Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced that the Internal Shari’a Supervisory Committee (ISSC) of ADIB has recently issued Shari’a certificates both in Arabic and English. More than thirty certificates were issued, covering various products of Retail Banking including car financing, goods, real estate, investment funds, and investment deposits. Additionally, each certificate provides detailed information about crucial Shari’a steps involved in the modes of financing such as Murabaha, Ijarah, Istisna, Mudaraba, Wakala investment and more.

The primary objective of these certificates is to offer customers a thorough understanding of the financial products and the legal consequences of the contracts used in the financing and investment solutions offered to them. Issuance of Shari’a certificates is in line with the standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which the bank's products adhere to.

Dr. Osaid Kailani, Global Head of Shari'a and the Head of Internal Shari’a Control Group at Abu Dhabi Islamic Bank, said: "We are proud to announce the issuance of Shari’a certificates by ADIB’s Internal Shari’a Supervisory Committee for our retail banking products, which serve as an affirmation of our commitment to compliance with rules and principles of Shari’a and applying product transparency. These certificates provide comprehensive information to our customers about the Shari’a aspects of the products, ensuring that they are fully informed about the contracts used in the product offered to them and its modus operandi. With these certificates, we aim to uphold the standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and meet the regulatory guidelines of the Consumer Protection Regulations and the Shari’a Governance Standard for Islamic Financial Institutions. We believe that this step will strengthen our customers' trust and confidence in our products and services, and we remain dedicated to providing innovative and Shari’a-compliant financial solutions to our valued customers."

The issuance of these certificates followed a thorough review by the Internal Shari’a Supervision Committee members, including Honorable Chairman Professor Dr. Muhammad Abdul Rahim Sultan Al-Ulama, Honorable Professor Dr. Jassim Ali Al Shamsi, Honorable Sheikh Essam Ishaq, Honorable Professor Ashraf bin Muhammad Hashem, and Honorable Dr. Ali Al-Junaidi.

Shari’a certificates can be accessed through the bank's official website.

-Ends-

About ADIB

ADIB is a leading bank in the UAE with more than AED 169 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Qatar and Iraq.

Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.

For media information, please visit www.adib.ae or contact:
ADIB                                                                          Edelman 
Lamia Khaled Hariz                                                   Simon Hailes 
Head of Public Affairs                                                Director of Financial Communications