Internal Shari’ah Control 

The Internal Shari´ah Control (ISCD) is an independent control function responsible for supporting the Internal Shari´ah Supervision Committee (ISSC) in overseeing and ensuring Bank´s compliance with the rule and principles of Islamic Shari´ah. The ISCD, under the supervision of ISSC, is entrusted with the following five core functions:

1. Shari’ah Consultations: Providing ongoing Shari´ah reviews, advisory opinions, and monitoring activities covering all businesses, transactions, products, services, contracts, agreements, documentation, operational processes, policies, and procedures, marketing materials etc.
2. Shari’ah Compliance: Monitoring and assessing the Bank’s adherence to Shari’ah rulings, resolutions, regulations, standards issued by the Higher Shari’ah Authority (HSA); identifying and reporting instances of non-compliance; and following up on the implementation of corrective actions to ensure continued Shari’ah compliance across the Bank.
3. ISSC Secretariat: Providing administrative, technical, and governance support to the ISSC, including coordinating meetings, preparing agendas and supporting documents, recording minutes, drafting and maintaining Shari’ah resolutions and records, and follow-up of ISSC decisions and approvals.
4. Shari’ah Training: Providing Shari’ah training to enhance awareness, strengthen competencies, and foster a culture of Shari’ah compliance across the Bank through the development and delivery of Shari’ah training programs, workshops, and awareness initiatives for staffs and relevant stakeholders on Islamic banking principles, Shari’ah requirements, products and services etc.
5. Shari’ah Research & Development: Conducting Shari’ah research and analysis on emerging issues, products, structures, and regulatory developments in Islamic finance; supporting product innovation; and contributing to the continuous enhancement of the Bank’s Shari’ah governance framework and practices.

Although the Shari’ah Governance Framework prescribes five functions for the ISCD, the Bank has consolidated these into four core functional areas: Shari’ah Consultations, Shari’ah Compliance, ISSC Secretariat, and Shari’ah Training & Research.

• ISCD Manual

Fatawa of Internal Sharia Supervision Committee of Ajman Bank

• ISSC Fatwa - Islamic Covered Card
• ISSC Fatwa - DMCC Commodity Murabaha
• ISSC Fatwa - Forward Ijara (Under Construction Asset)
• ISSC Fatwa - Islamic Covered Drawing
• ISSC Fatwa - Vehicle Finance
• ISSC Fatwa -Goods Finance
• ISSC Fatwa -Ijara (Ready Asset)
• ISSC Fatwa -Wakala Investment
• ISSC Fatwa -Wakala Investment upfront profit
• ISSC Fatwa - Structured Investment (IPO, Sukuk and Shares)

• ISSC Annual Shari’ah Report – 2025
• ISSC Annual Shari’ah Report – 2024
• ISSC Annual Shari’ah Report – 2023
• ISSC Annual Shari’ah Report – 2022
• ISSC Annual Shari’ah Report – 2021

• Shareholder Zakat Notification – 2025.
• Shareholder Zakat Notification – 2024.
• Shareholder Zakat Notification – 2023
• Shareholder Zakat Notification – 2022
• Shareholder Zakat Notification – 2021
• Shareholder Zakat Notification – 2020

Shari’ah Governance Framework

The Bank’s Shari’ah Governance Framework establishes clear oversight responsibilities and accountability for the Board of Directors, the Internal Shari’ah Supervision Committee (ISSC), Senior Management and other key stakeholders involved in the implementation and maintenance of an effective Shari’ah governance system. The Framework aims to ensure that all of the Bank’s activities, operations, products, services, and transactions are conducted in compliance with the rules and principles of Islamic Shari’ah. It provides a structured approach to identifying, monitoring, managing, and mitigating Shari’ah non-compliance risk across the Bank.

• Shariah Governance Framework