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.
To learn more about Islamic Financing, please call 888.903.3866 or contact one of our Islamic Finance Specialists.