21 August 2023
New Procedures for Internal Shariah Compliance
As part of its commitment to improving Shariah compliance Procedures and oversight, Amanah are pleased to announce that Imam Uzair Akbar who heads internal Shariah compliance is now conducting a monthly internal audit of ALL Amanah’s Shariah compliant contracts and related processes that have been executed in the course of its Shariah compliant home financing program.
The monthly audits are to ensure the following:
1. That the Ijarah home financing program is being implemented in a manner that is consistent with the advice and endorsement of the external Shariah board including that there have been NO changes to contracts that were originally endorsed by the board.
2. To remedy and ensure immediate rectification of any issues arising in the course of the internal audit.
3. To support the external Shariah board when it conducts its regular Shariah audit on the affairs of Amanah.
4. The funding arrangement is also consistent with Islamic finance principles. The Financier is a non-bank financial institution that sources the funding for its home financing program through the non-bank market for residential mortgages which includes Australian superannuation funds.
To be transparent we have ensured thar Imam Uzair is available to discuss the outcome of his regular audits. You can contact him directly 0419 798 629.