The first step towards Shari'ah compliance is the creation of a Shari'ah Supervisory Board by either the fund's sponsor or the fund manager. This board is an independent body of specialised jurists in fiqh almua'malat or Islamic jurisprudence. The role of the board is to ensure that the fund is in compliance with the letter and spirit of Islamic investing.
Internal Head of Shari'ah at Element Investment Managers
- Mufti Yusuf Suliman
Mufti Yusuf Suliman (CSAA) completed his Iftaa course at Darul Uloom Zakariyya in 2001 and is currently the head of the Fatwa department of Markaz Alnoor lil Iftaa wal Irshaad.
Members of the Shari'ah Supervisory Board
- Mufti Mohamed Ali
Chairman of Element Investment Managers Supervisory Board; Senior Lecturer at Darul Uloom Zakariyya
Mufti Mohammed Ali is regarded by some as one of the most senior scholars in our country. He grew up in India and underwent 15 years of tertiary education at three different Islamic Universities. In addition to his Islamic studies, he also took courses in subjects like Logic and Philosophy. Following his studies, he taught for nine years in India before coming to South Africa in 1988 to join Darul Uloom Zakariyya, where he remains senior lecturer.
- Mufti Ashraf Qureshi
Member of the Board of Muftis of South Africa; Mufti of Darul Uloom Springs
Mufti Muhammed Ashraf Qureshi hails from Pakistan, where he studied for his Diploma in Islamic and Arabic studies as well as both a Bachelor of Arts and Master of Arts in Higher Islamic studies. Mufti Qureshi was fortunate to complete his course in Fataawa under the tutorship of Mufti Muhammad Taqi Usmani, who is regarded by many as the father of modern Islamic Finance. He also founded the Centre for Islamic Economics in Pakistan under the supervision of Mufti Usmani. He is now a resident of South Africa and is a senior lecturer at the Institute for Higher Islamic Studies in Springs, where he is also the head of the Fatwa Department. He is a member of the board of Muftis, as well as a member of the Judicial Committee of the Jamiatul Ulama.
- Mufti Ahmed Suliman
Completed Iftaa Course at Darul Uloom Zakariyya
Mufti Ahmed Suliman is from the younger generation of Muftis who are excelling in both Islamic and conventional Western studies. He completed his Alim and Ifta courses at Darul Uloom Zakariyya in 2001 and is currently completing his B Compt Degree majoring in Accounting and Auditing. He is a former member of the Fatwa Department and Judicial Committee of the Jamiatul Ulama KZN, where he held the position for three years. He now holds various Shari'ah Board positions and is also a member of the Markaz Alnoor lil Iftaa wal Irshaad (Centre for Islamic Verdicts and Guidance) in Pretoria.
