Shariah | Salaam Takaful Limited
OBJECTIVE & PURPOSE

Shariah Compliance

Our shariah compliance function is a key element of company’s structure, carrying the responsibility of ensuring that all products and services offered by Salaam Takaful Limited are fully compliant with the principles of shariah law. The shariah compliance function plays a vital role in helping to develop new procedures and products to adapt the company to industry trends and customer expectations.
The Shariah Supervisory is an independent body specializing in Fiqh al Muamalat. The Shariah Supervisor shall be: (Islamic commercial jurisprudence).
Directing, Reviewing, Supervising all the activities of the Salaam Takaful Limited in order to ensure that they are in compliance with Islamic Shariah rules and principles

He is a teacher of Haith and Fiqh (Islamic Jurisprudence) at Jamia Darul Uloom korangi Karachi and has been teaching various Islamic disciplines including Islamic Finance & Takaful in some of the leading Islamic educational institutions like IBA CEIF & CIE of Pakistan since 2011.
Mufti Sb has qualified Takhassus (specialization) in Islamic Jurisprudence and Dar se Nizami from Jamia Darul Uloom, Karachi and a certified anatomist of Sukuks, Islamic Banking & Finance. He is also pursuing MBA besides having a bachelor’s degree in Economics from the University of Karachi that makes him the perfectly blended professional in the field of Islamic Finance & Takaful.
He is CSAA qualified (Certified Shariah Advisor & Auditor from AAOIFI).He also has attended various other Islamic Banking & Finance courses & workshops specifically on Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI) Shariah, accounting, auditing and governance standards

Fatwa
The Islamic Fiqh Academy emanating from the Organization of Islamic conference, meeting in its Second Session in Jeddah, Saudi Arabia, from 10 to 16 Rabiul Thani, 1406 H (corresponding to 22-28 December, 1985) issued a resolution which in summary stated the following :
  • After reviewing the presentations made by participating scholars during the session on the subject of ‘Insurance/Re-insurance;
  • And after discussing the same;
  • And after closely examining all types and forms of insurance and deeply examining the basic principles upon which the are founded and their goals and objectives;
  • And having looked into what has been issued by the Fiqh Academies and other instituitions in ths regard;

Fatwa by Darul Uloom Karachi on Salaam Takaful Limited being a Shariah Compliant Company

Resolves
  • The commercial insurance contract is prohibited (Haraam) according to the Shariah.
  • The alternative contract which conforms to the principle of Islamic dealings is the contract of cooperative insurance (Takaful), which is founded on the basis of charitable donation and Shariah compliant dealings.

Muslim Jurists Therefore Concluded that:
  • Insurance should be based on the principles of mutuality and cooperation.
  • Insurance products should be founded on the basis of Tabarru, an Arabic noun meaning donation, gift or contribution.
  • The participants mutually contribute to the same fund for the purpose of mutual indemnity in case of risk and harm.
  • The insurance company must conduct all its affairs in line with the Shariah
Shariah compliance certificate

He also has 7 years’ working experience with leading Auditing firms like A.F.F (PWC) & Deloitte Pakistan, as a Shariah Consultant & Head of Shariah Audit and has supervised various Shariah Audits of renowned Islamic Banks, Takaful Companies and Sukuks under the audit firm’s umbrella. He knows the practical problems being faced by the Islamic Financial Institution
Mufti Sb has qualified Takhassus (specialization) in Islamic Jurisprudence and Dar se Nizami from Jamia Darul Uloom, Karachi and a certified anatomist of Sukuks, Islamic Banking & Finance. He is also pursuing MBA besides having a bachelor’s degree in Economics from the University of Karachi that makes him the perfectly blended professional in the field of Islamic Finance & Takaful.
He is a teacher of Hadith and Fiqh (Islamic Jurisprudence) at Jamia Dar-ul-Uloom, Karachi besides teaching in various leading Islamic educational institutions like IBA CEIF & Center for Islamic Economic since 2011.

Dr. Mufti Irshad Ahmad Aijaz holds Shahadat-ul-Aalamia (Masters in Arabic and Islamic Studies) and Takhassus fi al-Ifta (Specialization in Islamic Jurisprudence and Fatwa) from Jamia Dar-ul-Uloom, Karachi. He has also completed his MBA in finance and a PhD. in Islamic Studies.

He regularly delivers lectures on Islamic Economics and Finance at different forums and educational institutions including National Institute of Banking and Finance, IBA Karachi and Centre of Islamic Economics (a division of Jamia Dar-ul-Uloom, Karachi).

Dr. Mufti Muhammad Yunas Ali holds a PHD degree in Islamic Banking & Finance from University of Karachi. His Ph.D. dissertation titled “Shari’ah non-compliance risk and its impact on Islamic Banking”. He already possesses a Master’s degree in Islamic Banking & Finance from Sheikh Zayed Islamic Centre, University of Karachi. Religiously, he has completed Takhassus-fil-Fiqh wal-Ifta (Specialization in Islamic Jurisprudence and Fatwa Writing) and also completed Al-Shahadul Aalamiyyah (Equivalent to Masters in Arabic and Islamic Sciences) from Tanzeem-ul-Madaris Ahle-Sunnat Pakistan and got 3rd. position in all Pakistan. He has over 17 years of experience in the field of Research and Ifta.
He is also a visiting lecturer in Sheikh Zayed Islamic Centre of University of Karachi, Islamic Learning Department – Faculty of Islamic Studies in University of Karachi, Al. Manaar Islamic Research Centre, and Jamiah Dar-ul-Uloom Memon Karachi MA Jinnah Road.
He has a remarkable academic record and written various Books including Interpretation and Marginal Notes on “Jaddul Mumtar” (Arabic commentary of Alahazrat Imam Ahmad Raza Khan on Radd-ul-Muhtar/Fatawa Shami) and “Bahar e Shariat” (Complete Collection of Islamic Laws), booklets and research papers which are published in HEC approved journals as well.