Manila Islamic Institute, Inc. (Mahad Manila Al-Islamie in Arabic) is a Non-Stock Corporation. This was the first Madrasa built in the center of Manila.
(Mahad Manila Al-Islamie in Arabic meaning) is a Non-Stock Corporation. This was the first Madrasa built in the center of Manila, the Mahad Manila Al-Islamie and got its English translation as Manila Islamic Institute, Inc. and was formally registered in SEC on April 03, 2007. The founder of the Manila Islamic Institute, Inc., Usman Imam Shiek Al-Aman, was a former Missionary of Islamic Call Socie
13/03/2024
For Halal Consultancy and Halal Certification concerns, Philippine Ulama Congress Organization, Inc. is ready to serve you!
Reach us through:
Website: https://philhalal.com
Facebook: https://facebook.com/PhilHalal
Contact Numbers: 02-7091-8514 | 0917-311-8310 | 0945-200-5686
12/03/2024
𝐁𝐢𝐬𝐦𝐢𝐥𝐥ā𝐡𝐢𝐫 𝐑𝐚𝐡𝐦ā𝐧𝐢𝐫 𝐑𝐚𝐡ī𝐦...
𝐀𝐬𝐬𝐚𝐥ā𝐦𝐮'𝐚𝐥𝐚𝐲𝐤𝐮𝐦 𝐰𝐚 𝐑𝐚𝐡𝐦𝐚𝐭𝐮𝐥𝐥ā𝐡𝐢 𝐰𝐚 𝐁𝐚𝐫𝐚𝐤ā𝐭𝐮𝐡𝐮.
𝐒𝐡𝐚𝐫𝐞 𝐭𝐡𝐞 𝐁𝐥𝐞𝐬𝐬𝐢𝐧𝐠𝐬 𝐨𝐟 𝐑𝐚𝐦𝐚𝐝𝐚𝐧: 𝐒𝐩𝐨𝐧𝐬𝐨𝐫 𝐎𝐮𝐫 𝐃𝐚𝐢𝐥𝐲 𝐈𝐟𝐭𝐚𝐫 𝐃𝐫𝐢𝐯𝐞!
As we prepare for the holy month of Ramadan, a time for reflection, compassion, and community, we're excited to announce our 𝐌𝐨𝐧𝐭𝐡-𝐋𝐨𝐧𝐠 𝐈𝐟𝐭𝐚𝐫 𝐃𝐫𝐢𝐯𝐞! Throughout Ramadan, we aim to deliver delicious and fulfilling iftar meals to those in need, bringing people together to break their fast and celebrate the spirit of Ramadan.
𝐇𝐞𝐫𝐞'𝐬 𝐡𝐨𝐰 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐦𝐞𝐚𝐧𝐢𝐧𝐠𝐟𝐮𝐥 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞:
1. 𝐒𝐩𝐨𝐧𝐬𝐨𝐫 𝐚 𝐃𝐚𝐲'𝐬 𝐈𝐟𝐭𝐚𝐫: Contribute towards a day's worth of iftar meals for a specific non-profit institution or organization. This could be a local Toril (religious study center), Masjid (Mosque), or a charity serving underprivileged communities. Your sponsorship will ensure a warm and nourishing meal for those who may not have the means to prepare it themselves.
2. 𝐒𝐩𝐫𝐞𝐚𝐝 𝐭𝐡𝐞 𝐖𝐨𝐫𝐝: Share this post with your family, friends, and colleagues. The more awareness we create, the greater the impact we can have in reaching those in need.
𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐒𝐩𝐨𝐧𝐬𝐨𝐫𝐢𝐧𝐠:
1. 𝐁𝐫𝐢𝐧𝐠𝐢𝐧𝐠 𝐭𝐡𝐞 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐓𝐨𝐠𝐞𝐭𝐡𝐞𝐫: Foster a sense of unity and compassion by providing a shared meal for people from different walks of life.
