Islamic financial institutions offering products and services compliant with Islamic finance principles must be governed by a board acting as an independent Sharia Supervisory Board. This Board enhances confidence in the Islamic financial institution and officially confirms whether the products offered and activities carried out comply with the requirements of Islamic law.
The Sharia Supervisory Board is an integral part of the governance mechanism of Islamic financial institutions. It is responsible for actively supervising all aspects of the institution's activities in accordance with specific Shariah criteria.
The Sharia Supervisory Board is considered an independent body composed of experts specializing in Fiqh al-Muʿāmalāt (Islamic jurisprudence of financial transactions) or Islamic jurisprudence governing social relations. In some jurisdictions, it is also permitted to include economists, accountants, lawyers, and other similar technical specialists as members of the Sharia Supervisory Board.
Muhammad Ayyubkhon Homidov
SHARIAH BOARD CHAIRMANScholar of the Fatwa Center of the Muslim Board of Uzbekistan; Senior Lecturer at the Tashkent Islamic Institute.
Education
Higher. 1995 — Tashkent Islamic Institute named after Imam al-Bukhari; 2003 — Master's degree, National University of Uzbekistan named after Mirzo Ulugbek. Specialty: Islamic scholar, imam-khatib, historian-source scholar.
Foreign Languages
Arabic, Persian, Turkish, and Russian
Experience
One of the foremost students of Sheikh Muhammad Sodiq Muhammad Yusuf and former head of the Tashkent Islamic Institute named after Imam al-Bukhari.
1995–2007 — Senior Lecturer; 2007–2009 — Rector of the Tashkent Islamic Institute named after Imam al-Bukhari.
Currently more than ten of his books are being prepared for publication. He has served as editor-in-chief for several books and has written forewords and reviews for many publications.
Alisher Sultonxo'jayev
Shariah Board MemberLecturer at the Tashkent Islamic Institute, author of books.
Education
Higher. 2011 — Tashkent Islamic Institute named after Imam al-Bukhari; 2018 — Bachelor's, Tashkent State University of Oriental Studies; 2021 — Master's, TSUO. Specialty: Islamic scholar, imam-khatib, Arabic language teacher.
Foreign Languages
Arabic, Russian, English, and Turkish
Experience
2011–2013 — Imam-khatib of the 'Ibrohimboy-Orifjonboy' mosque, Almazar district, Tashkent.
2012–2014 and 2018–2020 — Lecturer, Department of Languages, Tashkent Islamic Institute.
Yahyobek Razzaqov
Shariah Board MemberIslamic scholar, economist, Arabist. Lecturer at the Tashkent Islamic Institute. Graduate of the Tashkent Financial Institute and the Tashkent Islamic Institute.
Education
Two higher degrees. 1998 — Tashkent Financial Institute (economist). 2007 — Tashkent Islamic Institute (Islamic studies).
Foreign Languages
Arabic
Experience
A specialist in Islamic studies, a teacher of the Arabic language, and an imam-khatib. For several years, he has been delivering lectures based on the books "Al-Hidaya" and M. T. Usmani's "Buxus fiy kazaya muassira" ("Research on Contemporary Issues"). He has translated the book "Fiqh al-Buyuʿ" from Arabic into Uzbek.
Murod Umarxodjayev
Shariah Board MemberIslamic scholar, economist, Fiqh instructor.
Education
He holds two higher education degrees. In 2008, he graduated from the Tashkent Institute of Chemical Technology with a degree in Economics and Management. In 2020, he graduated from the Tashkent Islamic Institute with a specialization in Islamic studies, imam-khatib, and Arabic language teaching. From 2012 to 2016, he studied at the "Kukaldosh" Secondary Specialized Islamic Educational Institution.
Foreign Languages
Arabic, Russian, and Turkish.
Experience
Since 2011, his main occupation has been accounting. He has taught at the Tashkent Islamic Institute.
Mirjalol Qosimov
Shariah Board MemberHead of the International Relations Development Department of the 'Waqf' Charitable Public Foundation under the Muslim Board of Uzbekistan.
Education
Doctor of Philosophy (PhD) in Islamic Studies. 2015 — Tashkent Islamic Institute. 2017 — Master's, Tashkent Islamic University. PhD — International Islamic Academy of Uzbekistan. Specialty: Islamic scholar, imam-khatib, Arabic language teacher, Islamic history and source studies.
Foreign Languages
English, Arabic, Russian, and Persian.
Experience
2017–2018 — Specialist, Human Resources Dept., Muslim Board of Uzbekistan. 2021 — Junior researcher, IIAU. 2023 — Senior Lecturer, Institute of Social and Political Sciences. Since 2023 — Head of the International Relations Development Dept., 'Waqf' Foundation.