Shariah | Salaam Takaful Limited

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

Mufti Sajjad Ashraf Usmani

Mufti Sajjad Usmani is a seasoned professional with over 7 years of working experience from writing Fatawas to serving as a Shariah Advisor of the leading financial institutions of Pakistan. Mufti sb has special interest in the promotion of Islamic Finance particularly in the facilitation of conversion of conventional setups into Shariah-based organizations. He has blend experience of providing Shariah consultancy to dedicated full-fledge takaful companies and window takaful operations too.

He is also engaged with A.F.F (PWC) & Deloitte Pakistan, the leading auditing firms of Pakistan since 2015-2016, as a Shariah Consultant & Head of Shariah Audit and has supervised various Shariah Audits of renowned Islamic banks under their umbrella. He knows the practical problems being faced by the Islamic Financial Institution (IFIs) and is well aware of the gaps in their policies & procedures reported in their Shariah Audit Reports. He also served as Shariah Advisor for structuring Sukuks issued by leading organization in Pakistan.

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

Fatwa by Darul Uloom Karachi.

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

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.

Mufti Sajjad Ashraf Usmani

Shariah Advisor

Mufti Sajjad Usmani is a qualified CSAA (Certified Shariah Advisor & Auditor) from AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain), Takhassus Fil Ifta (Specialization in Islamic Jurisprudence and Fatwa) and Dars-e-Nizami/Shahadat-ul-Aalamia from Jamia Dar-ul-Uloom, Karachi and a certified anatomist of Sukuk, Islamic Banking & Finance. He is a seasoned professional with over 12 & 8 years of working experience from writing Fatawa to serving as a Shariah Advisor of the leading financial institutions of Pakistan respectively.

He has blend experience of providing Shariah consultancy to four (4) Takaful Companies as Shariah Advisor since 2015 and also served as Shariah Advisor of the Tier 2 Mudharabah Sukuk issued by Meezan Bank Limited. Currently he is also the Shariah Board Member at National Bank of Pakistan (Aitamad Islamic).

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

(Chairman Shariah Board)

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 Younas Ali

(Shariah Board Member)

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.

Ayatullah Sheikh Shabbir Hasan Lakhani (Maisami)

(Shariah Board Member)

Ayatullah Sheikh Shabbir Hasan Lakhani (Maisami) holds a Master's degree in Arabic and Islamic Sciences and a Sanad of Ijtehad, received from Ayatollah Sheikh Mohammad Hadi Marifat and Ayatollah Syed Muhammed Kazim Hairee. He specializes in areas such as the Islamic Education System, Islamic Economic System, Islamic Banking System, and Islamic Justice System. He has also attended Durs-e-Kharej (Ijtehad) of renowned scholars such as Ayatollah Waheed-e-Khorasani, Ayatollah Syed Mohammad Kazim Hairee, and Ayatollah Sheikh Mohammad Hadi Marifat. Additionally, he has received Ijazas of Umur-e-Hisbeyah from prominent figures like Ayatollah Aluzma Syed Mohammad Raza Gulpaygani, Ayatollah Aluzma Sheikh Nasir Makarim Shirazi, and Ayatollah Aluzma Sheikh Fazel Lankarani. Apart from his academic achievements, he established offices in multiple cities and completed three years towards an MBBS degree at Dow Medical College Karachi in 1981. He completed his intermediate education at Lawrence College, Murree, and matriculation at Habib Public School, Karachi.

Ayatullah Sheikh Shabbir Hasan Lakhani (Maisami) is an accomplished Islamic scholar with a wide range of achievements. He co-founded and has been managing the Zahra (S.A.) Academy for over 35 years. Additionally, he introduced the first-ever summer camps, Mazhab Shinasi, which have over 25,000 alumni worldwide. He is also a prolific writer, having authored six books in three languages, and serves as a Shariah Advisor to various organizations, including the State Bank of Pakistan and the Halal Food Authority Pakistan. Moreover, he is a member of several boards, including the Board of Governors of Halal Food Authority Pakistan and serves as an advisor to the Chairman of Wefaq-ul-Madaris Shia, Pakistan.
Ayatullah Sheikh Shabbir Hasan Lakhani also has experience in the media industry, having been the Chief Operating Officer of Such TV from 2010 to 2012. Under his leadership, the channel developed a vision and strategy and broadcasted television programs within a year of its inception. He was responsible for profit and loss management and developed a team of experienced professionals under difficult financial constraints. Furthermore, he established offices in multiple cities.

Dr. Irum Saba

(Shariah Board Technical Member)

Dr. Irum Saba has more than 17 years of progressive regulatory, research, training, and teaching experience with organizations of international repute. Currently, she is in Institute of Business Administration (IBA), Karachi working as an Associate Professor in the Department of Finance and Program Director of MS Islamic Banking and Finance. She has the honor to be the first Pakistani female to be part of the International Shariah Advisory Board in South East Asia and Middle East. Recently, she has been awarded the title of WOMENi Pakistan in recognition of her contribution to the Islamic Finance Industry in Pakistan and internationally. Furthermore, Dr. Irum Saba has also been included in the prestigious list of top 10 Influential Women in Islamic Business & Finance 2021, while attaining the honor of being the first female whose name has been added in the register of Shariah Advisors by SECP as per the Shariah Advisors Regulations, 2017.