compliance

 

GBCORP's banking and investment activities is governed by the Sharia'a Supervisory Board, as per the requirements of the Accounting and Auditing Organization for Islamic Financial Institutions. The Sharia'a Supervisory Board comprises of Shaikh Dr. Mohamed Ali Elgari, Shaikh Nizam Yaquby, Shaikh Osama Mohammed Saad Bahar and is headed by Sheikh Dr. Mohamed Ali Elgari.

 

These Sharia'a scholars are recognized and acknowledged experts in Sharia'a compliance legal protocols and also well versed in the concepts of banking and finance. The Sharia'a Board is entrusted with the duty of directing, reviewing and supervising the activities of GBCORP in order to ensure that they are in compliance with Islamic Sharia'a principles.

 

The authority of Sharia'a is drawn first and foremost from the specific guidance laid down in the Qur'an. The Sharia'a financial model works on the basis of risk sharing so that the customer and the bank share the risk of any investment on agreed terms and divide any profit between them.