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SHARIAH BOARD
Overview
Introduction IIFB
IIFB Members
Shariah Certification

 
Sharia Board
 
 Shariah Certification in Urdu  Shariah Certification in English
Process of Certification
  1. Primary Document
    Client willing to certify its product shall send a brief “Principle Document” /Complete Structural document to Pragmatic Wealth Management. Your product then will be approved by Islamic Investment & Finance Board (IIFB). You will have to describe the objectives, proposed contracts, methodology and economic impact of the product to be developed for your use.
  2. Initial Assessment Report
    The IIFB after the studying the complete details of your products will prepare an Initial Shariah Assessment Report which will identify Shariah issues, weaknesses and strengths of the proposed product and methodology.
  3. Revision
    The revision or amendment required in the Structure of product will be submitted to the Client. To take appropriate actions making revisions and amendments to their proposal ensuring Shariah compliance by introducing the amendments suggested by the Initial Assessment Report.
  4. Provisional Shariah Report
    Once the revised document is resubmitted by the client, it is scrutinized further to ensure that the product and its methodology are completely in alignment with Shariah percepts.
  5. Shariah Certification (fatwa)
    The final stage involves approval of the completed product by the Shariah Board. The Shariah Board after approves the product, issues Fatwa of approval on certification to be delivered to client
  6. Final Product
    The final product now can be used for investment.

Operational Procedures
  1. Presentation of Request for Decisions on Shariah-related Matters
    All proposal papers submitted by the client must clearly state the purpose of the paper, and then only papers will be presented to the Shariah Board by the Pragmatic Wealth Management. The client should give sufficient and adequate details to facilitate evaluation of the proposal.

    All papers for presentation have to be submitted to Pragmatic Wealth Management for onwards distribution to the Shariah Board not later than two weeks prior to the Shariah Board meeting. Any paper submitted after the cut-off time shall be presented to the Shariah Board to the next meeting of the Board.
  2. Reports by the Shariah Board
    1. Pragmatic Wealth Management P. Ltd (PWM) provides secretariat to the Shariah board.
    2. Once the papers submitted to PWM it will go through the papers and if all the points are covered it will be forwarded to the board, the board will send its comment and suggestion to be incorporated in the propose Shariah Products and will be sent back to the client after discussion with him. There after client will carry out those suggestions and send back the papers to PWM for onwards transmission to the board. The board will approve and give the Fatwa as well as issue a certificate for launching the products.
    3. The client will have to pay service charges to PWM.

    The Shariah Scholars on the Board of IIFB
    1. Maulana Mohammad Wali Rahmani, Munger
    2. Maulana Khalid Saifullah Rahmani, Hyderabad
    3. Maulana Fuzailu Rahman Hilal Usmani, Pujnab
    4. Maulana Fazlur Raheem Mujaddidi, Jaipur, Jaipur,
    5. Mufti Shuabullah Khan, Bangluru
    6. Mufti Anwarul Haque Qasmi
    7. Mufti Aejaz Arshad Qasmi
    8. Mufti Ahmad Nadir Qasmi
    9. Maulana Ubaidur Rehman Niyaz Qasmi
    10. Mufti Mohammad Yahya Qasmi
    11. Mr. Imtiaz Merchant
REGISTERED OFFICE:

102, 1st floor, Topaz Co-operative Society,Dr. Anandrao Nair Road, Agripada, Mumbai Central (E), Mumbai – 400011.

Tel: +91-022-23001290
Whatsapp:+91 9022178683

Email: contact@pragmaticwealth.net
Stock Broking: AP Registered No.NSE: AP1925000913  
   BSE: AP0102960144805


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