Adhering to the best practices of corporate governance

Islamic financial institutions must adhere to the best practices of corporate governance however they have one extra layer of supervision in the form of religious boards.

The Barclays Shariah Advisory Committee ensures the day-to-day running of the bank conforms to the Shari'ah, including any proposals for new varieties of transactions.
It has both supervisory and consultative functions.

Roles of Shari’ah Advisory Committee

Assistance

Provide assistance with respect to developing financial products, objectives, criteria and strategy/ies that are Shariah compliant.

Certification

Once satisfied, a Compliance Certificate is issued certifying that the financial products are Shariah compliant.

Governance

Continual assessment that all the Bank’s offerings are developed in accordance with the principles of Shariah and continue to comply with Shariah principles.

Guidance

Provide guidance with respect to any other banking, financial, commercial products, services and BBKL policies that are Shariah compliant.

Support

Provide on-going support with regards to Shariah Compliance of any banking that are intended by BBKL to be Shariah compliant.

SAC Members

Name

Sheikh Ahmed Msallam (Shariah Advisory Board Chairman)

Positions held

Former Director, Muslim world League, Nairobi office

Qualifications / Experience
  • B.A – Usulu din and Islamic thought, Omdurman University, Sudan
  • Shariah Board Member, National Bank
  • Top Muslim Consultant in East Africa and is expert in Islamic Jurisprudence.
  • A key facilitator of all scholars meetings in areas posing new challenges to Islamic Shariah.
  • A credited for being the top most innovator of Islamic Banking in Kenya.
  • Won top award in Jeddah in a highly contested forum for presenting fourth best research in Jurisprudence.
Name

Sheikh Khalfan Khamis (Vice Chairman)

Positions held

Chairman Majlis Ulama

Qualifications / Experience
  • B.A - University of Islamic studies, Pakistan
  • M.A – Usulu Din (Principles of religion), University of Islamic studies, Pakistan
  • Shariah Board Member, Gulf African Islamic Bank
  • Taught Islamic studies in various institutions.
  • Was credited for having unified Muslim scholars in the country.
  • Obtained training as Certified Shariah Advisor and Auditor by AAOIFI in Bahrain in Nov 2008
Name

Sheikh Hammad Kassim

Positions held

Former Chief Kadhi of Kenya

Qualifications / Experience
  • B.ED in Islamic studies, King Saud University, Saudi Arabia
  • M.A – Usulu Fiqh, University of Ibadan Nigeria
  • Shariah Board Member, National Bank
  • He is currently the director of Shariah and family resource centre in the Coastal region.
  • Chairman, WAQF Commissions of KenyaChairman, National Muslim Education Trust
Name

Sukyan Hassan Omar

Positions held

Khadhi Kisumu

Qualifications / Experience
  • LLM in Shariah and Law, International Islamic University Pakistan
  • BA-Islamic studies and LLB, International Islamic University Pakistan
  • Shariah consultant for UNDP High Court Advocate

Shariah Board Cerificates being held

La Riba Diminishing Musharakah
La Riba Mudharabah (Investment Deposit)
La Riba Trade Finance
La Riba Guarantees
La Riba Current account USD and Euro
La Riba Junior Eagle
La Riba Uwezo account (KES,USD,GBP,EURO)
La Riba Asset Finance-Murabahah
La Riba Personal Finance (Services)
La Riba Club account
La Riba Junior Eagle account
La Riba Tanmiya Account
La Riba Al-Wahdah
La Riba Al-Hadaf
La Riba Foreign Currency account ( Personal and Business)
La Riba current account (personal and business)
La Riba Premier Current Account
La Riba Premier Life account
Position on Zakat Payment By Non Muslim Business
Wakala Concept
Fatwa On Uncleared Effects
Qur-ah

Need more help?

Call:

Tel: +254 (20) 3900000
Cell: +254 (722) 130120
Cell: +254 (732) 130120

Email:

barclays.kenya@barclays.com

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