2. 𝐅𝐮𝐥𝐟𝐢𝐥𝐥𝐢𝐧𝐠 𝐚 𝐒𝐩𝐢𝐫𝐢𝐭𝐮𝐚𝐥 𝐎𝐛𝐥𝐢𝐠𝐚𝐭𝐢𝐨𝐧: Contributing to this drive allows you to participate in the act of giving charity (sadaqah) which is highly encouraged during Ramadan.
3. 𝐌𝐚𝐤𝐢𝐧𝐠 𝐚 𝐑𝐞𝐚𝐥 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞: Your contribution will directly impact those less fortunate, ensuring they have a nourishing meal to break their fast.
𝐇𝐨𝐰 𝐭𝐨 𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐒𝐩𝐨𝐧𝐬𝐨𝐫:
To sponsor a day's iftar here are the bank and gcash details where you can deposit:
𝐁𝐚𝐧𝐤: 𝐔𝐧𝐢𝐨𝐧𝐁𝐚𝐧𝐤
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐚𝐦𝐞: 𝐇𝐚𝐥𝐚𝐥 𝐄𝐚𝐭𝐬 𝐅𝐨𝐨𝐝 𝐒𝐭𝐨𝐫𝐞
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐮𝐦𝐛𝐞𝐫: 𝟎𝟎𝟑𝟏𝟓𝟎𝟎𝟎𝟐𝟕𝟏𝟗
𝐆𝐜𝐚𝐬𝐡:
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐚𝐦𝐞: 𝐒𝐢𝐭𝐭𝐢𝐞 𝐀𝐥 𝐉𝐚𝐧𝐧𝐚𝐡 𝐈.
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐮𝐦𝐛𝐞𝐫: 𝟎𝟗𝟓𝟔𝟕𝟏𝟏𝟐𝟓𝟗𝟑
Once you have made the deposit, kindly fill-out this google form:
https://forms.gle/ixdz9ze88fJ12rwUA
𝐅𝐨𝐫 𝐚𝐧𝐲 𝐨𝐭𝐡𝐞𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐢𝐞𝐬, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬 𝐚𝐭 𝟎𝟗𝟏𝟕𝟑𝟏𝟏𝟖𝟑𝟏𝟎/𝟎𝟗𝟓𝟔𝟕𝟏𝟏𝟐𝟓𝟗𝟑 𝐨𝐫 𝐡𝐚𝐥𝐚𝐥𝐞𝐚𝐭𝐬𝐩𝐡@𝐠𝐦𝐚𝐢𝐥.𝐜𝐨𝐦, 𝐨𝐫 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐇𝐚𝐥𝐚𝐥 𝐄𝐚𝐭𝐬 𝐌𝐞𝐬𝐬𝐞𝐧𝐠𝐞𝐫.
𝐓𝐨𝐠𝐞𝐭𝐡𝐞𝐫, 𝐥𝐞𝐭'𝐬 𝐦𝐚𝐤𝐞 𝐭𝐡𝐢𝐬 𝐑𝐚𝐦𝐚𝐝𝐚𝐧 𝐚 𝐭𝐢𝐦𝐞 𝐨𝐟 𝐬𝐡𝐚𝐫𝐞𝐝 𝐛𝐥𝐞𝐬𝐬𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐬𝐩𝐢𝐫𝐢𝐭!
𝐁𝐢𝐬𝐦𝐢𝐥𝐥ā𝐡𝐢𝐫 𝐑𝐚𝐡𝐦ā𝐧𝐢𝐫 𝐑𝐚𝐡ī𝐦...
𝐀𝐬𝐬𝐚𝐥ā𝐦𝐮'𝐚𝐥𝐚𝐲𝐤𝐮𝐦 𝐰𝐚 𝐑𝐚𝐡𝐦𝐚𝐭𝐮𝐥𝐥ā𝐡𝐢 𝐰𝐚 𝐁𝐚𝐫𝐚𝐤ā𝐭𝐮𝐡𝐮.
