ADCB Islamic Banking is the brand under which we offer retail and corporate Shari’ah-compliant financial solutions to our Consumer, Wholesale and Treasury clients.
ADCB is regulated by the Central Bank of the UAE, and its Islamic Banking activities are supervised by an independent Internal Shari’ah Supervision Committee (ISSC). The ISSC is the final authority within ADCB regarding all Shari’ah-related matters. It operates in accordance with the resolutions, standards and guidelines issued by the Higher Shari’ah Authority of the Central Bank of the UAE (HSA). HSA follows the Shari’ah Standards issued by the Accounting & Auditing Organization for Islamic Financial Institutions and Islamic Financial Services Board.
ISSC functions in line with the Shari’ah governance framework provided within the terms of reference (TOR) of the ISSC that are approved by the members of the ISSC. The TOR sets out the procedures for the functioning of the ISSC such as holding of meetings, issuing of pronouncements / Fatwa quorum and Shari’ah review.
ADCB Islamic Banking’s Shari’ah governance is implemented and overseen by the internal Shari’ah Advisor. Fatwa (pronouncements and approvals) are issued by the ISSC to certify compliance with principles of Shari’ah for all products and services as well as for bespoke structured deals. The ISSC’s review covers the product structure, the underlying Shari’ah contract, legal documentation, operational process flow and all associated product literature. Fatwa issued by the ISSC are published on the Bank’s website and are available at all branches.
ADCB Islamic Banking maintains a separate set of financial records to ensure that the accounts for the Islamic business are completely segregated from ADCB’s conventional funds. The Bank’s consolidated accounts include the results of ADCB Islamic Banking and are separately disclosed in the notes of the financial accounts.