In compliance with Shari’ah principles

Emirates NBD offers Shari’ah-compliant products and services through Emirates NBD Islamic, an Islamic window licensed by the UAE Central Bank. This business unit applies a robust Shari’ah governance framework to ensure that all products and services offered are duly accredited and in line with Shari’ah principles and UAE Central Bank Higher Shari’ah Authority guidelines and regulations.

In line with the UAE Central Bank Shari’ah Governance Framework, the Islamic window has established a ‘three lines of defence approach’, comprising the Islamic window business team, the Internal Shari'ah control unit and the Internal Shari'ah Audit unit, respectively. These units support Emirates NBD’s Islamic governance activities, oversight and reporting.

The window is governed by the Internal Shari’ah Supervision Committee (“ISSC”) comprising independent Shari’ah scholars. Members of the ISSC are appointed by the shareholders in the General Assembly Meeting upon nomination by the Board and approval from UAE Central Bank Higher Shari’ah Authority.

Emirates NBD has well established policies, procedures and controls that are approved by the ISSC and facilitate business activities in a manner that is compliant with Shari’ah.

The ISSC operates in accordance with the resolutions, standards and guidelines issued by the Higher Shari’ah Authority of the UAE Central Bank(“HSA”) and undertakes supervision of all Shari'ah compliant businesses, activities, products and services. The ISSC has an approved charter that covers the framework for referring matters to the ISSC, issuance of fatwas, and the decision-making process. The fatwas and resolutions issued by ISSC are binding upon Emirates NBD. 

The ISSC issues a yearly report on its activities, including assurance that Emirates NBD Islamic consistently complied with the Shari’ah principles and agreed fatwas, and outlining any instances of non-compliance. The report is approved by UAE Central Bank Higher Shari’ah Authority and also presented to the Bank’s shareholders in its General Assembly.

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