Functions of the Shariah Advisory Council (SAC) and Muslim-Friendly Watch
The Shariah Advisory Council (SAC) and Muslim Friendly Watch are essential in ensuring that financial and business activities follow principles in regions with a significant Muslim population or businesses targeting Muslim customers. Let’s delve into what they do;
Functions of Muslim-Friendly Watch
Muslim Friendly Watch goes beyond finance to assess products, services, and businesses to ensure compliance with values across the food, tourism, and retail sectors. It aims to uphold Shariah-compliant standards through;
Certifying Muslim-Friendly Services
This involves accrediting businesses that meet the criteria for compliance with Muslim standards. For instance, halal certification ensures that food is prepared according to laws.
Promoting Awareness and Education
Another critical role is educating the business community about Shariah practices. This includes guiding companies in offering Muslim services and informing consumers about their rights to access Sharia-compliant goods.
Monitoring Market Compliance
The Muslim Friendly Watch organization. Checks businesses that claim to provide products or services for Muslims. This involves conducting inspections or regular evaluations to verify that the businesses uphold Muslim halal standards.
Promoting Ethical Business Practices
Emphasizing ethical business conduct in line with principles is a focus of Muslim Friendly Watch. This encompasses pricing, transparent dealings and truthful advertising— values embedded in Islamic business ethics.
Supporting Muslim-Friendly Tourism
In tourism, Muslim Friendly Watch ensures that establishments like hotels, airlines and tour agencies cater appropriately to travellers. This includes offering halal cuisine and prayer facilities and maintaining modesty and privacy.
Consultation and Guidance
Businesses seeking to adopt Muslim practices can benefit from consultation services provided by Muslim Friendly Watch. This support aids firms in responding to the increasing demand for halal goods and services.
Shariah Advisory Council Functions
The Shariah Advisory Committee (SAC) ensures that financial products, services and activities comply with principles. This involves aligning offerings with tenets like the prohibition of interest (riba), uncertainty (gharar), and gambling (may).
Additionally, by reviewing contracts, terms and operations, SACs certify products as Shariah-compliant. This certification is essential for banking, sukuk (Islamic bonds) and other financial instruments targeted at investors.
Furthermore, the SAC monitors institutions to ensure ongoing adherence to Shariah guidelines. Periodic audits are carried out to assess business operations and uphold values consistently over time.
Moreover, the SAC holds the authority to issue rulings known as fatwas on matters. These rulings are mandatory for institutions and clarify the permissibility of new and innovative products.
Lastly, SACs often mediate disputes concerning Shariah compliance, mainly when interpretations of law vary. They function as entities that resolve disagreements related to finance.
Muslim Choice 2U (MC2U), by Muslim Friendly Watch (MFW), is a certification program that ensures businesses adhere to principles, including halal products, ethical conduct and Shariah-compliant services. MC2U certifies food, tourism, healthcare and logistics sectors, promoting openness, sustainability and ethical business practices. By obtaining MC2U certification, businesses can tap into the market by aligning their offerings with Islamic values. For consumers, the MC2U designation assures that products and services meet ethical criteria, building trust and confidence in halal and Muslim-friendly choices.…