Shariah Board
A shariah board is a group of people who help make sure that businesses and financial institutions are following the laws of Islam, called shariah.
Think of it like this: you know how there are rules in school, like you have to raise your hand to speak and you can't run in the hallways? These rules help make sure everyone is safe and things are fair.
Well, shariah is like a set of rules for Muslims that help them live a good and honest life, like giving to charity and being honest in business dealings. The shariah board helps make sure that businesses are following these rules, so that Muslims can feel comfortable doing business with them or investing in them.
So, if a company wants to do business with Muslim customers, they might ask a shariah board to review their practices and make sure they're okay. The shariah board might say, "Yes, this company follows Islamic finance principles and treats its customers fairly, so it's okay to use."
The shariah board is made up of Islamic scholars who study and understand shariah law, and they use their knowledge to help businesses and financial institutions follow these rules.
Think of it like this: you know how there are rules in school, like you have to raise your hand to speak and you can't run in the hallways? These rules help make sure everyone is safe and things are fair.
Well, shariah is like a set of rules for Muslims that help them live a good and honest life, like giving to charity and being honest in business dealings. The shariah board helps make sure that businesses are following these rules, so that Muslims can feel comfortable doing business with them or investing in them.
So, if a company wants to do business with Muslim customers, they might ask a shariah board to review their practices and make sure they're okay. The shariah board might say, "Yes, this company follows Islamic finance principles and treats its customers fairly, so it's okay to use."
The shariah board is made up of Islamic scholars who study and understand shariah law, and they use their knowledge to help businesses and financial institutions follow these rules.