Shariah Advisory Council

Shariah Advisory Council
Founded 2007
Type Islamic Law (Shariah) Advisory Council
Location
Website arabcci.org/SAC_mission.htm

The Shariah Advisory Council (SAC) was established on August 3, 2007, by The Arab Chamber of Commerce and Industry with the support of the Incorporated Trustees of the Islamic Community Fund of Hong Kong. Its purpose is to help screen and certify as Shariah compliant Hong Kong companies that wish to transact business with the Islamic community.[1] This council is one of the first of its kind established in Hong Kong.[2][3]

Islamic business

An approved Islamic or company must be approved by a Shariah Advisory Council to show that the organization is in compliance with Shariah. In banking, being Shariah compliant means interest is not paid on deposits or charged on loans.[4] Companies that wish to become approved must comply with Islamic laws regarding tobacco, alcohol, pornography, and other restrictions.[5]

Organizational leadership

The Shariah Advisory Council is made up of experts of various fields with the goal of ensuring companies applying for Shariah Compliance Approval meet the criteria. The council has proven to be instrumental in China and in Hong Kong in increasing Islamic banking and financial interests. The council can be used by interested companies, banks, courts, and arbitration centers to verify compliance with Shariah.[6] As stated by one of the leading members of the council, "Islamic finance and Islamic banking still sounds like an exotic concept, which it's not, really. Other major financial capitals have been going at it, and doing tremendously well because of it." [7] In 2015, it is estimated that trade between China and Arab countries will reach US$100 billion.

References

  1. ↑ http://www.arabcci.org/SAC_mission.htm
  2. ↑ http://aibim.com/dmdocuments/ifn/2007/V4i42.pdf
  3. ↑ http://www.arabianbusiness.com/hk-s-islamic-new-year-191901.html
  4. ↑ http://www.arabcci.org/SAC_mission.htm
  5. ↑ http://www.cdeclips.com/en/hongkong/fullstory.html?id=54095
  6. ↑ http://www.thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=55142&sid=15756465&con_type=1
  7. ↑ http://www.thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=55142&sid=15756465&con_type=1
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