Emaar Properties has announced the appointment of a Fatwa and Shari'a Board (FSB) to monitor company operations to ensure compliance with Islamic jurisprudence. This move comes as part of Emaar’s continuous effort to ensure standards and transparency across the company's projects and operations.
“With the rapid growth that Emaar is experiencing within the United Arab Emirates as well as internationally, this move enables us to serve the future needs of the company. This step will further enhance the company's reputation and ensure its leading position in real estate activities and the economy in general,” said Mohamed Ali Alabbar, Chairman of Emaar Properties.
The Emaar Board of Directors have announced the appointment of a four-member FSB. The members are: Dr. Hussain Hamid Hassan, Dr. Mohamed Abdulhakim Za’air, Dr. Ajeel Jasem Al Nashmei and Dr. Abdul Rahman Al Atram.
The FSB members are Islamic Shari'a grand scholars who are experienced in all aspects of Shari’a law and in particular, are well versed in ‘Fiqh’ (science of Islamic jurisprudence) of Islamic financing and specialized in Islamic Economy.
The board's main responsibilities will include supervision and monitoring of all activities conducted by the company ensuring that the management comply with Islamic laws and regulations. FSB decisions are considered mandatory for the company's management.
FSB responsibilities will include reviewing and approving the company's financials, agreements and contracts; reporting back to the company's Board of Directors; and supervising the process of Zakah distribution. The FSB will report to the company’s Board of Directors on any non compliance.
The FSB will be authorised to review company books, records and documents and also will have the right to ask for data from the company's management. FSB will also report to the AGM of shareholders on the company’s compliance with Shari'a law.
© 2006 Al Bawaba (www.albawaba.com)
