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TS-BGS-23 Trust & Stewardship Board Governance & Strategy CORE Compliance v2.9.7

Formal Shariah Governance/Oversight

Evaluates the structured process for obtaining and implementing scholarly guidance (iftāʾ) through consultative deliberation (shūrā). This formal oversight is crucial for upholding Amānah, assuring stakeholders of Shariah compliance in contracts, public claims, and operations, and safeguarding the organization’s integrity. Rooted in the pursuit of Maqāṣid al-Sharīʿah (objectives of Islamic law), particularly Ḥifẓ al-Māl (preservation of wealth), such governance ensures institutional practices remain strictly within the bounds of Ḥalāl (permissible). By institutionalizing Taqwā (God-consciousness), it actively prevents prohibited elements.

Compliance 3
  • Formal independence and COI controls (prohibited roles, cooling-off, quorum)
    Governance Essential
  • Transparent remuneration policy for SSB (approved by trustees; compliant with benefit rules)
    Governance Essential
  • Incident reporting and whistleblowing routes with Serious Incident triggers
    Risk Management Essential
Basic 2
  • Access to qualified and recognized scholars or a Shariah advisory board
    Governance Essential
  • Decisions and rulings from the advisory body are recorded in a formal register
    Documentation Essential
Good 7
  • Documented process for seeking Shariah guidance with a defined scope and materiality matrix
    Process Essential
  • Key policies and services are reviewed for Shariah compliance (pre-launch)
    Compliance Essential
  • Written appointment, tenure, rotation, and removal process for SSB members
    Governance Essential
  • Shariah risks recorded in risk register with controls and KRIs
    Risk Management Essential
  • Documented method for resolving scholarly differences (ikhtilaf) with escalation
    Governance Essential
  • Publication of the names and credentials of Shariah advisors
    Transparency High
  • Regular meetings between the board and the advisory body
    Leadership High
Better 5
  • Proactive review of new services using 'stop/go' Shariah sign-off gates
    Continuous Improvement High
  • Defined term limits and succession pipeline for SSB
    Governance High
  • Skills matrix and annual CPD for SSB and Shariah review staff
    Governance High
  • Digital fatwa/ruling register with version control and implementation status
    Technology High
  • Stakeholder feedback on clarity/usability of rulings
    Stakeholder Engagement High
Best 1
  • External Shariah governance assurance at least every 2–3 years
    Excellence High

Related Criteria

TS-BGS-01 Trustee board meetings are scheduled, quorate, and minuted TS-BGS-02 Trustees set direction & strategy TS-BGS-03 Trustees meet statutory reporting TS-BGS-04 Finance represented in decisions TS-BGS-05 Annual board and executive skills-gap analysis conducted and actioned
Version
2.9.7 2025-11-05

Discussion (1)

Administrator 2026-03-07 11:07:45.460244

📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Updated islamic_references from mizan-297.json

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