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Sharia’a Law

Sharia Supervisory Board

At Asia Iraq Islamic Bank (AIIB), we are deeply committed to ensuring that all our products, services, and operations strictly adhere to Islamic law. Our Sharia Supervisory Board plays a crucial role in guiding and overseeing our compliance with Sharia principles, providing our clients with peace of mind and confidence in our commitment to ethical banking.

Our Role and Responsibilities

Approving Products and Services

The Board reviews and approves all financial products and services to ensure they comply with Sharia principles.

Issuing Fatwas

The SSB issues fatwas (Islamic legal opinions) on AIIB’s financial transactions, providing authoritative guidance on matters of Islamic law.

Continuous Oversight

The Board monitors AIIB’s activities and transactions to ensure ongoing compliance with Islamic jurisprudence.

Advising on Compliance

The SSB offers guidance on Sharia matters and works closely with our team to address any compliance issues, ensuring that all operations align with Islamic values.

Annual Reporting

The Board presents an annual report to the General Assembly, detailing the bank’s adherence to Sharia principles and providing an assessment of our Sharia compliance.

MEmbers

Our Sharia Supervisory Board Members

With extensive experience in Islamic jurisprudence, Mr. Ali has been guiding AIIB’s compliance with Sharia principles since its inception. He is also a university professor with expertise in Islamic finance and law.
Raghad Hasan Ali
Raghad Hasan AliChairman
Mr. Ahmed is an expert in Islamic law and banking, providing valuable insights into compliance with Sharia principles. His background in Islamic finance makes him a trusted advisor on all Sharia-related matters.
Faiq Fakhri Ahmed
Faiq Fakhri AhmedMember
As a member of the SSB, Mr. Ahmed brings years of experience in Islamic law and finance, ensuring that AIIB’s operations are ethically sound and aligned with Islamic values.
Mohammed Abdulsalam Ahmed
Mohammed Abdulsalam AhmedMember
Mr. Mezel specializes in Islamic jurisprudence and legal consulting. His role on the board ensures that AIIB’s financial practices uphold the highest standards of Islamic compliance.
Usama Mehdi Mezel
Usama Mehdi MezelMember
With expertise in Islamic law, economics, and finance, Mr. Hazaa contributes to the Board’s mission of overseeing AIIB’s adherence to Islamic principles. His guidance helps shape AIIB’s ethical and compliant approach to banking.
Ahmed Ibrahim Hazaa
Ahmed Ibrahim HazaaMember
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Commitment to Sharia Compliance

The Sharia Supervisory Board’s role is integral to AIIB’s mission of providing Sharia-compliant banking solutions. Through continuous monitoring and guidance, our Board ensures that AIIB:

Avoids Prohibited Transactions

We strictly avoid riba (interest), gharar (excessive uncertainty), and other transactions that are prohibited under Islamic law.

Promotes Ethical Investments

AIIB engages only in investments that are permissible under Islamic law, ensuring that all activities align with our clients' ethical values.

Upholds Social Responsibility

We are committed to the principles of fairness, transparency, and social welfare, which are central to Islamic finance.

Peace of Mind for Our Clients

Our Sharia Supervisory Board provides assurance that AIIB’s products and services are designed with Islamic values in mind. Each offering is certified with a fatwa, reinforcing our commitment to ethical banking and providing our clients with peace of mind.

Baghdad Al Mansour 14 Ramadan Street
07722229229 / 07811119229
09 AM - 09 PM
Asia Al Iraq Islamic Bank

Committed to Sharia-compliant banking, fostering financial growth, and promoting community development.

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