Shariah Advisor
مستشار شرعي
An individual scholar or firm engaged to review a product's compliance, as distinct from a standing Shariah board.
Definition
A qualified scholar, or a firm of scholars, retained by a financial institution or fund to review contracts and investments for Shariah compliance and to issue opinions or certificates. Smaller institutions and funds often use a single advisor or an external advisory firm instead of maintaining a multi-member Shariah supervisory board.
The advisor's independence, qualifications, scope of engagement, and whether their review is ongoing or one-time determine how much weight their certificate carries. AAOIFI governance standards set expectations for both advisors and boards.
Related Terms
Shariah Boardهيئة شرعية
A committee of qualified Islamic scholars that certifies the Shariah compliance of financial products.
Fatwaفتوى
A religious ruling on a specific matter issued by a qualified Islamic scholar.
Shariah-Compliantمتوافق مع الشريعة
A product, contract, or company that a qualified scholar or board has determined conforms to Islamic law.
AAOIFI
The primary international standard-setting body for Islamic finance.
Mudaribمضارب
The managing partner in a Mudarabah - provides expertise and labor rather than capital.
Rab al-Maalرب المال
The capital provider in a Mudarabah partnership - provides funds but not management.
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Shariah Advisor (مستشار شرعي) - An individual scholar or firm engaged to review a product's compliance, as distinct from a standing Shariah board. A qualified scholar, or a firm of scholars, retained by a financial institution or fund to review contracts and investments for Shariah compliance and to issue opinions or certificates. Smaller institutions and funds often use a single advisor or an external advisory firm instead of maintaining a multi-member Shariah supervisory board.
- An individual scholar or firm engaged to review a product's compliance, as distinct from a standing Shariah board.
- Category: Roles
- Related: Shariah Board, Fatwa, Shariah-Compliant, AAOIFI, Mudarib, Rab al-Maal
- Compare related Shariah-compliant products on HalalWallet
Source: HalalWallet (halalwallet.ca)
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This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01
Editorial Team, HalalWallet
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Reviewed quarterly and updated for major content changes.