Commitment to Sharia compliance
Simply Ethical was founded with the core objective of helping UK Muslims achieve Sharia compliance in their financial affairs - be it saving for children's future, buying a house or saving for retirement.
Since our inception in 2010, we have always remained committed to offering financial solutions that are Sharia compliant. We do not engage in any services that are deemed non-compliant. As a client or potential client, you can be assured that all our solutions are Sharia compliant.
All investments offered through Simply Ethical, as a minimum seek to adhere to AAOIFI Shari’ah standards. AAOIFI (Accounting and Auditing Organization For Islamic Financial Institutions) is an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’a standards for Islamic financial institutions and the industry.
As a committed participant in the Islamic finance industry, we have taken AAOIFI guidelines on investments and drafted our own internal Ethical Investment Policy Statement (EIPS). The Ethical Committee, whose role is to provide an oversight of investment screening approves the document. Our Ethical Committee is responsible for determining the Ethical and Sharia screening criteria. The Committee is to meet at least bi-annually to review investments and monitor adherence to set screening criteria.
The current members of our Ethical Committee are as follows:
As you would observe from our Ethical policy, we have gone beyond AAOIFI Standards and made our guidelines much more robust and comprehensive by adding further Sharia and Ethical considerations to continue our journey towards achieving complete adherence to the objectives of Sharia.
Imam Ghazzali, a very reputable Islamic scholar of the past, described the purpose of the Sharia as "to promote the well-being of the people, which lies in safeguarding their faith , their lives, their intellect, their posterity and their wealth. Whatever ensures the safeguarding of these five serves public interest and is desirable, and whatever hurts them is against public interest and its removal is desirable".
As a Team, we remain committed to our vision of achieving 100% Sharia compliance as per principles stated in the Qur'an.