Shariah Board Approval
Devon Bank independently developed its Islamic Finance products using the writings of an internationally known Islamic Finance scholar as a blueprint. The products were created by an officer of Devon Bank who has earned a post-graduate diploma from the Institute of Islamic Banking and Insurance in London.
The details of the initial Murabaha and Ijara products were reviewed by the Honorable Mufti Muhammad Nawal-ur-Rahman and the Shariah Supervisory Board of America, located near Devon Bank’s main office in the Chicago neighborhood of Rogers Park. After requested changes were made by the Bank, a fatwa was issued by the Shariah Board approving these products.
Devon Bank gratefully acknowledges all the unpaid time Mufti Nawal-ur-Rahman, and the scholars of the Shariah Board who have volunteered to help with the creation of our products. Later products and variants have followed a similar development path.
Devon Bank has also discussed its products with religious advisors in several U.S. states and overseas.