𝐒𝐡𝐚𝐫𝐞 𝐭𝐡𝐞 𝐁𝐥𝐞𝐬𝐬𝐢𝐧𝐠𝐬 𝐨𝐟 𝐑𝐚𝐦𝐚𝐝𝐚𝐧: 𝐒𝐩𝐨𝐧𝐬𝐨𝐫 𝐎𝐮𝐫 𝐃𝐚𝐢𝐥𝐲 𝐈𝐟𝐭𝐚𝐫 𝐃𝐫𝐢𝐯𝐞!
As we prepare for the holy month of Ramadan, a time for reflection, compassion, and community, we're excited to announce our 𝐈𝐟𝐭𝐚𝐫 𝐃𝐫𝐢𝐯𝐞! Throughout Ramadan, we aim to deliver delicious and fulfilling iftar meals to those in need, bringing people together to break their fast and celebrate the spirit of Ramadan.
𝐇𝐞𝐫𝐞'𝐬 𝐡𝐨𝐰 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐦𝐞𝐚𝐧𝐢𝐧𝐠𝐟𝐮𝐥 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞:
1. 𝐒𝐩𝐨𝐧𝐬𝐨𝐫 𝐚 𝐃𝐚𝐲'𝐬 𝐈𝐟𝐭𝐚𝐫: Contribute towards a day's worth of iftar meals for a specific non-profit institution or organization. This could be a local Toril (religious study center), Masjid (Mosque), or a charity serving underprivileged communities. Your sponsorship will ensure a warm and nourishing meal for those who may not have the means to prepare it themselves. 𝐀𝐍𝐘 𝐀𝐌𝐎𝐔𝐍𝐓 𝐈𝐒 𝐀𝐂𝐂𝐄𝐏𝐓𝐄𝐃. With an accumulated budget of Php 5,000, you can provide meals for 50 to 60 people.
2. 𝐒𝐩𝐫𝐞𝐚𝐝 𝐭𝐡𝐞 𝐖𝐨𝐫𝐝: Share this post with your family, friends, and colleagues. The more awareness we create, the greater the impact we can have in reaching those in need.
𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐒𝐩𝐨𝐧𝐬𝐨𝐫𝐢𝐧𝐠:
1. 𝐁𝐫𝐢𝐧𝐠𝐢𝐧𝐠 𝐭𝐡𝐞 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐓𝐨𝐠𝐞𝐭𝐡𝐞𝐫: Foster a sense of unity and compassion by providing a shared meal for people from different walks of life.
2. 𝐅𝐮𝐥𝐟𝐢𝐥𝐥𝐢𝐧𝐠 𝐚 𝐒𝐩𝐢𝐫𝐢𝐭𝐮𝐚𝐥 𝐎𝐛𝐥𝐢𝐠𝐚𝐭𝐢𝐨𝐧: Contributing to this drive allows you to participate in the act of giving charity (sadaqah) which is highly encouraged during Ramadan.
3. 𝐌𝐚𝐤𝐢𝐧𝐠 𝐚 𝐑𝐞𝐚𝐥 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞: Your contribution will directly impact those less fortunate, ensuring they have a nourishing meal to break their fast.
𝐇𝐨𝐰 𝐭𝐨 𝐁𝐞𝐜𝐨𝐦𝐞 𝐚 𝐒𝐩𝐨𝐧𝐬𝐨𝐫:
To sponsor a day's iftar here are the bank and gcash details where you can deposit:
FOR MANILA:
𝐁𝐚𝐧𝐤: 𝐔𝐧𝐢𝐨𝐧𝐁𝐚𝐧𝐤
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐚𝐦𝐞: 𝐇𝐚𝐥𝐚𝐥 𝐄𝐚𝐭𝐬 𝐅𝐨𝐨𝐝 𝐒𝐭𝐨𝐫𝐞
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐮𝐦𝐛𝐞𝐫: 𝟎𝟎𝟑𝟏𝟓𝟎𝟎𝟎𝟐𝟕𝟏𝟗
FOR MARAWI/LANAO DEL SUR
𝐆𝐜𝐚𝐬𝐡:
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐚𝐦𝐞: 𝐒𝐢𝐭𝐭𝐢𝐞 𝐀𝐥 𝐉𝐚𝐧𝐧𝐚𝐡 𝐈.
𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐍𝐮𝐦𝐛𝐞𝐫: 𝟎𝟗𝟓𝟔𝟕𝟏𝟏𝟐𝟓𝟗𝟑
Once you have made the deposit, kindly fill-out this google form:
https://forms.gle/FgYabQUWyrrzVc5v9
𝐅𝐨𝐫 𝐚𝐧𝐲 𝐨𝐭𝐡𝐞𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐢𝐞𝐬, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬 𝐚𝐭 𝟎𝟗𝟏𝟕𝟑𝟏𝟏𝟖𝟑𝟏𝟎/𝟎𝟗𝟓𝟔𝟕𝟏𝟏𝟐𝟓𝟗𝟑 𝐨𝐫 𝐡𝐚𝐥𝐚𝐥𝐞𝐚𝐭𝐬𝐩𝐡@𝐠𝐦𝐚𝐢𝐥.𝐜𝐨𝐦, 𝐨𝐫 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐇𝐚𝐥𝐚𝐥 𝐄𝐚𝐭𝐬 𝐌𝐞𝐬𝐬𝐞𝐧𝐠𝐞𝐫.
𝐓𝐨𝐠𝐞𝐭𝐡𝐞𝐫, 𝐥𝐞𝐭'𝐬 𝐦𝐚𝐤𝐞 𝐭𝐡𝐢𝐬 𝐑𝐚𝐦𝐚𝐝𝐚𝐧 𝐚 𝐭𝐢𝐦𝐞 𝐨𝐟 𝐬𝐡𝐚𝐫𝐞𝐝 𝐛𝐥𝐞𝐬𝐬𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐬𝐩𝐢𝐫𝐢𝐭!
FOR ORDERS, PLEASE FILL UP THIS FORM: https://forms.gle/2oqTJ2b8fhrj25Nv5
Please deposit your payment to our
UnionBank Account.
Account Name: HalalEats PH
Account Number: 0031 5000 2719
Contact Nos.: 09563286554 and 09691815680
11/06/2023
𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐞: 𝐀𝐧 𝐈𝐧𝐬𝐢𝐠𝐡𝐭 𝐢𝐧𝐭𝐨 𝐌𝐮𝐝ā𝐫𝐚𝐛𝐚𝐡 𝐚𝐧𝐝 𝐌𝐮𝐬𝐡ā𝐫𝐚𝐤𝐚𝐡 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐐𝐮𝐫-ā𝐧, 𝐇𝐚𝐝ī𝐭𝐡 𝐚𝐧𝐝 𝐉𝐮𝐫𝐢𝐬𝐩𝐫𝐮𝐝𝐞𝐧𝐜𝐞
Assalāmu 'alaykum warahmatullāhi wabarakātuhu...
In the realm of Islamic finance, Mudārabah and Mushārakah contracts are often seen as the embodiment of economic fairness, mutual consent, and risk sharing. Both adhere to the ethical dimensions of business articulated in the Qur-ān and Hadīth and further interpreted by Islamic scholars, also known as Fuqahā.
𝐌𝐮𝐝ā𝐫𝐚𝐛𝐚𝐡: 𝐀𝐥𝐢𝐠𝐧𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐰𝐢𝐭𝐡 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬
Mudārabah, a partnership where one party provides capital and the other management and labor, has been a part of Islamic economic system since the Prophet's time. Prophet Muhammad (PBUH) himself was involved in Mudārabah transactions before his prophethood.
An investor, or Rabb-ul-Māl, funds a business managed by an entrepreneur, the Mudārib. Profits are shared according to an agreed ratio, but if losses occur, they are borne by the investor. The Prophet Muhammad (PBUH) said, "Profit comes with liability to loss" (Sunan Ibn Majah 2:12:2252), emphasizing that the investor's responsibility for financial loss is a fair trade-off for the possibility of profit.
