat:
The main task of this department is to study the dealings and products of the company. That includes the discussion of subjects with the concerned departments, submitting the presentation memorandums of the subjects to the Shariah board and issuing their resolution from the Shariah board, then inform the departments of the results and save it as a final step in the department archive. The department is also assigned to respond to client inquiries on the activities and products of the company.
This department is designed to follow up on the application of the Shariah board resolutions and to assure the nonoccurrence of Shariah violation in the dealings and products of the company. The process starts by examining the company’s activities and ends by submitting the necessary reports to the Shariah board.
Research & Development:
This department is responsible for Shariah research, jurisprudence bulletins and other research that contribute in finding Shariah solutions to the difficulties that the company faces in applying product structures. This process is joined by the cooperation of the Shariah board.