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
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.

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.

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.