𝐌𝐮𝐬𝐡ā𝐫𝐚𝐤𝐚𝐡: 𝐀 𝐒𝐡𝐚𝐫𝐞𝐝 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞
Mushārakah represents a partnership where all parties contribute capital and optionally participate in management. Profits and losses are shared according to each partner's capital contribution. The concept of shared risk and reward in Musharakah can be traced back to the Qur-ān, which urges, "And cooperate in righteousness and piety, but do not cooperate in sin and aggression" (Quran 5:2).
Such a partnership encourages mutual cooperation, shared responsibility, and collective success or failure, consistent with the Islamic ethos of communal interdependence.
𝗠𝘂𝗱ā𝗿𝗮𝗯𝗮𝗵 & 𝗠𝘂𝘀𝗵ā𝗿𝗮𝗸𝗮𝗵: 𝗥𝗲𝗳𝗹𝗲𝗰𝘁𝗶𝗻𝗴 𝗜𝘀𝗹𝗮𝗺𝗶𝗰 𝗘𝘁𝗵𝗼𝘀
Mudārabah and Mushārakah contracts underscore the principles of risk sharing, mutual agreement, and justice, the cornerstones of Islamic finance. Their distinct dynamics offer varied approaches to ethical business conduct.
Al-Imam Al-Shafi'ī (Rahimahullāh), a prominent Islamic jurist, said, "I prefer for a man to engage in Mudārabah than to engage in manual work, for it involves the revival of the dead capital." (Kitāb al-Umm) Meanwhile, the collective spirit of Musharakah is best illustrated by the Prophet's saying, "The hand of the upper (giving) is better than the hand of the lower (taking)." (Bukhārī)
In our increasingly complex financial landscape, these contracts provide pathways to responsible and ethical financing. They not only align with Islamic principles but also offer substantial alternatives to conventional interest-based systems.
Whether you're an aspiring entrepreneur or a group of individuals aiming for joint ventures, understanding Mudārabah and Mushārakah contracts offers insights into a balanced and ethical business model. Rooted in the rich tradition of Islamic economic principles, they serve as torchbearers of justice and shared responsibility in our economic pursuits.
Stay tuned for more enlightening discussions on Islamic finance. Feel free to share this article with others who might benefit. Any questions or thoughts? Please comment below.
𝐑𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬:
1. Qur-ān, 5:2
2. Sunan Ibn Mājah, Vol. 2, Book 12, Hadīth 2252
3. Sahīh al-Bukhārī, Vol. 3, Book 34, Hadīth 286
4. Al-Shafi'ī's Kitāb al-Umm, Vol. 4, p. 99
Assalāmu 'alaykum warahmatullāhi wabarakātuhu! HalalEats PH will act as your Wakīl for your Qurbani needs this coming Eid al-Adha.
🌙 With just three weeks left until the sacred festival of Eid al-Adha (1444H), HalalEats PH is delighted to bring you our special Qurban Program 2023! 🎉
Embrace the spirit of the occasion and become a beacon of hope by participating in this beautiful Islamic tradition of Qurban.
💝 For just 4200 PHP to 6300 PHP, you can contribute a goat as your Qurban offering, reaching out to those in need in our community. You may also buy the Qurban and pick it up at our location (to be announced).
🐐 Each Qurban goat is sourced from our trusted local farmers, raised, and handled with strict adherence to halal and ethical standards. A practicing Muslim then slaughters these animals, so you are sure it is Islamically slaughtered and prepared with care to ensure it complies with the Halal Standard.
🙏 A man asked the Prophet, "What Islamic traits are the best?" The Prophet said, "Feed the people, and greet those whom you know and those whom you do not know." Let's uphold this noble practice and anticipate the arrival of Eid al-Adha by spreading joy, peace, and sustenance within our community.
📩 Reserve your Qurban goat today! Just send us a message to make your booking. Please be quick, as slots are limited and demand is high!
As we count down to this blessed festival, let's uphold the spirit of giving and compassion. May Allah accept our forthcoming sacrifices and shower us with prosperity, peace, and happiness, now and forever.
