1. What is Sharia?
Sharia literally means the path leading to a water place. In the more technical sense, Sharia refers to the entire system of Islamic law and Islamic values derived from the Quran and the teachings of the Prophet Muhammad (peace be upon him).
2. Who can open a Sharia-compliant account?
A Sharia-compliant account can be opened by anyone whether they are Muslim or non-Muslim. A Sharia-compliant account is an account based on ethical values which resonate with all the Abrahamic traditions.
3. Are you Sharia-compliant?
Rizq takes a proactive approach in ensuring that it totally espouses the values of Sharia in all of its activities.
4. How do you measure Sharia-compliance?
Our Shariah advisor Mufti Faraz Adam has complete oversight of all activities of Rizq. He has reviewed and refined all the agreements, structures, processes and policies of Rizq to ensure they are aligned with Sharia principles.
As part of Rizq’s governance structure, all new agreements, policies, products or facilities go through multiple reviews to ensure compliance from multiple angles. The key filter is Sharia compliance in this governance structure.
In addition, our Sharia team of Mufti Faraz Adam and Umer Suleman take the lead in all new product development to ensure that the concept, structure, processes, agreements and policies are Sharia compliant from the very foundation.
5. Do you have a Sharia-compliance certificate?
Yes, Rizq has a Sharia compliance certificate issued by Amanah Finance Consultancy. You can view the certificate here: Shariah Compliance Certificate – Rizq.
6. How is Rizq Sharia-compliant?
Rizq is Sharia compliant because our internal structures, products, processes, agreements, policies, corporate culture and values are all continuously reviewed for Sharia compliance.
Our products have been designed to ensure that no prohibition of Sharia is breached. In particular, all Islamic finance principles have been adhered to in our products.
Our agreements and policies have been refined and edited to ensure that any non-Sharia compliance risk is mitigated. Subsequently, all our agreements and policies are Sharia compliant and approved by Mufti Faraz Adam.
Beyond the contractual agreements, our processes, corporate culture and values are designed to espouse Sharia values and embody a holistic Sharia experience.