A Shariah Adviser is someone who has studied and practiced Islamic law, including Fiqh, and has a Shariah background. They go over Islamic commercial law and contracts in detail. In the context of Islamic banking and finance, the current trend or definition of Shariah Scholar in Islamic banking and finance hasn't changed much, and it still requires solid experience in modern conventional banking and finance. As a result, shariah financial planners are the primary focus of advisory bodies that offer guidance on Islamic financial transactions and operations.
Who exactly is Shariah Adviser?
A Shariah advisor is a person or organization recognized by the Islamic financial services industry to provide advice on Islamic legal and wider Shariah issues relating to the structuring of Islamic financial products and services.
An independent individual, a group of individuals, or an institution with sufficient human and technical resources to advise on legal and Shariah matters in the context of financial product structuring can be referred to as a Shariah advisor.
How should be a shariah scholar?
They must be fluent in English and Arabic in order to fully comprehend the discussion and the nature of the problem at hand. They must debate Islamic transactions, read legal documents, and share and present their Islamic finance ideas
Why are Shariah scholars needed?
In response to the growing demand from discerning Muslim retail clients for higher standards of competency and ethical practice from financial planners, the Islamic Financial Planner (IFP) was created specifically for professionals and personnel who work in the retail segment of Islamic financial products.
What is the role of Shariah scholars?
- One of Shariah Scholar's main goals is to provide legal advice, issue Fatwas, and highlight the Halal and Haram elements in banking and financial transactions.
- This is the first stage of the advisory process. Traditional scholars' roles are broader and broadening these days, including developing new products for the market and investigating other financial contracts and instruments in Islamic risk management tools and Shariah auditing.
- As a result, a number of Islamic banks in the country employ Shariah advisors who come to work every day and participate in the day-to-day operations. As a result, Shariah Scholars are now focusing on larger financial issues.
- The rapid development of advanced standards and frameworks has resulted from the rapid growth of Islamic finance. As a result, they are now involved in the more complex aspects of finance. The rapid growth of Islamic finance has resulted in the development of advanced Shariah Scholars standards and frameworks.
- Scholars must work for the harmonization of Fatwas as well as the global expansion of Islamic finance. They must play a professional role in ensuring that the Islamic financial system develops. The more important their roles in shaping Shariah-based organizations are, the more successful the industry will be.
Shariah financial planners guide clients through the entire financial planning process because they have all of the necessary knowledge. Shariah Adviser helps clients achieve their financial goals by advising them on how to implement and track their comprehensive financial plan in accordance with Shariah and Al-Falah.