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مؤسسات اقتصاديه
دار الشريعة

All praise is due to Allah and peace and blessings of Allah be upon His last Prophet Muhammed and his family and companions.


His Excellency Brother Mohammed Ibrahim Al Shaibani, Chairman of the Board of Directors of Dubai Islamic Bank and the Director General of His Highness The Ruler’s Court, Mr. Khalid Mohammed Al Kamda, Group managing Director and CEO of Dubai Islamic Bank and respected, honorable and dear guests!


Assalamu Alaikum Wa Rahmatullah Wa Barakatuhu


First of all I extend my gratitude and appreciation to His Excellency Brother Mohammed Al Shaibani for his sincere and full support for the establishment of Dar Al Sharia Legal and Financial Consultancy to fulfill the need of not the Muslim countries but the whole world for Islamic financial services. I am sure that His Excellency will continue to provide his support. I also thank respected brother Khalid Al Kamda for his strong desire and support in formation of this company by making available all necessary assistance to the company  to achieve its objectives and to convey its message.


Dubai under its visionary leadership has been blessed with the unique distinction of being the pioneering leader and role model in the field of Islamic banking industry by launching the first Islamic bank in the world in 1975 – Dubai Islamic Bank – that has provided leadership and vision not only to the banks of country or the region but to the entire industry in all corners of the world.


Dubai was destined to add a new feather to its cap last year by launching the first Islamic financial market – Dubai Financial Market – which provides Sharia compliant services to investors in financial papers; and today we are again witnessing in Dubai the creation of another milestone in the journey of Islamic banking – the birth of the first company for legal and financial consultancy which will serve this industry by providing comprehensive one-window Sharia compliant solutions which will be legally valid and commercially viable.


The Islamic Banking industry is growing at such a rapid pace that was never dreamt of by the fathers of this industry.


Who thought that Islamic banking instruments and products will reach in such a short span of time to China, Japan, India, Russia, Europe & America, and be taught in their academic institutions? Who dreamed that global banks shall compete with each other in launching full fledged Islamic Banks and windows and taking pride in marketing the biggest number of Islamic Financial Instruments? Who thought that these banks would participate in syndicate transactions structured by Islamic banks and governed by the principles of Sharia? And who could predict that Sharia Coordination department of DIB would prepare the structures and documentation of over 1400 transactions with a total value exceeding AED 400 Billion in a short period of 4 years.


The phenomenal growth of Islamic financial system has led the most reputed academic institutions of the world to launch post graduate studies and research projects in the field as it also has opened new vistas for the global banks which have not only studied the Islamic products in depth but has served the cause by establishing high standards of Sharia compliance. This proves beyond doubt the sublimity of Sharia and its capability to address the issues of humanity and safeguarding its interests in the field of banking and its finance as it does in all other spheres of life.


The Islamic banks have led the industry by issuing Sukuk, investment certificates and funds in collaboration with conventional banks; with phenomenal success and world-wide acceptance.


The Role of Dar Al Sharia

Dar Al Sharia shall provide fully Sharia compliant comprehensive services in all areas of Islamic financial industry maintaining the highest professional standards.


While the conventional industry is based on a single product of interest based loan, Sharia provides a number of solutions and structures for each situation and transaction, each with its distinct features, terms, risks and mitigating tools; and while this variety of products provides an innovative edge to the Islamic banks and achieves the interests of all the parties in a just way it requires a blend of unique skills and a high degree of professional behavior to prepare a comprehensive and complete solution and Dar Al Sharia by grace of Almighty has this unique expertise.


The transactions in Dubai Islamic Bank used to pass through many stages before being presented to the Sharia Board resulting into waste of efforts and time. That time I proposed to Mr. Saad Abdul Razzaq to establish the Sharia Coordination Department which will prepare structures of the products and the Sharia documents and feasibility studies for the transactions and all in the one department after the approval of the management of the bank. This experiment was fruitful  in saving time and efforts at the best levels and now today we are witnessing the conversion of this Department into a company which provides the following services:


Structuring of Transactions

Dar Al Sharia has vast experience in the field of structuring of transactions that it has inherited from its first nucleus – the Sharia Coordination Department – which has provided over the past four years Sharia compliant structures for more than 1400 transactions.



Dar Al Sharia also specializes in preparing Sharia compliant documents which are not only legally enforceable but also commercially viable in a manner that safeguards the interests of the contracting parties in a just and fair way.  The Sharia Coordination Department has been a trend setter in this area by providing Shari’a compliant documentation for the transactions that it has structured during the past four years.


Sharia Audit

To ensure that the transactions are executed in a Sharia compliant manner and in line with the pronouncements of the Sharia Board, it is essential for every Islamic bank and company to have its own Sharia audit department with a Sharia audit team working under the Sharia supervisor and submitting their report to the Sharia Board. However, lack of qualified and experienced Sharia auditors in the market has created a vacuum which Dar ul Sharia would try to fill by providing Sharia audit services for those Islamic financial institutions which are yet to hire the service of full time Sharia supervisors and auditors.


Conversion of Conventional Institutions and Establishment of New Banks

Dar Al Sharia has inherited from Sharia Coordination Department the expertise of launching new Islamic banks and conversion of conventional banks to Islamic banks as its Managing Director has successfully converted a number of conventional banks such as Sharjah Islamic Bank, Emirates Islamic Bank and Amlak etc.


Dar Al Sharia has right now some urgent requests for setting up new Islamic banks and conversion of conventional banks; and in all these cases Dar al Sharia accepts the mandate for turn-key delivery i.e. the conversion plan including the structure, the authority approval, preparation of documentation, manuals and accounting system scheme for settling loans and conventional deposits, selection criteria of the staff and their training and system mapping manuals.


IT System

Dar Al Sharia offers its services in the filed of IT system for Islamic banks and financial institutions as there are no systems available in the market to cover all new products and to provide for comprehensive system for profit distribution between the shareholders and investors of the Islamic banks. 


Having realized the role and importance of such system in the true application of Sharia principles and pronouncements of the Sharia boards Dar Al Sharia has brought together  a full-fledged team to provide this service under our supervision and expertise in this field.



Sharia requires that whosoever performs a task should be capable of such task and one who appoints an incapable person is committing a sin as was said by prophet Muhammed (PBUH) “One who appoints some person while among the people is some other better than him has betrayed Allah, His prophet and the Muslims.” Due to the fact that the most of those who work in Islamic banks have experience of working for conventional banks and are not well versed with Islamic banking, the training has become a necessity.


Dar Al Sharia is fully equipped to train the employees of the Islamic financial institutions at two levels; one is the training of trainers and the second is the training of employees to execute the transactions in line with principles of Sharia and the pronouncements of the Sharia boards.


These are the services Dar Al Sharia provides to direct and guide the Islamic finance industry and to correct its way. Let all of us pray to Allah that He gives Dar Al Sharia blessings and capacity to perform this task. I look forward for your assistance and cooperation with us so that we reach the destination. May Allah protect us all.


Wassalamu Alaikum