Shariah Compliance | Sakhi Finances | Instant Digital Financing in Saudi Arabia

Shariah Governance

As a licensed entity regulated by the Saudi Central Bank, we are subject to the supervision and control of the Saudi Central Bank. In meeting this commitment, we are required to comply with the Shariah governance requirements set out in the SAMA Shariah Governance Framework. This rulebook covers areas such as (but not limited to) the establishment of a Shariah Committee, independence of pronouncement, administration of internal Shariah audit, Shariah control and Shariah reporting.

To achieve this, we have appointed Company Al Marjea (“CAM”) to help us adhere to the best practices and guidelines outlined in SAMA’s rulebook. In this role, CAM will facilitate Shariah-related discussions, product research and Shariah reporting, while working with the heads of functions to augment Shariah principles and rulings at different levels of the organization. CAM will also help ensure that the members of the Shariah Committee operate with independence and autonomy, ensuring effective decision-making and Shariah assurance practices.

Some of the specific requirements that CAM will manage are:

Help establish a robust Shariah governance mechanism, including the formulation and management of the Shariah Committee, and liaise with the Committee to ensure that all products and services are duly accredited and in line with its rulings.

Assist in establishing a qualified and independent Shariah Committee, a competent Shariah audit resource and an effective internal Shariah control function.

Coordinate with various departments, heads of functions and taskforces on Shariah issues, and provide support during Shariah audits and Shariah control assessments.

Contribute to the development and enhancement of products and new offerings, coordinating with relevant stakeholders for feedback.

Ensure that all products and services we offer are approved and certified by the Shariah Committee.

Supervise the internal Shariah audit to verify compliance with Shariah principles and standards.

Disclose relevant information to management regarding the Shariah governance framework, Shariah Committee rulings, product (non-compliance) risks, Zakah verification and purification of non-permissible income.

Shariah Committee

For the purpose of effective Shariah governance and supervision in alignment with SAMA, two renowned and qualified Shariah scholars have been assigned. The appointment of these members is endorsed by our Board of Directors and approved by SAMA. The Shariah Committee independently issues pronouncements, and these rulings are binding on the Company. The Committee also operates in accordance with the Shariah governance instructions and guidelines issued by SAMA.

The members of the Shariah Committee are:

Dr. Khalid bin Abdullah bin Ali Al-Muzaini

Associate Professor of Islamic Fiqh, King Fahd University of Petroleum and Minerals

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Sh. Muhammad Khalid Hasani

Member of the Shariah Supervisory Board, Al Baraka Bank Pakistan

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To learn more about Company Al Marjea, visit marjea.net