The Shariah Advisory Council (SAC) was established on 3 August 2007, by The Arab Chamber of Commerce and Industry with the support of the Incorporated Trustees of the Islamic Community Fund of Hong Kong. Its purpose is to help screen and certify as Shariah compliant Hong Kong companies that wish to transact business with the Islamic community.[1] This council is one of the first of its kind established in Hong Kong.[2][3]
An approved Islamic or company must be approved by a Shariah Advisory Council to show that the organization is in compliance with Shariah. In banking, being Shariah compliant means interest is not paid on deposits or charged on loans.[4] Companies that wish to become approved must comply with Islamic laws regarding tobacco, alcohol, pornography, and other restrictions.[5]
Organizational leadershipedit
The Shariah Advisory Council is made up of experts from various fields with the goal of ensuring companies applying meet the criteria for Shariah Compliance Approval. The council is most active in China and in Hong Kong with the cited goal of increasing Islamic banking and financial interests. The council can be used by interested companies, banks, courts, and arbitration centers to verify compliance with Shariah.[6] In 2015, it is estimated that trade between China and Arab countries will reach US$100 billion.
^. Archived from the original on 2012-10-16. Retrieved 2011-06-20.
January 01, 1970
shariah, advisory, council, this, article, uses, bare, urls, which, uninformative, vulnerable, link, please, consider, converting, them, full, citations, ensure, article, remains, verifiable, maintains, consistent, citation, style, several, templates, tools, a. This article uses bare URLs which are uninformative and vulnerable to link rot Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style Several templates and tools are available to assist in formatting such as reFill documentation and Citation bot documentation August 2022 Learn how and when to remove this message The Shariah Advisory Council SAC was established on 3 August 2007 by The Arab Chamber of Commerce and Industry with the support of the Incorporated Trustees of the Islamic Community Fund of Hong Kong Its purpose is to help screen and certify as Shariah compliant Hong Kong companies that wish to transact business with the Islamic community 1 This council is one of the first of its kind established in Hong Kong 2 3 Shariah Advisory CouncilFounded2007TypeIslamic Law Shariah Advisory CouncilLocationHong KongWebsitearabcci org SAC mission htmIslamic business editAn approved Islamic or company must be approved by a Shariah Advisory Council to show that the organization is in compliance with Shariah In banking being Shariah compliant means interest is not paid on deposits or charged on loans 4 Companies that wish to become approved must comply with Islamic laws regarding tobacco alcohol pornography and other restrictions 5 Organizational leadership editThe Shariah Advisory Council is made up of experts from various fields with the goal of ensuring companies applying meet the criteria for Shariah Compliance Approval The council is most active in China and in Hong Kong with the cited goal of increasing Islamic banking and financial interests The council can be used by interested companies banks courts and arbitration centers to verify compliance with Shariah 6 In 2015 it is estimated that trade between China and Arab countries will reach US 100 billion References edit The Arab Chamber of Commerce amp Industry Archived copy PDF aibim com Archived from the original PDF on 15 March 2012 Retrieved 30 June 2022 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link HK s Islamic New Year Banking amp Finance ArabianBusiness com Archived from the original on 2012 10 05 The Arab Chamber of Commerce amp Industry http www cdeclips com en hongkong fullstory html id 54095 SAR shariah council formed the Standard Archived from the original on 2012 10 16 Retrieved 2011 06 20 Retrieved from https en wikipedia org w index php title Shariah Advisory Council amp oldid 1107408523, wikipedia, wiki, book, books, library,