Anticipating a blessed Eid al-Adha with you all! 🌙💖
For orders, please fill up this form: https://forms.gle/2oqTJ2b8fhrj25Nv5
Please deposit your payment to our UnionBank Account.
Account Name: HalalEats PH
Account Number: 0031 5000 2719
Google Forms: Sign-in Access Google Forms with a personal Google account or Google Workspace account (for business use).
03/06/2023
𝐒𝐡𝐚𝐫𝐢̄'𝐚𝐡 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲 𝐂𝐨𝐮𝐧𝐜𝐢𝐥 𝐚𝐧𝐝 𝐒𝐡𝐚𝐫𝐢̄'𝐚𝐡 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞
Sharī'ah compliance constitutes the foundational principle underpinning Islamic Banking and Finance, serving not merely as a guiding principle but as an integral and uncompromising component of all its functions. These operations are required to comply with Sharī'ah, also known as Islamic law, a comprehensive system governing every facet of a Muslim's life. The essence of Sharī'ah compliance is grounded in upholding the moral and ethical precepts of Islam within the domain of banking and financial transactions. It strictly prohibits usury or Ribā (charging interest), Gharār (ambiguity or uncertainty), and investment in Haram (forbidden) activities such as alcohol production or gambling (Maysīr).
The significance of Sharī'ah compliance extends beyond the religious obligation. It constitutes a mechanism to ensure ethical and equitable finance, designed to foster social justice, outlaw exploitative practices, and contribute to economic stability. Islamic banks, such as Al-Amanah Islamic Investment Bank of the Philippines (https://amanahbank.gov.ph), are grounded on principles of profit-and-loss sharing, risk-sharing, and asset-backed transactions, all of which cultivate a more equitable and accountable banking system.
But how do banks ensure that Sharī'ah compliance permeates all of their operations? The answer lies in the crucial role played by the Sharī'ah Advisory Council (SAC).
Sharī'ah Advisory Council (SAC) is composed of not more than five members, who are selected from among Islamic scholars and jurists of comparative law. The members are elected every three years at a general shareholders meeting of the Islamic Bank from a list of nominees prepared by the Board of Directors of the Islamic Bank (RA 6848, Section 4). The Sharī'ah Advisory Council in RA 11439 is composed of persons who are qualified in Sharī'ah or who have knowledge or experience in Sharī'ah and in banking, finance, law, or such other related disciplines (RA 11439, Section 5).
The primary responsibility of the Sharī'ah Advisory Council is to ensure that the bank's operations align with Sharī'ah principles, also referred to as Sharī'ah compliance. In pursuit of this, the SAC undertakes exhaustive reviews of the bank's policies, transactions, and products. These reviews are not one-off processes but are conducted consistently to maintain continuous compliance. Given the dynamic nature of the financial sector, the ability of the bank to adapt to changes while adhering to Shari'ah principles is vital. The SAC's duties include approving new financial products and services before their market introduction. This expert guidance enables the bank to innovate within the boundaries set by Islamic law. In essence, the SAC serves as the vigilant guardian of Sharī'ah compliance, ensuring that every decision, transaction, and product offered aligns with the ethical and moral guidelines prescribed by Islamic law.
The role of the Sharī'ah Advisory Council encompasses reviewing and advising on various aspects of the bank's operations, including financial products, contracts, transactions, and procedures. This duty involves rigorous scrutiny to identify any potential inconsistencies with Shari'ah principles. Should a product, transaction, or operation be found to conflict with these principles, they provide the necessary guidance for resolution.
The SAC carries a significant responsibility, ensuring everything from intricate banking contracts to large-scale operations comply with Islamic law. Their proficiency in Islamic law, banking, finance, and related fields is essential in navigating the complexities of financial products and transactions. This knowledge empowers them to make informed decisions and recommendations, thereby ensuring unerring Sharī'ah compliance.
𝐋𝐔𝐐𝐌𝐀𝐍 𝐋. 𝐁𝐈𝐍 𝐔𝐒𝐌𝐀𝐍 𝐈𝐌𝐀𝐌, 𝐌𝐀𝐈𝐒, 𝐒𝐡.𝐂.
