Ithmaar Bank in Bahrain was rumored to be experiencing a conflict between its Shariah advisory board and its conventional line of business, as detailed below:
“Ithmaar Bank is fully sharia-compliant and has, in this regard, the full support of its independent Sharia board as well as the Central Bank of Bahrain, a statement said.
The bank termed as inaccurate a report in a Bahrain newspaper, which claimed that the bank’s management and its sharia board were at odds over the bank’s conventional assets.”
It is worth noting that Ithmaar claims to comply with AAOIFI standards in its defense of its Shariah compliance. AAOIFI, headed by the Jihadist Mufti Taqi Usmani, has been maneuvering for some time to seize control over Shariah advisory boards throughout the industry…