As an Islamic company adhering to all financial principles under Shari’ah law, First Leasing Company has appointed a Shari’ah Supervisory Board, made up of three eminent Islamic scholars:
The board ensures that all transactions, procedures, products, templates, and services carried out by FLC are in strict compliance with Shari’ah principles and corrects any unwitting breaches. The Shari’ah Supervisory Board also analyzes contracts and agreements and unprecedented situations that are not covered by fatwa in FLC’s transactional procedures or as reported by the company’s different departments and by its customers to ensure Shari’ah compliance. Before FLC develops any new product or implements any new procedure, the supervisory board proposes new templates, products, procedures, and transactions while remedying any procedures that may violate Shari’ah principles.
On a yearly basis, the board prepares a Shari’ah compliant annual report on First Leasing Company’s financial performance and analyzes the company’s administrative decisions, issues, and other matters that require the Board of Director’s approval.