𝐒𝐡𝐚𝐫𝐢̄'𝐚𝐡 𝐀𝐝𝐯𝐢𝐬𝐨𝐫
𝐀𝐥-𝐀𝐦𝐚𝐧𝐚𝐡 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬 (𝐀𝐀𝐈𝐈𝐁𝐏)
Shari'ah Advisory Council An Overview Learning Objectives:1. Understand the basics of Islamic Banking and the functions of Shari'ah Advisory Councils based on RA 6848 and RA 11439;2. Explore the ...
22/03/2023
🌙 Ramadan Mubārak! 🌙
Dear esteemed friends and respected followers of the Philippine Ulama Congress Organization, Inc.,
As we have joyfully entered the blessed month of Ramadan, we wish you and your family a spiritually enriching and heartwarming journey. Ramadan Mubārak!
As a religious nonprofit organization and Halal Certification Body, we are excited to accompany you on this sacred path of self-reflection, devotion, and growth. Let's come together as a community, sharing our faith and experiences, while celebrating the blessings and lessons Ramadan brings.
In these days of fasting and prayer, we encourage everyone to extend a helping hand to those in need and practice compassion and understanding. This is the perfect time to strengthen our bonds with Allāh (SWT) and with one another.
At the Philippine Ulama Congress Organization, Inc., we are committed to advancing Islamic education, advocacy, and unity, as well as ensuring credible Halal-certified products and services. In this blessed month, let's join hands and work together for the betterment of our community.
Please remember our organization in your prayers as we continue to serve the Ummah. May Allāh (SWT) accept our collective efforts and guide us on the straight path during this holy month and beyond.
Stay connected with us on Facebook for engaging content, updates, and events that aim to bring us closer as a community. We look forward to sharing this Ramadan journey with you.
Wishing you and your loved ones a transformative and peaceful Ramadan. May Allāh's (SWT) blessings be upon us all!
Warmest regards,
Ustadh LUQMAN L. BIN USMAN IMAM , MAIS, Sh.C.
President
Philippine Ulama Congress Organization, Inc.
EXCELLENCE. PARTNERSHIP. SERVICE.
Website: https://philhalal.com
🌙 Ramadan Mubārak! 🌙
Dear esteemed friends and respected followers of the Philippine Ulama Congress Organization, Inc.,
As we have joyfully entered the blessed month of Ramadan, we wish you and your family a spiritually enriching and heartwarming journey. Ramadan Mubārak!
As a religious nonprofit organization and Halal Certification Body, we are excited to accompany you on this sacred path of self-reflection, devotion, and growth. Let's come together as a community, sharing our faith and experiences, while celebrating the blessings and lessons Ramadan brings.
In these days of fasting and prayer, we encourage everyone to extend a helping hand to those in need and practice compassion and understanding. This is the perfect time to strengthen our bonds with Allāh (SWT) and with one another.
At the Philippine Ulama Congress Organization, Inc., we are committed to advancing Islamic education, advocacy, and unity, as well as ensuring credible Halal-certified products and services. In this blessed month, let's join hands and work together for the betterment of our community.
Please remember our organization in your prayers as we continue to serve the Ummah. May Allāh (SWT) accept our collective efforts and guide us on the straight path during this holy month and beyond.
Stay connected with us on Facebook for engaging content, updates, and events that aim to bring us closer as a community. We look forward to sharing this Ramadan journey with you.
Wishing you and your loved ones a transformative and peaceful Ramadan. May Allāh's (SWT) blessings be upon us all!
Warmest regards,
PUCOI Family
Philippine Ulama Congress Organization, Inc.
EXCELLENCE. PARTNERSHIP. SERVICE.
Website: https://philhalal.com
| Monday | 9am - 5pm |
| Tuesday | 9am - 5pm |
| Wednesday | 9am - 5pm |
| Thursday | 9am - 5pm |
| Friday | 8am - 11pm |
| Saturday | 9am - 5pm |
| Sunday | 9am - 5pm |
31/03/2023