DDCAP has its own Sharia’a Supervisory Board (“SSB”) which is comprised of the following esteemed Sharia’a Scholars:
Sheikh Abdullah Bin Suleiman Almaneea (Chairman)
Sheikh Dr. Abdullah Almutlag
Sheikh Dr. Mohamed Ali Elgari
Prof. Dr. Mohamad Akram Laldin
Sheikh Dr. Mohammed Al-Tabtabai
DDCAP first convened its SSB in March 2013 to further demonstrate its on-going desire to subject the substance and integrity of its business and service provision to regular Sharia’a review and validation at the highest level. The SSB subsequently convened in June 2013 to reconfirm the audit processes and the issuance of the Fatwa during an open forum hosted by DDCAP in Riyadh, Kingdom of Saudi Arabia. At this time, the SSB also issued a Fatwa in support of DDCAP’s Asset Facilitation Platform.
In September 2015, DDCAP was delighted to announce the addition of Prof. Dr. Mohamad Akram Laldin of Malaysia, reflecting its expanding footprint in Asia. Subsequently, in November 2016, DDCAP was proud to welcome Sheikh Dr. Mohammed Al Tabtabai to its Sharia’a Supervisory Board.
In September 2016, the “Ethos Asset Facilitation Platform ™ (“Ethos AFP”) was launched to accommodate the specific trade and post trade requirements of our clients. DDCAP’s own Sharia’a Supervisory Board has been engaged with the development of Ethos AFP and has issued a Fatwa in support of its automated processes. As part of an ongoing, recurrent Sharia’a review procedure, our esteemed Sharia’a Supervisory Board makes regular review of the platform, the transactions concluded across it and the trade documentation originated therefrom.
To provide further reassurance to our clients that Ethos AFP and its associated processes and procedures are well governed and effective, transactions executed across the platform are randomly selected and subjected to review in accordance with the International Standard on Related Services 4400 (“ISRS 4400”) published by the International Auditing and Assurance Standards Board. Each review is conducted from initiation of the trade through to final accounting records. Reference is made to all supporting documentation in doing so, including overarching client agreements and transactional arrangements with third parties.
The ISRS 4400 review is conducted by a major global financial services sector advisory firm in addition to the Sharia’a compliance focused review procedures of our own esteemed Sharia’a Supervisory Board. In combination, these support the emphasis that DDCAP and its clients place on independent validation of trade substance and processes.