Mr. Ahmed Haggag, Vice President Shariah Products

Listening to the needs of our valued customers, who are looking for solutions aligned with their beliefs for their family's wealth preservation, we are delighted and honored to launch Shariah-compliant products!

Mr. Ahmed Haggag, Vice President Shariah Products at TIMC, a leading expert in this subject has joined us for an exclusive interview in which he explains the key principles of a Shariah-compliant investment.

TIMC: Mr. Haggag, could you explain what Shariah-compliant means?  

A. H.:  Shariah compliant simply means adhering to Islamic principles and values to ensure it meets Islamic ethical and social responsibility standards.

That is achieved by avoiding investment in industries that are considered harmful to humans, the society or the environment, and in order to be compliant, investments must be approved by a Shariah certification board.

Investors will have peace of mind when assured that their investment adheres to principles of their faith. The Shariah board certifies the investment or program after completing the necessary due diligence process.

TIMC:  What is the process for an investment to become Shariah-compliant?

A. H.:  Shariah compliance refers to the adherence to Islamic principles & guidelines in business and investment transactions.

Adhering to these principles ensure conformity to Islamic ethical and social responsibility standards by making sure that investments are not built on interest generation only and there are no contractual uncertainties, risks & profits are shared equally across all parties involved in the investment, and it is an ethical investment (not causing harm to individuals or society).

Therefore, in order for an investment to become Shariah compliant, they need to acquire a Fatwa issued by an Islamic Shariah board that certifies that the investment is Shariah compliant.

TIMC:  Can you tell us what is a Fatwa Board or Shariah Board, and what its role is?  

A. H.:  A Fatwa Board or a Shariah Board is made up of Islamic scholars and industry experts who provide guidance and advice on the compliance of the financial products and services with Islamic principles guidelines.

Their role is to review the products and investments to ensure they are Shariah compliant and once their due diligence is completed, they issue a Fatwa that confirms the product's compliance.

TIMC Shariah Board, the Islamic Finance Advisory Board in North America is comprised of scholars of different international backgrounds and are all specialized in financial investment certifications. 

TIMC: Why do you believe TIMC needs to be offering Shariah-compliant investments to its investors?

A. H.:  Islam is the second largest faith-based community in the world. 

We, at TIMC, want to make it a priority to ensure we can fully meet the needs of our global customer base.

We want to be able to cater to their needs and provide them and their relatives from around the world with products that give them peace of mind and reassurance that they are following their faith when making investment choices with us.

At the same time having Shariah compliant products on our shelves will help us better service this segment of esteemed clientele.

TIMC:  Thank you Mr. Haggag for your answers.

Indeed, many of our esteemed customers are looking to preserving their wealth with ethical investments from around the world, whether to secure their family's future with a second citizenship by investment or to diversify their assets in multiple jurisdictions. 

TIMC will be launching its first Shariah-compliant offering very soon. Expect announcement in the coming days. 

If you would like to learn more about how you can benefit from our Shariah-compliant offerings, CLICK HERE.