His scope of work will include the review and approval of all Sharia-compliant securities, funds, and other investment instruments.
The role will also include the review of all Sharia-based products to ensure compliance with underlying Sharia principles.
In addition, he will be responsible for the issuance of Sharia statements (fatwa) with regards to Sharia-compliant securities listed on the bourse, and supervising its operations to ensure their compliance with underlying Sharia principles.
This includes Islamic solutions that offer investment alternatives for both issuers and investors, he added. Experts define "Murabaha" as a sales contract that fixes the price of certain goods or items required by a customer, including a pre-agreed profit margin.
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