CIFIE selected to certify the Shari’ah compliance of the first Islamic life insurance
March 2012
We are honoured and pleased to announce that the French Shari’ah Board CIFIE (Independent Committee for Islamic Finance in Europe) has been selected to study and verify the Shari’ah compliance of the Islamic fund-of-funds SICAV (which will serve as the underlying and investment vehicle for the Islamic life insurance contract) as well as of the life insurance contract in question.
See here the exclusive interview given by Mr HASSOUNE, one of the directors of the SICAV, to the Islamic Financial Times:
The scholars of CIFIE’s religious committee (committee of jurists) chosen for this mission are:
Dr Sheikh Tarek ABO EL WAFA (CIFIE religious committee)
Doctorate in comparative public law from the University of LA SORBONNE (Paris).
Master’s degree in Islamic legislation and Islamic law from the Faculty of Islamic Legislation and Islamic Law (five years of higher education, al-ijaza al-‘aliya) at AL-AZHAR University (Egypt).
Postgraduate diploma in comparative public law (Egypt).
Sheikh Tarek was a professor at the Faculty of Islamic Legislation and Islamic Law, AL-AZHAR University, Egypt.
Sheikh Tarek holds the post of professor in the postgraduate department “Magister Al-Fiqh wa-oussoloh” at the IESH (Institut Européen des Sciences Humaines) in Paris. He is also adviser on Islamic law to the Association Islamique de l’Ouest de la France.
He is a member of the International Union of Muslim Scholars, chaired by Sheikh Dr Al-Qaradawi.
Sheikh Abderrahmane Belmadi (CIFIE religious committee)
Professor of theology and Islamic law at the Al Ghazali institute for the training of imams (at the Grand Mosque of Paris), Abderrahmane Belmadi was trained by eminent scholars and sheikhs, and received from them ijazas authorising him to teach fiqh, tawhid and the sciences of hadith.
Holder of a master’s degree in financial sciences and a DEA in Islamic economics, he is also in charge of the azahera and rayaheen websites, which bring together sheikhs from Al-Azhar and various universities of the Muslim world specialising in theology, jurisprudence, and the sciences of the Qur’an and hadith.
These expert scholars will of course be supported in their mission by a team of seasoned financiers of CIFIE’s CDF committee.
For any Shari’ah question concerning the SICAV or the insurance in question, one address: contact@cifie.fr