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Your questions answered by our Shariah Supervisory Board

Please find below answers to the most common Shariah-related and other questions, answered directly by our Shariah scholars and EQRAZ staff members. EQRAZ intends to be 100% transparent about Shariah-compliance as well as Canada-compliance, and to hold itself to the highest standards possible.

What is the role of the Shariah Review Bureau as EQRAZ’ Shariah Supervisory Board and Shariah Auditor? How does SRB ensure that EQRAZ remains Shariah-compliant and what are the procedures used to ensure all operations are conducted in a compliant way (e.g. audit reports)?

Shaikh Raafat Al Shalabi (English)

Shaikh Raafat Al Shalabi (Arabic)

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1. Please explain the product structure used by EQRAZ for financing Halal mortgages, and the basis for approval under Shariah law.

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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2. Please explain how Halal financing modalities and structures are established with reference to Quran and Sunnah.

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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3. What is the basis of Ijma and Ijjtahad and how is this used in Shariah-compliant financing?

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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4. What are AAOIFI standards, how are these developed, who approves them and do these standards have a wider Shariah acceptability including all Madhabs?

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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5. What is the difference between Shariah Scholars who guide Islamic financial institutions and others such as Muftis, Malvis, Imams, etc. who guide us in our daily lives? Do I need their approval as well, if I decide to deal with EQRAZ?

Mufti Faraz Adam (English)

Mufti Irshad Ahmad Aijaz (Urdu)

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6. EQRAZ product seems to be based on Tawarruq. How is this halal and how is Tawarruq used by EQRAZ different from organized Tawarruq.

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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7. Is there an issue in EQRAZ taking money from different types of capital providers e.g., banks, credit unions, etc., who may not be Shariah-compliant?

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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8. How can EQRAZ maintain its Shariah-compliance if it gets financing from non-Shariah-compliant entities?

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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9. EQRAZ is taking funding from Financiers based on Wakala Agreement. Please explain Walaka structure and agreement.

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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10. EQRAZ Halal financing product uses Murabaha structure; whereas the financing has an amortization schedule where profit (or rental) seems to be calculated in a similar way to riba-based mortgages. How is this halal in comparison to riba-based mortgages?

Mufti Faraz Adam (English)

Shaikh Salah Fahd Al Shahloub (Arabic)

Mufti Irshad Ahmad Aijaz (Urdu)

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