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ANNEX 5: THE ISLAMIC DEVELOPMENT BANK GROUP SHARI'AH BOARD REPORT
بسماللهالرحمنالرحيم
SHARI’AH AUDIT REPORT FOR 1442H/1443H
All praise is due to Allah, the Lord of the Universe; and may blessings and peace be upon Prophet Muhammad and upon his household and companions.
H.E. Chairman of the Board of Governors, Honorable of the Board of Governors,
Assalamu alaikum warahmatullahi wabarakatuhu
Pursuant to the regulations of the Islamic Development Bank Group (IsDB Group) Shari’ah Board, and based on the mandate of the Board; specifically to submit to you an annual Shari’ah Audit Report on the activities undertaken by the IsDB Group during the year 1442/1443, we would like to inform you that we, as represented by the sub-committee in accordance with the practice followed by the Board, have carried out an overall audit of the applied principles as well as the contracts pertaining to the transactions and applications that have been presented to us for the IsDB Group (Ordinary Capital Resources), the Special Account Resources Waqf Fund (Waqf
Fund), the Islamic Corporation for the Insurance of Investment and Export Credit, the Islamic Corporation for the Development of the Private Sector, the International Islamic Trade Finance Corporation, the Islamic Solidarity Fund for Development, the Awqaf Properties Investment Fund, the World Waqf Foundation, and all funds managed by IsDB during the year ending on 31 December 2021G (27 Jumada Ula 1443H). We have also conducted, based on our Shari’ah- compliance oath, the audit required to give an opinion on whether the IsDB Group has complied with the rules and principles of the Shari’ah as well as the Fatwas, decisions, rulings and specific guidelines issued by the Board.1
The responsibility of ensuring the IsDB Group's compliance with
the Shari’ah rules and principles lies with the management of the IsDB Group. In contrast, our responsibility is limited to expressing an independent Shari’ah opinion based on our audit of the IsDB Group’s operations.
We planned and carried our audit so as to obtain every fact and explanation that we deemed necessary to provide us with enough proof to reasonably confirm that the IsDB Group has not contravened the rules and principles of the Shari’ah.
1 Members of the Islamic Development Bank Group Shari’ah Board are: His Eminence Sheikh Muhammad Taqi Usmani (Chairman), His Eminence Sheikh Abdullah S. Al Meneea (Deputy Chairman), His Eminence Dr Usaid Al-Kilani, His Eminence Dr. Basheer Ali Omar, His Eminence Dr. Koutoub Moustapha Sano, His Eminence Dr. Mohamed Raougui, and His Eminence Dr. Muhammad Syafii Antonio.
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